The Impact of Synchronizing Procurement and Supply Chain Management Through Block Chain Technology

¹Ampong A. Emmanuel | ²Elizabeth Serwaa Boateng. Koomson | ³Ernest Kwaku Agyei

¹Assistant Lecturer and Researcher | Global Professional Studies – Kumasi, Ghana

^3,2Assistant Lecturer (Procurement & Supply Chain Mgt. Dpt.) | Kumasi Technical University, Ghana

Email: afoakwahemmnauel1@yahoo.com

 Abstract

A blockchain in the supply chain can help participant’s record price, date, location, quality, certification, and other relevant information to more effectively manage the supply chain. The availability of this information within blockchain can increase traceability of material supply chain, lower losses from counterfeit and gray market, improve visibility and compliance over outsourced contract manufacturing, and potentially enhance an organization’s position as a leader in responsible manufacturing.

Keywords:  Procurement System, Synchronizing Procurement, Supply Chain Management, Block Chain Technology

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