Authors :
V. Ramya; Chidipothu Mounisha; Marella Dwaraka Mai; Mandapati Nagalakshmi Kumari; Shaik Khasim Saida
Volume/Issue :
Volume 9 - 2024, Issue 4 - April
Google Scholar :
https://tinyurl.com/mr35f6yw
Scribd :
https://tinyurl.com/yfke3bfp
DOI :
https://doi.org/10.38124/ijisrt/IJISRT24APR519
Abstract :
The tendering process is a critical component
in the procurement practices of governments and
companies worldwide. However, this process often
encounters challenges that undermine its efficiency,
transparency, and security. Traditional tendering
methods are plagued by issues such as complex
documentation, lack of transparency, susceptibility to
corruption, and significant security vulnerabilities. To
address these challenges, our project introduces a novel
approach that integrates blockchain technology into the
tendering process. This integration aims to revolutionize
the way tenders are issued, managed, and awarded by
leveraging the strengths of blockchain, such as
decentralization, immutability, and advanced
cryptographic security. Our system comprises three main
modules—Admin, Tender Officer, and Bidder—each
designed to streamline the respective functionalities
within the tendering cycle. By utilizing smart contracts
for process automation and cryptographic hash functions
(SHA-256) for data integrity, the proposed system not
only enhances the security and transparency of the
tendering process but also significantly reduces the risks
of corruption and breaches. The adoption of blockchain
technology in tendering processes marks a significant leap
forward in procurement practices, offering a more secure,
efficient, and transparent method for conducting
transactions.
Keywords :
Blockchain Technology, Tendering Process, Smart Contracts, Cryptographic Hash Function, Procurement, Transparency.
The tendering process is a critical component
in the procurement practices of governments and
companies worldwide. However, this process often
encounters challenges that undermine its efficiency,
transparency, and security. Traditional tendering
methods are plagued by issues such as complex
documentation, lack of transparency, susceptibility to
corruption, and significant security vulnerabilities. To
address these challenges, our project introduces a novel
approach that integrates blockchain technology into the
tendering process. This integration aims to revolutionize
the way tenders are issued, managed, and awarded by
leveraging the strengths of blockchain, such as
decentralization, immutability, and advanced
cryptographic security. Our system comprises three main
modules—Admin, Tender Officer, and Bidder—each
designed to streamline the respective functionalities
within the tendering cycle. By utilizing smart contracts
for process automation and cryptographic hash functions
(SHA-256) for data integrity, the proposed system not
only enhances the security and transparency of the
tendering process but also significantly reduces the risks
of corruption and breaches. The adoption of blockchain
technology in tendering processes marks a significant leap
forward in procurement practices, offering a more secure,
efficient, and transparent method for conducting
transactions.
Keywords :
Blockchain Technology, Tendering Process, Smart Contracts, Cryptographic Hash Function, Procurement, Transparency.
