Blockchain Solutions for Procurement and Sustainability: Analysis, Methods, and Use Cases

Blockchain technology is one of the most vital and exciting technologies available today. It can transform the business world and the organizations’ functions. It offers several possibilities to flourish existing businesses, grow entirely new ones, and severely disrupt traditional organizations. This chapter aims to study the applications of blockchain in procurement, to improve at the same time effectiveness and sustainability, and to define its critical success factors. The chapter presents a model and then describes its application in a real business case. It highlights the critical challenges in this blockchain implementation and the potentials of blockchain in managing sustainable procurement in support of utilities. This blockchain application is for smart metering. The blockchain solution contributes to the three bottom lines: economic, social, and sustainable. It can help support sustainable procurement, reduce errors, improve organizational functions and procedures, and prevent fraud. The chapter includes some challenges and their possible remediations.