By: ProcurementIQ Staff Writer, Kiera Outlaw
Blockchain and Bitcoin. The two are almost always said in the same breath. However, blockchain is the technology behind the whirlwind of cryptocurrencies like Bitcoin – it enables the secure exchange of Bitcoin and other cryptocurrencies. In fact, it allows for the direct, secure exchange of any digital asset, such as intellectual property, software and legal documents. Thus, the application of blockchain technology has the potential to reach farther and wider than the cryptocurrency realm. Discussions on how the technology can potentially combat a myriad of issues, such as global warming, corruption and even lower healthcare costs are all the rage.
Amid these discussions, the procurement sector often comes up as a potential benefactor of blockchain technology. And for good reason. The technology’s ability to create and manage an incorruptible ledger with every transaction and data point is an important feature for procurement because it supports increased transparency and greater trust – two very important features for any sourcing department. So, what are some of those applications?