Enhanced Security in e-Tendering System Using Blockchain with Efficient Smart Contracts and Hybrid Cryptography

Many organizations use tendering including government to obtain goods and services from the providers of the service and manufacturing companies. There has been an advanced evolution in the process from traditional hardcopy-based to modern electronic-based tendering. Since in the present scenario Internet is being used there are many security implications that can be associated with it. Blockchain having decentralization of information and other features like immutability can be used as a step to mitigate the implications. In this paper, a distributed e-tendering system based on smart contracts and hybrid cryptography is explored. The design consists of sections based on the way the tendering and bidding organization participates like creation and publication of tender by the tendering organization, bidding process by the bidder, evaluations of the proposed bid, and selecting the best one to declare the winner. Maintaining transparency, fairness, and security is kept in mind throughout the process which is the main motive of this paper.