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Blockchain Based Full Privacy Preserving Public Procurement

By Prem Baranwal - September 2020
Blockchain Based Full Privacy Preserving Public Procurement

Public procurement is one of the government activities more prone to corruption, and e-procurement systems have been recommended to increase transparency, outreach, and competition. Other benefits include ease of access to public tenders and easier detection of irregularities. One of the main challenges with the existing e-procurement/auction systems is ensuring the bid privacy of the losing bidders and collusion between bidders and auctioneer. Most of the auction systems, proposed, depend either upon auctioneer(s) or on the trusted third party, which, according to us, is the biggest problem for addressing corruption. We propose a blockchain-based solution for Public Procurement, which eliminates auctioneers/third-parties using secure multi-party computation (MPC). Our solution fully preserves bid privacy and is secure against malicious bidders.

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