Procure-To-Pay

Definition ∞ Procure-To-Pay describes the complete process within an organization that covers the acquisition of goods and services, from initial requisition to final payment. This encompasses sourcing, ordering, receiving, and processing invoices. Implementing blockchain technology can streamline this process by providing immutable records and automated smart contract execution.
Context ∞ The current discussion surrounding Procure-To-Pay in the context of digital assets focuses on leveraging blockchain for greater transparency, efficiency, and auditability in supply chains and enterprise resource planning. The situation involves integrating distributed ledger technology with existing legacy systems. Future developments will likely include wider adoption of blockchain-based solutions for automated procurement, reducing fraud and operational costs across industries.