PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

How Blockchain Might Revolutionize the Procurement Process

Steve Murphy by Steve Murphy
December 4, 2018
in Analysts Coverage, Blockchain
0
procurement blockchain implementation

procurement blockchain implementation

13
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

In this guest posting on Spend Matters UK/Europe, the author discusses the potential value of BCT in the procurement value chain.  One can add this to the lengthy chart of speculative use cases that have been assigned to BCT, which at one point in late 2015/early 2016 reached an apex of hype, with daily/hourly posts and articles touting possible benefits ranging from saving operational costs to world peace. Once folks started to understand that the technology enables solutions in various use cases, the real work began, but to date mostly in the background.  Lots of potential, many patents filed and all sorts of applications seem to lie ahead.  Procurement likely will be one of them.

‘Blockchain has made a lot of noise in the digital world, and at this point, it’s almost accurate to say most people know what it is and its impact in the technology sphere. Most industries and organisations such as supply chain, data science, transportation, finance, and healthcare already have pilot blockchain projects in place. We believe this nascent technology can revolutionise procurement as well.’

We at Mercator have been expecting some sort of 2018 announcement on a clearly defined BCT product release with measurable value in the space of corporate banking use cases, 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 most closely described as collaboration efforts,  POCs, tests, and so forth.  The leaders of the pack in the corporate banking services space (as far as we can see) continue to be related to international trade/supply chain, cross-border payments and security/fraud management.  The article’s author makes a reasonable case for why BCT works in procurement as well, including security, automation and so forth.

‘Blockchain has a lot to offer for the procurement function,  which is why procurement professionals should start to consider its use in earnest. Integrating this tech in a company’s processes will result in transparency, efficiency, improved trust and security. However, before you leap forward, you need to understand that blockchain is still in its early stages and hence suitable for pilot projects only. Additionally, it’s not a good idea to jump in blindly simply because every other article is describing it as the next big thing. You need to have a plan and understand which processes need improvement, and how much you expect to spend.’ 

So we will see how the technology is used as time goes on, and if you have some interest in this section of business uses, the article is worth spending a few minutes.

Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group

Tags: BlockchainProcurement
13
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    live shopping, ebay

    Q&A: eBay Exec on Live Shopping and the Future of Payments

    March 24, 2023
    AI and Biometrics in Regulatory Compliance in Finance

    The Importance of AI and Biometrics in Regulatory Compliance in Finance

    March 23, 2023
    Everyone Benefits from the Real-Time Payment Networks  

    Everyone Benefits from the Real-Time Payment Networks  

    March 22, 2023
    commercial payments

    Optimizing Commercial Payments in the Digital Age

    March 21, 2023
    cross-border payments

    Cross-Border Payments: Fighting
    E-Commerce Fraud Using Data

    March 20, 2023
    fraud, ChatGPT-4

    How to Fight Fraud While Still Enabling a Great Online Customer Experience

    March 17, 2023
    RTP

    Financial Institutions Without an RTP Strategy Risk Being Left Behind

    March 16, 2023
    visa chargeback

    New Visa Chargeback Guidelines Will Be a Game Changer

    March 15, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Payoneer eBook: