Summary
CRUBN has partnered with the premier software development agency of the Karnataka government to develop a new blockchain network
The new network will connect all e-GP systems, helping them retrieve and validate all relevant supplier data
An IIT Kanpur-incubated company, CRUBN, has teamed up with the Centre for Smart Governance under the Karnataka government to develop a blockchain network as a decentralised trust and efficiency layer for all eGovernment Procurement (e-GP) systems across the country.
CRUBN provides the latest blockchain solutions for governments and business entities, while the Centre for Smart Governance is the premier software development agency of the Karnataka government.
The partnership aims to ease the hassle of the existing systems by making the more than 50 operational e-GP systems across the country interoperable.
IIT Kanpur director Prof Abhay Karandika said, “I am delighted for the team of CRUBN. They have come forward to help develop a key blockchain network across the country that would enrich the existing e-governance systems.”
E-Government Procurement (e-GP) systems cater to the procurement and tender requirements of different government departments and organisations. Such systems have already enhanced efficiency and transparency in government procurement but there is potential for further advancement in this regard.
The new blockchain network will be used for validating the claims of suppliers along with their identities. It will connect all the e-GP systems through a network, helping them retrieve and validate all relevant supplier data. It will also digitise bank guarantees by powering them using the trust-based automation of blockchain.
When fully operational, this pan-India system would reduce the time and cost associated with public procurements made using e-GP systems.
Key highlights of the project:
- This blockchain network will be governed by the terms and conditions decided by the consortium of the e-GP systems across the country.
- The blockchain system can be used as the national de-duplicated supplier data store.
- Any e-GP system can depend upon the trust that Blockchain guarantees to authenticate supplier details. This will potentially save enormous costs associated with tender processing and make the process simpler and efficient.
- Bank guarantees will also be pushed to this system in a tokenized and privacy-preserving manner to maintain integrity.
- Tokenisation of bank guarantees would mean that they will become a more acceptable instrument of transaction than they are now.
Last updated on 21 Nov 2021
