By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Reflection Business
  • News
    NewsShow More
    Uncovering Tevfik Arif and Donald Trump Alliance in Turkey
    Uncovering the Roots of the Alliance Between Tevfik Arif, Donald Trump, and Turkey
    Published January 15, 2023
    Paper_Mario_The_Origami_King.0
    how old is witney from tiktok dependent on platform
    Published October 14, 2022
    The 2022 NFL Quarter(ish)-Season Awards
    The 2022 NFL Quarter(ish)-Season Awards
    Published October 11, 2022
    Since Apple launched its Apple Watch Ultra this September, the audience wanted proof of its ultimate endurance and durability, as it showed in its advertisement.
    The Apple Watch Durability Test 
    Published October 3, 2022
    Authentic US News Website – Amazing News USA
    Published September 29, 2022
  • Business
    BusinessShow More
    T SHIRT MANUFACTURER
    CHOOSING A T SHIRT MANUFACTURER
    Published February 21, 2023
    Online Presence
    5 Tips to Build Your Online Presence
    Published January 16, 2023
    Restaurant chairs and decor
    Restaurant chairs and decor: How to attract customers?
    Published November 17, 2022
    Data Management
    Data Management—What Is It, And How Can It Help With Your Data Strategy?
    Published November 8, 2022
    Start Your Own Restaurant
    How To Start Your Own Restaurant?
    Published October 24, 2022
  • Celebrity
    CelebrityShow More
    Asia Pacific Male Grooming Products Market Growth and Report
    Published October 14, 2022
    Sheila Olmstead
    Sheila Olmstead Wiki, Bio, Yellowstone
    Published October 12, 2022
    Skylene Montgomery
    Skylene Montgomery : Everything you Need to Know
    Published October 1, 2022
    Brian Hallisay
    Brian Hallisay Age, Height, Net Worth, And More!
    Published September 6, 2022
    Allu Arjun And Pooja
    Allu Arjun And Pooja Hegde Movie List – Get Details Here!
    Published August 5, 2022
  • Cryptocurrency
    CryptocurrencyShow More
    An Informed Approach goes a Long Way!
    Published October 3, 2022
    SEO
    5 Top Most SEO Hacks To Rank Your Crypto Startup
    Published September 27, 2022
    NFT Game Development Company in USA
    Top 10 NFT Game Development Firm in Nyc
    Published September 23, 2022
    How Blockchain Can Drive Efficient Business Procurement
    How Blockchain Can Drive Efficient Business Procurement
    Published September 23, 2022
    crypto-friendly VPS providers
    Get Ultra-Fast Bitcoin VPS From Crypto-Friendly VPS Provider
    Published September 14, 2022
  • Entertainment
    EntertainmentShow More
    Isaidub Review: All you need to know about Isaidub
    Published October 14, 2022
    Big Day Wedding Dresses: Find the Perfect Dress
    Published October 14, 2022
    Brawlhalla, Ubisoft’s Smash Bros, on mobile
    Published October 14, 2022
    Paper Mario: The Origami King, a pleasant experience
    Published October 14, 2022
    Disney Magic: The Best Quotes to Bring a Smile to Your Face
    Published October 14, 2022
  • Health
    HealthShow More
    Sources of Knowledge for People
    Sources of Knowledge for People Interested in Human Health
    Published October 19, 2022
    cosmetic dentist Columbia MO
    How to Become a Cosmetic Dentist
    Published October 15, 2022
    Antihypertensive Drugs Market, Forecast Report 2022-2027
    Published October 14, 2022
    botox
    4 Medical Practitioners Offering Botox Singapore
    Published October 13, 2022
    Male Pattern Baldness
    Can Ayurveda Cure Male Pattern Baldness?
    Published October 13, 2022
  • Tech
    TechShow More
    VHS to Digital Conversion
    VHS to Digital Conversion Benefits You Shouldn’t Miss
    Published February 24, 2023
    Website Accessibiliity Issues
    Top 8 Website Accessibiliity Issues
    Published February 1, 2023
    iPhone Repair Shop
    A Guide to Healthy Battery by iPhone Repair Shop in Southampton
    Published January 24, 2023
    Phone Repair Shops
    Should You Trust Newcastle’s Phone Repair Shops? Here’s the Answer
    Published December 22, 2022
    Cell Phone Repair Idaho
    Extend Your iPhone Battery With Cell Phone Repair Garden City
    Published December 20, 2022
  • LifeStyle
    LifeStyleShow More
    Sauna Wood-Burning Stove
    Features to Take a Gander at When Selecting a Sauna Wood-Burning Stove
    Published February 8, 2023
    Make Your Dream Home
    Steps You Need To Take To Make Your Dream Home a Reality
    Published January 20, 2023
    Fabric Wallpaper
    Benefits of Using Fabric Wallpaper for home That Is 100% Green
    Published December 17, 2022
    Tips For Adding A Little Flair
    Tips For Adding A Little Flair To Your Wedding Invites
    Published November 9, 2022
    Diamond Jewellery & Studs
    The Ultimate Guide to Buying Diamond Jewellery & Studs for Her
    Published October 27, 2022
  • More
    • Education
    • Sports
    • Home Decor
    • Automotive
Reading: How Blockchain Can Drive Efficient Business Procurement
Share
Notification Show More
Latest News
Personal Loan
​Important Parameters That Make Personal Loan a Prudent Funding Option
Published March 22, 2023
VHS to Digital Conversion
VHS to Digital Conversion Benefits You Shouldn’t Miss
Published February 24, 2023
T SHIRT MANUFACTURER
CHOOSING A T SHIRT MANUFACTURER
Published February 21, 2023
Sauna Wood-Burning Stove
Features to Take a Gander at When Selecting a Sauna Wood-Burning Stove
Published February 8, 2023
Website Accessibiliity Issues
Top 8 Website Accessibiliity Issues
Published February 1, 2023
Aa
Aa
Reflection BusinessReflection Business
  • Business
  • Industry
  • Politics
Have an existing account? Sign In
Follow US
  • LifeStyle
  • Tech
  • Celebrity
  • Entertainment
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reflection Business > Business > How Blockchain Can Drive Efficient Business Procurement
BusinessCryptocurrency

