Blockchain in procurement

As blockchain advances to solve its current shortcomings in scalability, cost, and security, the technology will start to permeate throughout industries. Blockchain will be most effective when integrated within a robust, enterprise-level digital strategy. Even further, it can be difficult to understand the present potentials of blockchain, and even more difficult to formulate a solid prognosis. However, procurement professionals should monitor the development of blockchain carefully because a flattening of procurement data ownership will drive competition, and services-oriented procurement companies will be the propellers for a new wave of efficiency.

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