A blockchain based architecture for fulfilling the needs of an e-procurement platform

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3 Citations (Scopus)

Abstract

E-Procurement platforms have emerged as the primary source of procurement procedure for large organizations, whether Public or Private, and thus form a principal driver for the economy. Since many vendors bid for procurement procedures, often for publicly managed funds, it is extremely vital that full transparency and accountability is ensured in the entire process. Ensuring that certain digital certification functions, such as timestamps are independent from eprocurements Platform Owners has been a challenge. Blockchain Technology has emerged as a promising solution for not only ensuring transparency and immutability of records, but also providing for interoperability across different platforms by acting as a trusted third-party. This paper identifies some of the core needs of an e-procurement platform that could be fulfilled by Blockchain Technology. Further it presents a Hyperledger based blockchain solution with some of the key architectural elements that could fulfil these needs while presenting the advantages of such a solution.

Original languageEnglish
JournalProceedings of the International Conference on Industrial Engineering and Operations Management
Issue numberAugust
Publication statusPublished - 2020
Event5th International Conference on Industrial Engineering and Operations Management, IOEM 2020 - Virtual, United States
Duration: 10 Aug 202014 Aug 2020

Keywords

  • Blockchain Technology
  • E-Procurement Platform
  • Hyperledger Fabric
  • Permissioned Network

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