The tradional system of bids and tenders face many problems like:
Cost Overruns: Projects often face unforeseen expenses that exceed the budget, leading to financial strain and delays.
Credit Risk: There's a significant risk that contractors may default on their financial obligations, impacting project completion and financial stability.
Creditworthiness: Accurately assessing the financial health of bidders is challenging, leading to potential selection of unreliable contractors.
Enforcement of Contracts: Ensuring compliance with contract terms can be difficult, often requiring lengthy legal processes to resolve disputes.
Tendering Process Delays: Bureaucratic inefficiencies and complex administrative procedures can significantly delay project initiation and completion.
Cost Overruns: Smart contracts automate payments and release funds only when predefined milestones are met, reducing the risk of cost overruns.
Credit Risk: Transparent and immutable blockchain records improve the assessment of contractors' financial history, mitigating credit risk.
Creditworthiness: Decentralized credit scoring and real-time financial tracking on blockchain provide accurate and up-to-date evaluations of bidders' creditworthiness.
Enforcement of Contracts: Smart contracts enforce terms automatically, ensuring compliance and reducing the need for lengthy legal processes.
Tendering Process Delays: Blockchain streamlines administrative processes and document management, significantly reducing delays in the tendering process.
Blockchain Platform: Ethereum
Smart Contracts: Solidity
Development Frameworks: Hardhat
Frontend Development: React.js
Backend and APIs: Node.js
Wallet Integration: MetaMask
Storage Solutions: Filecoin