How Blockchain Can Drive Efficient Business Procurement

AlexJames
AlexJames Published September 23, 2022
Last updated: 2022/09/23 at 5:55 AM
Share
How Blockchain Can Drive Efficient Business Procurement
SHARE

In 2017, the UK’s annual fraud indicator showed that fraud costs the country £190 billion per year, which is about £10,000 per family. A big chunk of this is due to frauds that happen at different points in the procurement process in different organizations. Procurement fraud is when someone does something wrong to get something they don’t deserve. Like avoiding a debt or stealing or rerouting money during the process of buying goods or services. Even though digital technology and blockchain has improved, these wrongdoings in the procurement process are still not stopped. The organization won’t be able to grow as fast if the procurement process isn’t working well.

What does Blockchain mean for the Business Procurement Process?

A reliable blockchain development company provides the best ways to build an efficient procurement system. Because this technology has features that make transactions cheaper, cut out middlemen, stop fraud, and make everything clear. With this technology of an unchangeable digital ledger of economic transactions, problems in the procurement process can be solve.

Let’s look at the pros of building a procurement system on Blockchain:

Transparency to Build Trust

As was already said, the biggest problem for procurement professionals is that they can’t trust each other. Along a procurement supply chain, data can be change or manipulat as it moves from one party to the next. For example, putting a few extra zeros on a bill is a dishonest way to make more money. Even though the internet has changed the way people do business all over the world. People still have trouble trusting it when it comes to money. Blockchain gives us a way to do transactions without trusting anyone. This means that the trust of running a system is not given to a single entity. For something to happen in the system, most of the people who are part of it have to agree on it.

