Blockchain. No other single word, at this moment, is as closely associated with the progressive use of technology. Some believe that blockchain is poised to trigger gigantic disruptions within business and society, while others dismiss it as overhyped and oversold. It’s no exaggeration to say that the advent of blockchain has seized the attention of the business world as its denizens seek to understand what blockchain is, what advantages it offers, and in which contexts it may be appropriate.
In this paper, we seek to clear up confusion and misconceptions with a careful, no-nonsense examination of what blockchain is and isn’t, what it does and doesn’t do, where it is actually being applied today, and what it may offer — in the short and long term — to procurement and supply chain teams.