PROCUREMENT TECHNOLOGY
“ It ’ s really important that your competition cannot see what you ’ re doing ”
PAUL BRODY GLOBAL BLOCKCHAIN LEADER EY
How Blockchain technology works This new technology is making it easy to verify the authenticity of the people and businesses with whom people trade – the blockchain . It is seen as a more robust defence against fraud , a persistent challenge in supply chains and sourcing processes .
Through the use of blockchain ’ s transparent and immutable ledger , procurement leaders can ensure that their transactions are legitimate , supplier credentials are verified and goods can be traced through every step of the supply chain . Not only does this enhance trust between suppliers , it also eliminates counterfeit goodsand tackles invoice fraud .
Blockchain is a decentralised digital ledger that records transactions securely and transparently across a network of computers ( nodes ). Each transaction is grouped with others into a block , which contains the transaction data , a timestamp and a unique cryptographic hash that links it to the previous block , forming a chain . This createsan immutable and
192 October 2024