News on blockchain and cryptocurrencies has taken over making consumers and businesses wonder how the new technology will impact them. For the business world, blockchain will present many new opportunities. From smart contracts to increased transparency and streamlined processes, the technology is expected to increase efficiencies across the board.
For public procurement, specifically, "It has wide-reaching applications...especially because government agencies can use this technology to replace existing processes and systems which are inefficient because they are lacking trust and a clear source of truth," says Bertrand Maltaverne in an article published on Public Spend Forum. In fact, "According to The Economist, ‘nine in ten government organizations say they plan to invest in blockchain technology to help manage financial transactions, assets, contracts and regulatory compliance by next year,’” he adds.
But, Have You Considered the Risks & Limitations?
Bertrand highlights three key benefits: streamlined business, increased transparency and fewer risks. However, he also notes that while there are many benefits that some organizations have already begun taking advantage of, there are also risks and limitations that businesses will have to prepare for. A major detail that several articles fail to mention.
Sign up to our newsletter
Technologies Shaping the Future of Procurement
Heading into 2021, procurement professionals will need to embrace emerging technologies to overcome modern risks.
Cybersecurity in 2019: New Tactics & Technologies for Tracking Phishy Behavior
The potentially disastrous consequences of cyberattacks have led IT teams to become more sophisticated and proactive in their defense against threat actors.