![]() In addition, company and financial information must be verified to conduct business with a supplier, and information must be passed on to secondary and tertiary suppliers, if needed. Various compliance and risk requirements need to be checked, like ISO certification labor and fair trade practices conflict minerals usage sustainable, green, LEED, and renewable energy usage claims sanctions and watchlist-related information, etc. Onboarding new suppliers is a lengthy process for buyers as they need to ensure that the supplier information is current and accurate for validating their claims and certifications. Buyers work with multiple suppliers, and suppliers work with multiple buyers, in a multi-tiered supply network. Supplier management is a complex process today. This blog post will highlight some blockchain use cases and how they relate to SAP solutions. Blockchain technology can address these needs with its ability to facilitate immutable data sharing across all participants while providing process automation with the use of smart contracts. ![]() can all fall victim to limited visibility and lack of trust among stakeholders, which can lead to process inefficiencies, misuse, fraud, theft of intellectual property, and disputes. Industries that perform processes such as manufacturing, 3D printing, spare parts management, procurement, logistics, finance, etc. Blockchain is a powerful intelligent technology that provides businesses with greater transparency and collaboration capabilities.
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