Government Tender Allocation Using Blockchain Technology
Srishti Dubey, Priyanka Singh, Rohan K. Verma, Deepika Kamboj · 2023
The objective of this paper is to present a blockchain-based tender allocation project that aims to use blockchain technology's decentralized and secure nature to create a transparent and efficient system for distributing government contracts and other tenders. The problem in earlier models of tender-based allocation systems was that they were centralized and vulnerable to cyber and phishing attacks. Hence, it was needed to decentralize the whole process. In traditional tender allocation systems, ensuring the process is transparent and fair can be difficult. This can lead to suspicions of favoritism and corruption. This is a problem for both government and private organizations that are looking to secure contracts. A blockchain-based solution can address these issues by providing a decentralized, secure, and transparent platform for the allocation of tenders, enabling trustless and anonymous interactions, and providing an open, accessible platform for all participants. In this work, we present a blockchain-based architecture for public procurements that are both secure and efficient. Our approach is to increase the efficiency of the system by changing the decision-making parameters. Our paper will provide a tamper-proof record of the tender process, increase transparency, and reduce potential fraud.