For procurement, finance and supply chain organizations, blockchain has the potential to revolutionize different areas of supplier engagement, collaboration, traceability and management. But how (and when) it ultimately changes the way we use technology in such areas as supplier networks/supplier enablement, supplier management, contract lifecycle management, payables (and trade financing) and commodity management, among other areas, remains to be seen.
This multipart Spend Matters PRO series aims to both demystify (and explain) blockchain architectures while putting it in the context of procurement, providing a roadmap for practitioners to consider as they think about adopting the technology in the years to come.
Part 1 of this series starts by defining and explaining blockchain for a “non-technologist” and providing use cases for procurement organizations as they consider how they might adopt blockchain alongside their existing applications and supplier connectivity solutions. Part 2 and 3 will provide additional insight into early blockchain deployments and how providers, including both vendor upstarts as well as established providers such as SAP Ariba, may include blockchain as an integral component (or alongside) existing application and network architectures.