Abstract: The process of tendering is generally utilized by governments and businesses to source goods or services from manufacturers or service providers. Nonetheless, with e-tendering being the most commonly employed procurement method, there exist various security concerns. Blockchain technology offers a potential solution to address these security issues by emphasizing information decentralization and incorporating robust encryption within an immutable block-based framework for managing transactions. This article delves into the utilization of smart contracts (built on ethereum blockchain) in developing a decentralized e-tendering system. The paper is segmented into four key phases:
1.Tender Creation and Publication 2.Bid Submission 3.Bid Evaluation and Negotiation 4.Bid Selection .
Diverse algorithms are harnessed to execute each step. The security and transparency challenges are assessed and juxtaposed against the existing tendering process. The primary objective of this study is to establish an impartial, transparent, and publicly accessible tendering model. At the end of the bid selection we will add an Escrow account between two parties , where authorized work will be done between them . both parties can review their work . This will results in trust between two parties.
Keywords: Blockchain, Fair and Open Tendering Scheme, Smart Contract, E-Tender.
Cite:
Sri Venkat Chennu, Aneesh Gonu, Kiran Manukonda, Babu Naik Mudavath, "Distributed e-Tendering System using Escrow-Account", IJARCCE International Journal of Advanced Research in Computer and Communication Engineering, vol. 13, no. 3, 2024, Crossref https://doi.org/10.17148/IJARCCE.2024.13354.
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DOI:
10.17148/IJARCCE.2024.13354
