A Blockchain-based Secure Framework for Tender Allocation
K Ananthajothi, N. Duraimurugan, P. Ramakanth Kumar
Abstract
In the era of digital transformation, the expanding popularity of using information technology to transmit information, provide services, etc. One such area in which the public and commercial sectors collaborate is tendering. E-tendering is a procurement method that leverages digital technology and the internet to streamline and automate the entire tendering or bidding process. This facilitates the bidders to seamlessly go through all the available tenders in order to make contract with the tender. However, it often comes various problems/issues faced by both bidders and tenders. Due to its centralized framework, the system faces scaling and transparency issues, thus make the system inefficient. Also, for certain aspects, the system tends to share the tender information to other third-party organization that affects integrity and security of the tenders. To handle both the factors, a decentralized system is adopted for deploying the e-tendering system, Blockchain. This will make the procurement processes to embrace the power of blockchain technology for heightened security and transparency. This work aims to build a transparent, liquidate and secured e-tendering system that manages the tender allocation, with the help of smart contracts the automates the underlying processes by limiting the human involvement to minimal.