End-To-End Transparency in the global procurement: The BLOCKCHAIN solution
“Corruption is the enemy of development, and of good governance. It must be got rid of. Both the government and the people at large must come together to achieve this national objective.” -Pratibha Patil
The procurement and subsequent award of project contracts (infrastructure and services including consulting and non-consulting services) are categorized under capital expenditure in government budgets accounting for a large proportion of Government expenditure globally. This has been identified as a “highly lucrative, and often time long-term business opportunities to 'get rich quick', which is well sort after.”
A lack of transparency throughout the procurement cycle, including bid announcements, project requirements, and the status of bid evaluations and awards, creates opportunities for improper influence and corruption by bidders . The rise of civil engagement in holding government to its responsibilities has been identified as the panacea to bad governance and impunity around the globe and in developing countries in particular.
The BLOCKCHAIN Solution
E-government technology, designed on the block-chain technology, offers a unique platform for the citizens to participate in technology-enabled public engagement tools. It ensures the reduction of the number of physical interactions between public servants and citizens, thereby minimizing the number of potential opportunities for bribe solicitation.
The transparency block-chain offers will also ensure greater accountability within the government circle.