In a world where the digitisation of purchasing processes has become a priority, blockchain is emerging as an innovative technology with multiple benefits. Not only does it guarantee the transparency and security of transactions, it also optimises the management of supply chains.
What is blockchain?
Blockchain is a technology for storing and transmitting information, operating without a central control body. It is based on a distributed and immutable register, enabling every transaction to be traced securely and transparently.
The benefits of blockchain in purchasing
- Traceability and transparency: One of the main benefits of blockchain is its ability to guarantee complete traceability of transactions. Every purchase made is indelibly recorded, making fraud and tampering impossible. Walmart, for example, uses blockchain to track the supply chain of food products and guarantee their quality.
- Automation with Smart Contracts: Smart contracts automate the execution of purchase contracts without human intervention. Once predefined conditions have been met (delivery of a product, validation of a quality, etc.), payment is automatically made. For example, Maersk and IBM have developed TradeLens, a blockchain platform for automating logistics transactions.
- Enhanced security: Blockchain uses advanced cryptographic mechanisms, making the data stored extremely secure. This limits the risks of cyber attacks and forgery. For example, De Beers uses blockchain to track diamonds and combat illegal trading.
- Reduced costs and lead times: Automating processes via the blockchain reduces the time taken to validate and execute transactions. What's more, by reducing the number of intermediaries involved, it reduces the costs associated with audits and administrative controls.
Use cases
- Supply chain management: Blockchain makes it possible to track products in real time, from manufacture to delivery. This ensures better visibility of stocks and reduces the risk of counterfeiting. For example, Carrefour has implemented a blockchain solution to ensure the traceability of certain food products.
- Public and Private Procurement: In public procurement, blockchain can ensure full transparency of tenders, reducing the risk of corruption and favouritism. In Estonia, the government is using blockchain to secure public contracts and guarantee their impartiality.
- Certification and Compliance: Companies can use blockchain to store certificates of compliance, guaranteeing the authenticity of products and facilitating their control. For example, the pharmaceutical sector uses blockchain to ensure the authenticity of distributed medicines.
Conclusion
The integration of blockchain into purchasing is a genuine revolution, offering benefits in terms of security, transparency and efficiency. Although its widespread adoption is still in its infancy, it is already establishing itself as a strategic lever for companies wishing to modernise their purchasing processes. Thanks to its expertise, Aria Partner is a key player in supporting this technological transition.
- Source: IBM & Walmart - Blockchain for Food Safety
- Source: Maersk & IBM - TradeLens Platform for Logistics
- Source: De Beers - Diamond Tracking with Blockchain
- Source: Carrefour - Blockchain for Food Traceability
- Source: Estonia - Blockchain for Public Procurement
- Source: FDA - Blockchain and Drug Traceability
How can Aria Partner help you?
Aria Partner, a specialist in public procurement management and purchasing strategy, supports companies and public authorities in integrating blockchain into their purchasing processes. Thanks to its cutting-edge expertise, Aria Partner helps to: Implement blockchain solutions tailored to customers' specific needs; Optimise tender management and guarantee transparency in public procurement; Automate transactions via smart contracts to reduce lead times and costs; Ensure regulatory compliance and traceability of purchases by integrating secure blockchain solutions.
Blockchain and procurement: a revolution for transparency and efficiency