GSC Platform: Bringing Blockchain Innovation to Purchasing Department
In production and commercial industries, the flow of goods and services from acquisition of raw materials to the supply of finished products is a multi-phased process. These processes have undergone remarkable developments over time, with the advent of recent technological inventions, providing a better production and supply mechanism. However, the limitation with such technological advancements is the inability to manage issues like purchasing scroll time and costs. According to Finance Online, the cost of supply is increasing every year by an average of 5%. Purchasing cost keeps going up while the value of goods has been on decline. The resulting rise in purchasing expenses as well as the endemic challenge of lengthy scroll time before proceeding to a purchase order is a clear indication of the inefficiency of intermediary agencies. This article is, therefore, focused on possible solutions as proffered by the Genesis Supply Chain Platform (GSC platform).