Use case – Public Procurement

Another way to utilise the VeriSmart application is for handling procedures around public procurement. The following describes a base scenario for such procedure and at the end we will discuss the benefits of such procedure.

Public Office invites companies to make a bid for a project.

This is simply done by using the VeriSmart application to start a Smart Contract, which then will be governing the actual process.

Companies can now join the bidding process for the Project, which starts by joining the Smart Contract through the VeriSmart application.

After preparing their final offer, companies will use the VeriSmart application to produce a hash (fingerprint) of each document required. These fingerprints are saved in the Smart Contract and pointing to the submitting company.

At the time, when the Smart Contract governs that bidding has ended, the VeriSmart Application will ping the companies to produce the real documents either plain or encrypted and will send those to Public Office. Afterwards, the content of the document will be disclosed to Public Office or any other authority.

Business benefits delivered by VeriSmart system

For Public Offices:

  • A streamlined process governing the process from cradle to grave.
  • No attempts to persons to be bribed within the Public Office, since no information is given during the process.
  • No change for late bidding or changing the nature of the offers.

For companies:

  • A 100%  fair process
  • A streamlined easy to understand process

For the general Public: