Applying Blockchain Technology to Procurement at Bechtel

abstract: The purpose of this thesis is to explore how Blockchain technology can help solve problems large corporations commonly face. For example, it is a common problem for large businesses and organizations to manage sales contracts with thousands of items on them. Likewise, it can be difficult to accurately monitor complex payment histories with thousands of items on them. Another issue is the difficulty that is introduced when making periodic reconciliations based on separate recording systems. At a broader level, some organizations may hesitate to do business with new strange companies or oversea companies for the first time because they do not trust that the other organization can deliver what they promise. Such problems cost organizations a lot of money, effort, and time to solve. However, Blockchain technology, first developed in 2009, could revolutionize how the business community deals with these common problems. The shared and immutable ledger on Blockchain can help organizations to keep track on transactions, manage the contracts in a smarter way, ensure correct purchase history records, eliminate the periodically reconciliation processes, and provide visibility for real-time transactions