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

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.

Transformative Procurement Trends: Integrating Industry 4.0 Technologies for Enhanced Procurement Processes

“…Blockchain is yet another important I4.0 technology that has been predominantly used in procurement for making smart contracts. Smart Contracts play an essential role in procurement and they have been increasingly used in many industries due to many features, including automatic execution, nontempering in the blockchain environment, and transparency [4]. However, blockchain technology and its recent developments in applications are moderately well explored in the literature.…”

“…Procurement is defined broadly in terms of any form of the buying process, whether it is in the form of purchasing, leasing, renting, or otherwise acquiring supplies, services, or construction from external suppliers [4,5]. This concept includes all management responsibilities which the managers are supposed to follow such as identifying, sourcing, accessing, and managing resources outside the company.…”

Internet of things-based (IoT) inventory monitoring refrigerator using arduino sensor network

“…The Internet of Things (IoT) is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19]. A wireless sensor network is a group of specialized transducers with a communications infrastructure for monitoring and recording conditions at diverse locations.…”

Blockchain Framework for Securing E-Learning System

“…The emergence of cryptocurrencies was the first fruits of the application of blockchain technology [6], which ensures that the system is distributed and redundant, making it hard for transactions to be faked, duplicated, or rescinded [7]. The application of blockchain has further been extended to other areas such as medicine, smart contract [8], quality assurance [9], procurement [10][11], credit encryption, healthcare [12][13] and others. Moreover, blockchain is a strategy against social engineering.…”