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 e-procurements 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.