Private Blockchain-based Procurement and Asset Management System with QR Code

Abstract

Purpose–The study aims to incorporateprivate Blockchaintechnology in the procurementprocess forthe supplyoffice. The procurement process includes the canvassing, purchasing, delivery, and inspection of items, inventory, and disposal. The Blockchain-based systemincludes a distributed ledger technology, peer-to-peer network, Proof-of-Authority consensus mechanism, and SHA3-512cryptographic hash function algorithm. Thiswill ensure trust and proper accountability to the custodian of the propertywhile safeguarding sensitive informationin the procurement records. Method–The extreme prototyping model will be used as a software development life cycle. It is mostly used for web-basedapplicationsand has increased user involvement. The prototype version of the system allows the users to get a betterunderstanding of the system being developed. It also reduces time and cost, has quicker userfeedback, missing and difficultfunctions can be recognized,and confusing processes can be addressed at anearly stage. Conclusion–The implementation of aprivate Blockchain technology has increased privacy, enhanced security, improved efficiency, and reduced complexity over traditional Blockchain networks.The use of SHA3-512 as a cryptographic hash function algorithmis much faster than its predecessors when cryptography is handled by hardware components. Furthermore, itis not vulnerable to length extensionattacksmaking it reliable in terms of security of data. Recommendations–Thestudy recommends the use of private Blockchain-based technology with the procurement and asset management system in the supply office.The procurement records will be protected against tampering using thistechnology.This will promote the trust and confidence of the stakeholders. PracticalImplications–The implementation of Blockchaintechnology indeveloping asystemserved as advancement and innovation in terms of securing data. Keywords–private Blockchain, procurement, supply office, proof of authority, SHA3-512