Blockchain in procurement

Blockchain in procurement is a secure, transparent digital ledger that records all transactions and activities related to purchasing goods or services. It ensures that every step—such as supplier verification, contract execution, and payment—is permanently documented and cannot be tampered with. This enhances trust, reduces fraud, and streamlines processes by providing real-time visibility and verifiable records for all parties involved. Essentially, blockchain acts as an immutable, shared database that improves efficiency, accountability, and security in procurement workflows.