Blockchain technology is being researched in many organizations and institutions, governments already implement it and there are apps that make use of its technology. Organizations can get left behind if they turn away from the adapting to their environment and the possibilities it entails. In this environment it seems that it is important to keep an open mind of possibilities and not to shy away from things that might seem challenging at first. Change is imperative when dealing with innovative technology. Creating and maintaining an organizational culture that is open to change and accepting of new ideas can be the first step to deriving value from these new opportunities. It does not have to be a major investment or development of its owns system that sets an organization apart.
This study shows that blockchain technology can have major effects on efficiency, reducing transaction costs in several procurement activities. But challenges exist that can counteract this effect, making it necessary to review the cost trade off for any implementation. This paper provides the interested practitioner with the terms of reference and starting points to gauge the cost effects, the potential benefits and challenges in their organization or project.
If some of the expert's indications are correct, then blockchain technology could create a more, transparent market with more durable system that promises process integrity. Increased transparency might hurt some organizations' competitive advantages, but all in all it might hurt more to close oneself from the benefits it promises than to accept it and work within it. Cooperating with other organizations in the supply chain to gauge the benefits for society and economy and bring ideas forward can create value in the entire supply chain and ensure competitiveness. This way the full efficiencies derived from the increased durability and process integrity can be attained and economic value created.
All players are currently in a learning stage when it comes to this new technology, so organizations should not wait until full insights are available. Change happens faster than one thinks and learning along the way is the only option to not get left behind in the adaptation process. For a procurement manager in an organization it can therefore be beneficial to be open to change, to review potential ideas and change management options within the organization, connect with major partners to gauge potential cooperation and to review the actual technological applications, its implementation possibilities within the organization and how the blockchain needs to be set up to provide the researched benefit.
The continuous evolvement of technology has already been visible throughout the interviews. New solutions to current challenges and arising other implications or uses can continuously change the specific challenges and benefits that have been reviewed in this study. Rapid advancement and development can change these conclusions. Before using any of these findings it is imperative that the organization or researcher do their own evaluation on what has changed in the meantime. The continuous evolvement can quickly be underestimated, and challenges right now might not be challenges anymore soon. The managers who look ahead and see the potential beyond these challenges may see the potential and may be able to benefit from a first mover advantage.
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