An Intelligent Tender Management System using Block Chain and IPFS

Tenders must be included in the procurement process for companies and government organizations. The primary purpose of these bids is to get the products and services necessary to effectively complete operations. Poor management of these bids, on the other hand, might have serious financial consequences. Contractor favoritism, inadequate record-keeping systems, a lack of transparency, hacking, data manipulation, and other obstacles may be among these issues. Improper bid and contract management may cause substantial financial loses and harm to the organisation’s reputation. When deficient record-keeping practices result in the loss of critical information, it can be difficult to trace the progress of tenders and contracts and evaluate performance. Additionally, the possibility of hacking and data tampering can lead to the theft of sensitive information, resulting in financial losses and reputational harm. To solve these issues and eliminate the dangers connected with them, this study has used secure blockchain technology as well as encryption to ensure the safety and security of transactions during the tendering process. Blockchain technology is a secure and decentralized ledger system that allows for secure and tamper-proof transaction recording. Encryption, on the other hand, is a means of transforming plain text into unreadable code that requires a decryption key to decrypt. Tender specifications, bid submissions, business profiles, historical performance records, approval authority details, and rejection information are all protected by its cutting-edge technology. The proposed method assures a completely transparent and safe tendering process by utilizing this technology, lowering the risks associated with tender and contract mismanagement.