Disruption Future of Procurement Technology

129: Demystifying Blockchain & It’s Impact on Procurement, w/ Jack Shaw

I think it is fair to say that you can’t move for reading Blockchain related articles today. But to be honest, I have always been a little confused by them in terms of understanding what Blockchain actually is.

In today’s show, I attempt to demystify Blockchain, and its impact on procurement.

Helping me understand the potential of Blockchain is Jack Shaw. Jack is a business technology futurist who has spent his career leading companies in numerous industries to lever technology to find better, more efficient ways of conducting and operating their businesses.

Jack has authored three critically acclaimed books and numerous articles and is a prolific keynote speaker, including the recent ProcureCon Indirect East. He also is the co-founder of the Blockchain Executive and American Blockchain Council.

In today’s show we go down to the very basics to understand what Blockchain actually is, so that we can then begin to understand what are some of the technologies that can be built upon it. We then discuss usage cases and their impact within procurement and supply chain.

“We are focusing on the Big Unknown and exploring paradox. We have three different business segments, an economic segment a professional segment and a business segment. And each one of those has a paradox built-in, so, for example, the economic segment has a paradox between economic boom and economic bust”

In this episode, you will learn:

  • What is Blockchain
  • What are the major benefits of Blockchain, and why are they so important
  • Why Blockchain is a platform to build other technologies on top of
  • What is a Smart Contract
  • Impacts of Blockchain on the supply chain
  • The potential impact of a confluence of new technologies including artificial intelligence, robotics, 3D printing, and the internet of things, and the role that Blockchain will likely play in harnessing the power of these technologies.
  • The importance of Third Horizon Planning in mapping out the compound impact of emerging technologies, and then building a long term vision and journey to take advantage of the opportunities that this presents.

Links and Resources:

About the author

Philip Ideson

Philip Ideson is passionate about the role that procurement professionals and leaders can plan in creating competitive advantage for their organizations in ways that go beyond the traditional value proposition.

Philip founded Art of Procurement as a way for the procurement community to learn from each other, increasing the impact they have on their organizations. In 2017, he co-founded Palambridge, a virtual platform of procurement experts, technology, and intelligence. Palambridge provides a broad range of flexible procurement solutions, available on-demand.

Prior to Art of Procurement and Palambridge, Philip enjoyed a career that spanned the procurement value chain, working across three continents for organizations such as Accenture, Procurian, Ally Financial, Pfizer and Ford Motor Company.