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

• URL: http://arxiv.org/abs/2407.09353v1
• Date: Fri, 12 Jul 2024 15:27:36 GMT
• Title: Private Blockchain-based Procurement and Asset Management System with QR Code
• Authors: Alonel A. Hugo, Gerard Nathaniel C. Ngo,
• Abstract summary: The developed system aims to incorporate a private blockchain technology in the procurement process for the supply office. The procurement process includes the canvassing, purchasing, delivery and inspection of items, inventory, and disposal. The study recommends the use of private blockchain-based technology with the procurement and asset management system in the supply office.
• Score: 0.0
• License: http://creativecommons.org/licenses/by/4.0/
• Abstract: The developed system aims to incorporate a private blockchain technology in the procurement process for the supply office. The procurement process includes the canvassing, purchasing, delivery and inspection of items, inventory, and disposal. The blockchain-based system includes a distributed ledger technology, peer-to-peer network, Proof-of-Authority consensus mechanism, and SHA3-512 cryptographic hash function algorithm. This will ensure trust and proper accountability to the custodian of the property while safeguarding sensitive information in the procurement records. The extreme prototyping model will be used as software development life cycle. It is mostly used for web-based applications and has an increased user involvement. The prototype version of the system allows the users get a better understanding of the system being developed. It also reduces the time and cost, has quicker user feedback, missing and difficult functions can be recognized, and confusing processes can be addressed on an early stage. The implementation of a private blockchain technology has an increased privacy, enhanced security, improved efficiency, and reduced complexity over traditional blockchain network. The use of SHA3-512 as cryptographic hash function algorithm is much faster than its predecessors when cryptography is handled by hardware components. Furthermore, it is not vulnerable to length extension attacks making it reliable in terms of security of data. The study 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 this technology. This will promote trust and confidence of the stakeholders. The implementation of blockchain technology in developing a system served as advancement and innovation in terms of securing data.

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