A blockchain-based procurement system keeps track of who bought what and how much they paid for it. And this information is kept in the decentralised, unchangeable network so that everyone can see what’s going on with the transactions. Still, fraud transactions can happen, but the person who did them can’t hide because everyone in the network can see them. As a digital fingerprint, a new record or block is add to the chain whenever a new transaction or change is made. This makes it impossible for the fraudster to change the data, since every system is notified when a transaction happens.

Better Invoice Management

The blockchain technology helps manage bills by making sure that a bill can’t be change at any time. As long as everyone is registered in the digital ledger, transactions are saved and an audit trail that can’t be changed is kept. Since both the supplier and the customer have to verify the transactions, no one will be able to change the invoice for their own benefit. When smart contracts are used in a procurement process, invoicing can be done automatically so that people don’t have to do it and mistakes or frauds are less likely to happen. For example, when a shipment arrives at its destination, an invoice can be automatically send to the recipient. This can also save the stakeholders a lot of paperwork, time, and money. This technology is already being used to stop money laundering and the use of blood diamonds.

Also Read Here: Top Most Trusted Blockchain Development Companies Worldwide

Transactions That Go Faster

Transactions in cryptocurrency don’t care about borders or locations. The money can be send from one person to another in a few minutes, and there are no (or almost no) transaction fees. This can help an organization’s procurement department get the money it needs to buy goods, services, and other things. The blockchain gets rid of all middlemen and makes it faster and safer for payments and transactions to be processed.

Bottom Line

The way an organization buys things takes up a big chunk of its spending chart. Having a fraud-free procurement system in place can help a business stop scams and fraudsters from taking their money. With blockchain technology, we can now imagine a supply chain and procurement system that is almost perfect and free of fraud. This could help organizations grow faster.

You Might Also Like

CHOOSING A T SHIRT MANUFACTURER

5 Tips to Build Your Online Presence

Restaurant chairs and decor: How to attract customers?

Data Management—What Is It, And How Can It Help With Your Data Strategy?

How To Start Your Own Restaurant?

TAGGED: Blockchain Business Procurement, blockchain development, supply chain and procurement in blockchain
AlexJames September 23, 2022
Share this Article
Facebook TwitterEmail Print
Previous Article statistics assignment help How To Get Help with Statistics Homework Problems Online?
Next Article Alkaline Phosphatase Test price What The Alkaline Phosphatase Test Measures
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • App13
  • Automotive14
  • Business337
  • Celebrity6
  • Cryptocurrency9
  • Education90
  • Entertainment42
  • Fashion33
  • Finance1
  • Food12
  • Games16
  • General3
  • Health89
  • Home Decor34
  • LifeStyle78
  • News13
  • Real Estate17
  • Sports16
  • Tech178
  • Travel51
  • Uncategorized80

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

You Might Also Like

T SHIRT MANUFACTURER
Business

CHOOSING A T SHIRT MANUFACTURER

Published February 21, 2023
Online Presence
Business

5 Tips to Build Your Online Presence

Published January 16, 2023
Restaurant chairs and decor
Business

Restaurant chairs and decor: How to attract customers?

Published November 17, 2022
Data Management
Business

Data Management—What Is It, And How Can It Help With Your Data Strategy?

Published November 8, 2022
reflectionbusiness logo

Reflection Business is an authentic source of knowledge that provides information on various topics including business, celebrity, lifestyle, Technology, Education, Health, Entertainment, and others.

Quick Link

  • LifeStyle
  • Tech
  • Celebrity
  • Entertainment

Support

  • Privacy Policy
  • About Us
  • Contact Us
  • Write for Us

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

    © Reflection Business Copyright Reserved 2022 | Created By Optimus Clicks

    Removed from reading list

    Undo
    Welcome Back!

    Sign in to your account

    Lost your password?