“BECAUSE THEY ARE ESSENTIALLY A TRANSACTION -BASED
TECHNOLOGY , BLOCKCHAIN TECHNOLOGIES ARE IDEALLY PLACED TO BE LEVERAGED IN PROCUREMENT ”
SIMON THOMPSON VP OF SALES NORTHERN EUROPE , JAGGAER
their ability to change transactional processing to accommodate a ledger-based methodology such as blockchain .”
What ’ s more , companies should take into account that the number of transactions and users in their network will grow rapidly , meaning the system needs to be scalable to accommodate growth .
It will also need to be flexible to ensure constantly-developing legal and regulatory requirements are easily met .
“ These issues may make it daunting for a small to medium-sized business to embark on blockchain technology adoption ,” continues Simon . “ But , as the arc of adoption consistently reveals , early adopters can benefit from great potential – even when applied across just a handful of processes – to make it worth the initial investment .”
Elsewhere , Paul points to privacy concerns as another significant obstacle , calling it the “ biggest barrier to adoption by far ”.
160 December 2024