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It does so by offering an immutable, transparent record of transactions, which helps to eliminate common issues such as bidrigging, kickbacks, and other forms of corruption. By recording each transaction on a distributed ledger, blockchain allows all authorized participants in the network to access the same information in real-time.
Fraud and Corruption Risks Bidrigging, favouritism, and a lack of transparency in processes undermine public confidence and effectiveness. This limits competition and discourages innovative enhancement. Simplifying tender criteria and creating supplier-friendly policies encourage participation and innovation.
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