What is Blockchain in Procurement?
Blockchain in procurement refers to the use of distributed ledger technology in public procurement to increase transparency, tamper-proofing, and traceability.
Potential Applications
| Application | Description | Benefit |
|---|---|---|
| Bid submission | Encrypted, timestamped | Tamper-proof |
| Supply chain | Origin traceability | Sustainability proof |
| Smart contracts | Automatic execution | Faster payment |
| Qualification evidence | Decentralized verification | Simplified review |
Challenges
Technical maturity, energy consumption, data protection tensions, and lacking specific legal frameworks.
How Patterno Helps
Patterno uses cutting-edge AI technology to optimize procurement processes while remaining ready for future blockchain integrations.