Public procurement on the blockchain

Public entities acquire goods and services through public procurement, typically requiring organizations and companies to submit a bid to a public tender. Public procurement contracts make up a substantial portion of a country’s GDP, and in some industries, public governance entities might be the sole buyer. However, this has also created a number of challenges, such as phony bids, corruption, and favoritism. In order to address these, public governance entities have increasingly moved toward digital solutions. These have made the tendering process more efficient. This chapter looks into the potential and the emergence of blockchain-based technologies for public procurement.