Blockchain will revolutionize electronic orders

Experts associated with the World Bank Group presented the possibilities of using blockchain in electronic orders (e-GP). They presented their ideas in a report published on Wednesday, October 17.

Blockchain as a solution to every issue?

Experts were concerned about a number of problems. From international transactions to services for data exchange. All these dependencies resulted in the creation of complex structures in many countries, which blockchain technology could simplify and otherwise “improve”. At least that’s what the authors of the report say.

“Although the implementation of e-GP systems has contributed to increasing the efficiency and transparency of government procurement, it is possible to further develop existing systems,” reads the document developed for the Asian Development Bank.

“Countries like India have more than 50 such e-GP structures, which inversely leads to inefficiencies,” says the report. Only a few selected countries around the world, including Bangladesh and the Philippines, have “succeeded in implementing the unified e-GP platform”.

Going further, scientists expect the ecosystem to become less fragmented. They are also in favor of using the blockchain on a global scale. “In approximately ten years, over 80% of public procurement is expected to be processed online in several hundred e-GP systems scattered around the world,” experts continue, adding:

“The Blockchain e-GP network should be expanded to allow banks located anywhere in the world to seamlessly send authenticated electronic guarantees on behalf of the supplier in any e-GP system.”

In January this year, US government agencies began exploring blockchain solutions in public procurement as part of a wider assessment of potential uses of technology.

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