Nowadays, organizations such as agriculture, healthcare, financial services, and even the government sector have started to implement blockchain. Even so, the tendering sector is incompetent to benefit from this new blockchain technology. If tender management is done wrongfully it may lead to huge losses in case of faulty practices. This may include favouring contractors, improper record maintenance, lack of transparency, hacking, data modification, and other similar issues.
To resolve tender management issues, here we use blockchain technology to make sure that it helps in maintaining security and efficiency. With encryption coupled with indisputable block-based architecture, the transaction management blockchain is fully secured.
Here, we make use of blockchain technology to secure transaction-based documents along with transactions such as tender documents, applications, bid proposals, company profiles, past records, approving officer details, and rejection details to ensure a completely transparent tendering process.
Administrative activities are managed by handling all forms of tenders, reviewing applications, firm profiles, documentation, and tender approval and rejection. The company is qualified to participate in any open tenders that are available.
After reviewing the tender and considering the tendering specifications, the bidder submits a bid proposal, after which the bidder creates a bid in response to the tender. Any sort of data updates from the company level or admin level in any kind of data, for instance; changes in tender, changes after the application are filed, changes in approval status, and so on, would all be caught as tampering.
Therefore, once submitted, no changes may be made at any level and the result of the evaluation is pushed to the blockchain. The tendering organization will execute the evaluation code on the closing date of the tender and choose the best bid.
- The Smart Tender Management System lowers the likelihood of third-party manipulation. Furthermore, the absence of a mediator in smart tenders saves money.
- It is encrypted, and cryptography protects all papers from unauthorized access.
- It automates the system using computer protocols, saving hours of time in several business processes.