Digital Money and Smart Contracts

Organizations face numerous challenges in traditional procurement processes, such as inefficiencies, delays, and susceptibility to fraud due to extensive paperwork, multiple intermediaries, and complex approval workflows. These issues lead to high administrative costs and elongated timelines, with a lack of transparency and accountability further exacerbating the situation. Smart contracts, which are self-executing contracts stored on a blockchain, offer a solution by providing transparency, security, and efficiency. They automate and streamline procurement activities, reducing costs and enhancing compliance. The immutable nature of blockchain ensures all transactions are transparent and tamper-proof, minimizing the risk of fraud and corruption.