Smart Tender/Contract Management System Using Blockchain

Tenders or contracts are generally used by governments and companies to procure goods or services. Wrongful tender management leads to huge losses in case of faulty practices. This includes favouring of contractors, improper record maintenance, lack of transparency, hacking, data modification and other issues. To ensure the complete tender management process is secure and efficient we here make use of blockchain tech to solve tender management issues. A blockchain is secured by encryption coupled with indisputable block based architecture for transaction management. In this case we make use of Hyperledger blockchain technology to secure transaction based documents along with transactions such as tender documents, applications, bid proposals, company profiles, past records, approving officer details, rejection details to ensure a completely transparent tendering process.

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