TECH & AI
partners participate ,” Paul goes on . “ Since everyone uses the same network and the network itself is designed to be tamper-proof , it gets much harder to insert fakes or obfuscate the origin of products .
“ Not only can we track the origin of components , but we can keep adding information about those items as they move through the network , such as total carbon content and offsets . We ’ re talking with a number of clients about the kinds of detailed emissions and offset tracking that will be increasingly required to move goods globally .”
This level of detailed tracking and reporting could revolutionise how businesses approach sustainability and ethical sourcing , providing unprecedented visibility into supply chains .
Barriers to adoption Despite these clear sustainability benefits , Simon emphasises the need for firms to take stock of their existing processes and systems and evaluate blockchain ’ s integration in their ecosystem – as they should for any new tech investment .
There remains a general lack of understanding across industries , including procurement , as to how it actually works and what is required to adopt it .
He advises : “ Businesses must assess short-term , tangible benefits to procurement management , interoperability with existing technology and applications and
158 December 2024