Tags:blockchain, public procurement and smart contracts
Abstract:
Corruption in public procurement is a worldwide appearance that causes immense financial and reputational damages. Especially in developing countries, corruption is a widespread issue due to secrecy and lack of transparency. Blockchain technology and more precisely blockchain-based smart contracts are emerging technological tools that can be used as recordkeeping systems and a tool to mitigate some of the fraud involving public procurement records. Immutability, transparency, distribution and automation are some of the features of smart contracts already implemented in several applications to avoid malicious human interference. The presentation will present a smart contract based concept to automatize different stages of the public procurement procedure attempting to fix their biggest current weaknesses. The processes include the bidding process, supplier habilitation and delivery verification.
Smart Contract Based Public Procurement to Fight Corruption