Revolution in Procurement. Introducing eTrusty: Decentralized and Innovative Solution
International development officers working in the early 2000s estimated that approximately 10–15% of public procurement spending was lost to corrupt practices [1]. At the time, the annual amount of money lost to bribery was estimated as the yearly budget of South Korea 😱 [2].
With the global market size of public procurement projected to be around $12–13 trillion in 2022, it was believed that the annual amount lost to bribery could reach $1.5–2 trillion.
Unfortunately, there are no updated statistics available to confirm these figures. However, the OECD Foreign Bribery Report from 2014 indicates that more than half of foreign bribery cases were related to obtaining public procurement contracts [3].
The European procurement market is significantly vulnerable to bribery due to the staggering scale of over 7 million public tenders conducted annually. These tenders are spread across over 150 procurement platforms, encompassing a combined value of €2.16 trillion 🤑.
Four critical areas in procurement can contribute to its vulnerability to corruption: lack of transparency, data vulnerability, low scalability, and lack of privacy.
We are introducing eTrusty, an innovative, decentralized, and privacy-focused protocol specifically tailored for procurements!
🔒 Our solution addresses the limitations of existing systems by prioritizing data transparency and consistency, scalability, and privacy. Leveraging cutting-edge technologies such as blockchain, Multi-Party Computations (MPC) privacy tools, Cross-Chain Payments (CCP) interoperability and Zero-Knowledge (ZK) proofs, our mission is to rebuild trust and revolutionize scalability within the expansive multi-trillion-dollar procurement market.
In summary, eTrusty is dedicated to addressing one of the most significant challenges in the procurement process: corruption. Using an innovative and decentralized protocol, eTrusty harnesses cutting-edge technologies such as blockchain, smart contracts, MPC, and CCP to establish a more secure, transparent, and efficient procurement ecosystem.
🚀 The mission undertaken by eTrusty is crucial and highly relevant in the current business landscape, which increasingly demands accountability and transparency. We eagerly anticipate the continued evolution of eTrusty’s protocol and its meaningful contribution to the broader objective of cultivating a fairer and more sustainable global economy.
Become part of our community today and join us in shaping the future of procurement! 💪
🌐 Website 🐦 Twitter 🔗 Linkedin📱 Telegram 📧 Mail: info@etrusty.io
References
- The credibility of corruption statistics. A critical review of ten global estimates. U4 Issue 2021:4 https://www.u4.no/publications/the-credibility-of-corruption-statistics.pdf Accessed May. 3, 2023.
- OECD Principles for Integrity in Public Procurement. OECD 2009. https://www.oecd.org/gov/ethics/48994520.pdf Accessed May. 3, 2023.
- Preventing Corruption in Public Procurement. OECD 2016. https://www.oecd.org/gov/ethics/Corruption-Public-Procurement-Brochure.pdf Accessed May. 3, 2023.
