[ad_1]
In this guest post on Spend Matters UK / Europe, the author discusses the potential value of BCT in the supply value chain. This can be added to the long-standing table of speculative use cases that were assigned to BCT, which at some point between the end of 2015 and the beginning of 2016 reached a hype, with daily posts and articles that advertise possible benefits ranging from operating cost savings to world peace. Once people have begun to understand that technology allows solutions in various use cases, the real work has begun, but until today mostly in the background. A lot of potential, many patents filed and all sorts of applications seem to be anticipating. The contract will probably be one of these.
"Blockchain has made a lot of noise in the digital world and, at this point, it is almost accurate to say that most people know what it is and its impact on the technology sphere." Most industries and organizations such as the supply chain , data science, transportation, finance and health care already have blockchain pilot projects We believe that this nascent technology can also revolutionize procurement. "
We at Mercator were expecting a sort of 2018 announcement on a clearly defined BCT product version with a measurable value in the corporate banking use case, but that now looks more like a 2019-2020 event at best . While many things are in use, they are not actually visible and those that have been announced can be described more closely as collaborative efforts, POCs, tests and so on. Group leaders in the area of corporate banking services (as far as we can see) continue to be linked to international trade / supply chain, cross-border payments and security / fraud management. The author of the article explains reasonably why BCT also works in procurement, including security, automation and so on.
& # 39; Blockchain has a lot to offer for the procurement function, which is why purchasing professionals should start considering its use seriously. Integrating this technology into a company's processes will result in transparency, efficiency, increased confidence and security. However, before taking a leap forward, it is necessary to understand that the blockchain is still in its early stages and therefore only suitable for pilot projects. Also, it's not a good idea to just blindly jump because every other article describes it as the next big thing. You must have a plan and understand which processes need improvement and how much you expect to spend ".
We will then see how the technology is used over time, and if you have a certain interest in this section of business uses, the article is worth spending a few minutes.
Overview of Steve Murphy, director of the business and commercial payments consultancy service at Mercator Advisory Group
Summary
Item name
How Blockchain could revolutionize the procurement process
Description
A lot of potential, many patents filed and all sorts of applications seem to be anticipating. The contract will probably be one of these.
Author
Steve Murphy
Publisher name
PaymentsJournal
Publisher logo
