Blockchain in Procurement
Blockchain in Procurement is the use of distributed ledger technology to enhance transparency, security and traceability in procurement processes, handling transactions and supplier information. It aids in mitigating risks, reducing errors, increasing automations, improving contracts, and enforcing accountability within the procurement function.
Level 1: Emerging
At an emerging level, you are beginning to understand how blockchain can enhance procurement processes. You may have basic knowledge but lack the ability to apply it independently.
Level 2: Proficient
At a proficient level, you are able to effectively implement Blockchain technology in Procurement processes to enhance transparency, security, and efficiency in supply chain management and vendor relationships.
Level 3: Advanced
At an advanced level, you are able to strategically identify opportunities to leverage blockchain technology in procurement processes to enhance transparency, efficiency, and security throughout the supply chain.
