AUDIT-ABLE PROCUREMENT PROCESS WITH CLOUD COMPUTING BLOCKCHAIN

From raw materials to distribution to after-sale support, understanding the location
and flow of products within your supply chain is critical and not only for maximizing
efficiency. Transparency in the supply chain is one of the most important and difficult
areas for enhancing logistics and supply chain management. Consumers demand
transparency on where and how products are made. Distrust between organizations
has historically discouraged them from sharing or relying on shared data. The smart
contract is the key component of the blockchain, which has rendered blockchain
beyond the reach of cryptocurrency and accessible to a variety of applications such as
banking, IoT, supply chain, electronic identification, business process management
and more. And with digital supply chain, integration has become complex. In this
paper, it explains how the blockchain will contribute to the procurement process
because of the characteristics possessed. Characterized as an open-source,
decentralized, distributed transaction data storage database. This technology enables
two sides to transact directly using duplicate, connected ledgers called blockchains
instead of relying on centralized intermediaries. This makes transactions significantly
more transparent than centralized systems ' operations. As a consequence, transactions
are performed on the basis of network agreement without depending on explicit
confidence, but on distributed confidence. There are many opportunities to use this
technology to enhance the transparency of the supply chain management. Blockchain
technology has the potential to transform how businesses are organized and managed.
It allows companies to eliminate transaction costs and use outside resources as easily
as internal resources.