Blockchain-based System Evaluation: The Effectiveness of Blockchain on E-Procurements

TL;DR

This paper evaluates how blockchain technology can improve e-procurement systems by enhancing data integrity, decentralization, and reducing fraud through expert assessments.

Contribution

It introduces a blockchain-based procurement system and assesses its effectiveness compared to traditional electronic procurement methods.

Findings

Blockchain enhances data integrity in procurement.

Decentralization reduces fraud risks.

Experts favor blockchain for procurement security.

Abstract

Electronic systems tend to simplify the tedious traditional scheme and basically focuses on the platform design and process organization. The integrity of the output of an automated system is not left behind but the possibility of internal manipulation is still high. This paper presents the current issues in company procurements and the solution in the form of blockchain technology. Several individuals and professionals were asked to evaluate a blockchain-based procurement system in comparison to the current electronic (e-procurement) system. A blockchain-based system has the capability to hold transactional data with complete decentralization and eliminate the growing number of fraud cases in companies and organizations. This paper mainly focuses on the effectiveness of a blockchain-based system in company procurements.