Smart Procurement and Contract Management Solution Using Blockchain

Abstract

This paper investigates the integration of blockchain technology into e-procurement, assessing its advantages and challenges. A framework is introduced, encompassing smart contracts, digital identity verification, and consensus mechanisms tailored for procurement needs. Through case studies, blockchain’s transformative impact on trust, fraud prevention, and procurement efficiency is demonstrated. Additionally, the transition to blockchain based e-tendering is explored, promising enhanced transparency, decentralization, and security in procurement processes. The framework not only facilitates cost reduction but also enhances public trust, emphasizing the socio-economic benefits of blockchain adoption in procurement