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Can blockchain revolutionise the procurement process


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By Shreya Das

Technology continues to change the way businesses operate, bringing in efficiency, improving productivity, and reducing errors. Among several technologies, blockchain has seen acceptance in various aspects of a business, including the procurement process. Due to its many advantages, organizations across the world are now adopting blockchain to streamline their supply chain. Blockchain has many benefits, such as creation of smart contracts and removal of middlemen, due to which it can add immense value to the procurement process.

As technological advancements continue to transform the corporate world, organizations that embrace technology in their processes reap the benefits. Blockchain is one such technology that is revolutionizing the procurement process across companies globally. Organizations that have adopted blockchain have a more dynamic and interconnected supply chain and are establishing a digital future for procurement.

As per its definition, “Blockchain is a technology that creates a digital and decentralized record of all transactions in a network….

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