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What is Blockchain Reconciliation?

Blockchain reconciliation involves verifying and matching data across various networks within a blockchain to ensure accuracy and consistency. With numerous nodes in a typical blockchain network, reconciliation can be a tedious and complex process. That's where Nanonets comes in - our blockchain reconciliation tools automate and streamline this process, making it more effective and less time-consuming.

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How Automated reconciliation works for Blockchain

Use natural language input to extract structured data from your documents

Data Collection

Layer 1 of Nanonets’ reconciliation process involves collecting transaction data across the blockchain. Our tool efficiently pulls data from various nodes, on-chain transactions, and even off-chain sources if necessary.

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Data Verification

Next, using its advanced algorithms, Nanonets verifies data integrity across the blockchain. It ensures that data across the nodes and the transactions match, thereby improving accuracy.

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Discrepancies Resolution

Finally, Nanonets resolves any spotted data inconsistency, and updates the relevant nodes and transactions. It also flags discrepancies for additional investigation if required, ensuring a smooth transaction process.

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When your business is your passion, don’t let data entry get in the way.

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Types of Reconciliation in Blockchain

Blockchain Transaction Reconciliation

This process validates the authenticity and accuracy of transactions recorded on a blockchain against the records held by individual entities.

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Asset Verification Reconciliation

This involves matching the assets recorded on the blockchain with the actual owned assets of a company or an individual.

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Blockchain Inter-Company Reconciliation

This is the process of reconciling transactions and balances between different divisions of a company which uses blockchain technology.

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Accounting | Banking | ERP
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Try Automated Reconciliation for your different use-cases

Ensure data integrity

Reconcile blockchain transactions with off-chain records to maintain data integrity and consistency.

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Comply with regulations

Automate reconciliation processes to meet regulatory requirements for blockchain-based financial services.

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Streamline audits

Simplify blockchain transaction audits by maintaining accurate and up-to-date reconciliation records.

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CRITICAL FOR YOUR BUSINESS

Importance of Reconciliation in Blockchain

Ensures Data Consistency

Nanonets guarantees 99.9% data consistency across blockchain transactions, ensuring ledger integrity and trustworthiness for all participants by preventing discrepancies and errors in record-keeping.

Fights Double Spending

By identifying and preventing 100% of double-spending attempts, Nanonets secures blockchain networks against fraudulent transactions, maintaining the currency's value and user trust.

Reduces Operational Risks

Nanonets reduces operational risks by 75%, safeguarding blockchain operations from potential financial losses and reputational damage through meticulous reconciliation and anomaly detection.

In case you’re not sold yet!

See what our customers say about using Nanonets to automate their manual reconciliation processes.

"Switching to Nanonets revolutionized our reconciliation process. Before, manual errors in invoice matching would take, on average, 3-4 hours to resolve per incident. Now, discrepancies are flagged instantly, allowing our accounts payable team to reconcile vendor statements in approximately 30 minutes - a reduction in resolution time by over 85%. It's not just a tool; it's a game-changer for our finance operations, increasing our efficiency by 90% and reducing manual error by 95%"

Finance Manager

Manufacturing INDUSTRY

"Nanonets has been a critical component in transforming our payroll reconciliation. The automated matching and error detection capabilities have reduced our payroll processing time from an average of 10 days to just 6 days, marking a 40% improvement. Before Nanonets, the error rate in our payroll was around 5%, leading to discrepancies and delayed payments. Now, we've seen a reduction in payroll errors by 90%, making this level of efficiency unimaginable with our previous systems."

Payroll Administrator

Technology Services

“As an accountant specializing in eCommerce, handling an average of 12,000 transactions monthly was always a challenge due to their fluctuating volume. With Nanonets, our reconciliation of digital sales to bank deposits is now seamless, achieving an accuracy rate of 99.8%. This platform has not only saved us over 150 hours monthly but has also significantly reduced financial discrepancies, cutting down on mismatched transactions from 2% to a mere 0.05%.”

Accountant

eCommerce PLATFROM
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Comprehensive Reconciliation Solutions for Every Industry

Accounting
Streamlining Accounting Reconciliation with Nanonets
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Banking
Simplifying Banking Reconciliation with Nanonets
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Cash
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Credit Card
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Data
Experience Efficient Data Reconciliation with Nanonets
Equity
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Finance
Experience Efficient Automated Finance Reconciliation with Nanonets
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General ledger
Enhance Your General Ledger Reconciliation with Nanonets
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Insurance
Revolutionize Insurance Reconciliation with Nanonets
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Frequently Asked Questions

Q: How does Nanonets improve efficiency in blockchain reconciliation?
Q: How quickly can Nanonets reconcile data across the blockchain?
Q: Is Nanonets able to detect and handle off-chain data?
Q: Can Nanonets handle reconciliation across a network with numerous nodes?