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Using Smart Contracts to Enhance Compliance and Efficiency in Procurement Operations

Author(s) Haroon Rashid
Country United States
Abstract The smart contracts automate procurement operations by enforcing the execution of the contract terms, conditions of payment, and regulatory requirements. Basically, self-executing digital contracts eliminate intermediaries, thus hugely cutting processing time and administrative costs, and greatly enhancing the accuracy and transparency of the transactions. Because predefined rules and logic are embedded in their design, smart contracts enforce adherence to procurement terms, therefore minimizing fraud risks, manual errors, and regulatory non-compliance. Further, immutable and decentralized make it highly audit able and trustable for all its stakeholders. That said, this will accelerate the processes in procurement by allowing tracking of goods and payments in real-time with complete adherence to corporate and regulatory policies. The manufacturing industry, supply chain, and public sector procurement have already illustrated substantial use cases that show large gains in operational efficiency and cost savings. Despite challenges like legal standardization and scalability, smart contracts are a game-changer to modernize procurement operations. Thus, they allow accountability and efficiency to create a more agile and compliant procurement ecosystem.
Keywords Smart contracts, procurement operations, blockchain, compliance, automation, efficiency, transaction transparency, decentralized systems, adherence to regulations, supply chain management, operational cost reduction, and real-time tracking
Field Engineering
Published In Volume 5, Issue 8, August 2024
Published On 2024-08-07
Cite This Using Smart Contracts to Enhance Compliance and Efficiency in Procurement Operations - Haroon Rashid - IJLRP Volume 5, Issue 8, August 2024. DOI 10.5281/zenodo.14769530
DOI https://doi.org/10.5281/zenodo.14769530
Short DOI https://doi.org/g83ktr
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