Traditional systems are at their worst
Procurement deals are ridden with corruption, delays and inefficiency.
Bidding process is corrupted by middlemen,
Collusions are formed to reduce competition,
Papers are kept secret to damage transparency
Incidents such as the recent children deaths
at BRD Hospital in Gorakhpur highlight
endemic failure of procurement management
e-Procurement systems are better
But only when the database is transparent and immutable.
Corruption is a trust problem plagued by collusion.Using an immutable public ledger as a rock-bed for all transactional evidence forces transparency onto officials and contractors, exponentially speeding up audits by third parties like journalists & government watchdog groups.
Bidders must be encouraged to bid in self-interest, but must not be allowed to form risk-reducing cartels. We address these using a reputation system where each bid proposal is weighted by the reputation points of the bidder. This way we can incentivise quality compliance for long-term contracts.
Using smart contracts, we can automate the monetary penalties and make enforcement of regulation instant and independent of the state. This also solves the problem of middlemen meddling into state affairs by lobbying or organised crime, since now the smart contract holds the payment and will automatically release the funds once the tender is proved to be complete.
So, this public immutable ledger makes the concept of bidder collusion more prohibitive and enforces transparency into how bids are made to a tender making sure of the privacy; disincentivise negative behaviour like bid-rigging and forming cartels; using smart contracts, we can automate the monetary penalties and make enforcement of regulation instant and independent of the state.
What people are saying
"This platform can revolutionise the current eprocurement systems. It is fast, open and transparent what else do we need. These guys really know what they are doing"
Amitabh, Senior Manager Administration and Procurement for IFFCO, a leading fertiliser cooperative
"The idea of decentralising the bid-evaluation process in their demo is what impressed me most. I think this will greatly reduce the rampant corruption."
Pradeep Bahuguna, Defense Procurement for the Indian Army
"Team Satoshi offers a powerful solution for transforming the complicated procurement process into an easy operating transparent platform.
The project reflects an in-depth research work and a solution with global benefit.
In coming days companies will seek new ways to use technology in procurement.
Being a part of freight and supply chain industry where procurement is a part of the whole process , I feel this project and more of this kind will help the industry in terms of enhanced transparency, greater scalability, better security and greater innovation. A combination of technology and a well defined sourcing process can provide significant strategic benefit.
Swarup Das, Shipping Manager,Unenco,KSA
A Problem-Solution fit
Centralized bid-evaluation process
Delayed Contract payouts
Slow procurement process
Reputation System incentivises individual selfish behaviour over collusion
Automated and Transparent bid-evaluation
Smart contract regulated payouts
Proven faster process
Core features preserved, Integrity and Usability enhanced
With most popular browsers from Chrome, Firefox, Safari, Brave supporting MetaMask, compatibility isn't a hurdle any longer.
With Ethereum as the global network for computation and transaction processing, there are no more servers overloading and failing.
With smart contracts governing transactions, justice to tenders is embedded immutably into the code.
Essentials without clutter
With clearly indicative UI, tender opportunities are not slipped away from the deserving.
A transaction / bid / bill once confirmed is embedded into the blockchain and goes deeper every unit of time.
Where there is transparency, there is clarity.
Government and public bodies are auditors of themselves.
Coded using Bootstrap, which ensures the code is responsive across devices, and is well-presentable.