The Economic Advantages of Blockchain Technology in E-Procurement

Abstract

This article aims to review economic advantages of the one of the most modern cutting edge technologies, namely blockchain for eProcurement. As eProcurement (including its part-Supply chain) is a concept consisting of plenty of different processes, therefore specific advantages per such major different processes are explained. Assumptions and preconditions of Blockchain application are explained. Article's main conclusion is that due to the main characteristics of Blockchain technology (safety, transparency, reliability, speed and cost efficiency) payment settlement and products' shipping tracking/inventory management are eProcurement's phases that could benefit from this technology the most, among others (such as analysis-requirements' gathering, sourcing/vendors' selection and contract management cycle).