Blockchain will improve the procurement processes of many businesses, in an aspect of the technology that has not been extensively explored.
It will boost and consolidate trust between clients and their vendors because each transaction is permanently retained and visible. Through a system of shared public IDs, all market players can refer and rate the quality of goods and services they receive.
Blockchain simplifies the process and, thanks to its transparent authentication process, reduces the risk of fraudulent transactions. All stakeholders have full visibility on a transaction, in real time, and can take action immediately. Blockchain technology offers fast information exchange that will provide greater security and decrease administrative workloads. Leaders investigating the technology sooner rather than later, will be first in line to benefit.
http://www.information-age.com/transformational-power-blockchain-purchasing-123469442/
