Below are answers to some of the most frequent questions we are asked:
What does the name Sparcblock mean?
SPARC is an acronym for Smart Payables and Receivables Contracts, the key to frictionless B2B transactions. Block is short for blockchain, the platform which provides the shared ledger on which the smart contracts are executed.
What is the difference between SparcHUB and SparcPay?
SparcHub is a network platform that enables frictionless transactions between trading partners. SparcPay is a module that streamlines payables by eliminating paper cheques. SparcPay can be used on it's own or as a module within SparcHub - it is a great way to start saving time and money right away and have a migration path to frictionless payments.
Can I use SparcHUB for transactions with trading partners that are not on the network?
Yes - Sparcblock offers tools and services to allow you to get the benefit of the network automation, even if some or most of your trading partners are off network.
how does SparcHUB compare to edi?
While EDI is much better than paper-based transactions, it does still have certain disadvantages when compared to SparcHub. EDI uses batch files to import and export from ERP systems, which still require reconciliation. SparcHub can use real time API's to have the ERP's read and write from a shared ledger, which is never out of sync. SparcHub does also work with EDI though, and enables the smart contract and automation functions which are not possible with EDI alone.
what about ISO 20022 Messages?
When doing reconciliation, the more information available the better, and ISO 20022 provides more information, which is a slight improvement over older methods to match a transaction as part of the reconciliation process. Sparcblock can work with ISO 20002 payment messages, but since SparcHub synchronizes transactions at every step, there is no need for matching or reconciliation and the additional information is not required in the payment message for straight through processing.
I am in an industry not listed - can I still use SparcHUB?
The Sparcblock team has had experience and proven success in the listed industries. Since we always want to learn and grow please contact us and we will be pleased to discuss your situation and let you know if we can help.
Is blockchain the same as bitcoin?
They are not the same, although bitcoin is a cryptocurrency which uses blockchain technology, and it was in fact the first "killer app" for a permissionless blockchain. The SparcHub network uses a permissioned blockchain platform designed for corporate enterprise use.