How future tech will simplify federal procurement

So, what is blockchain? Generally, blockchain is an incorruptible, networked digital ledger for recording assets and transactions in the value chain. The blockchain’s embedded procedural trust and encrypted, fault-tolerant distributed ledger provides a scalable foundation for automation while preserving integrity, fairness and openness in federal procurement. The blockchain’s digital ledger tracks products and services (assets) as well as solicitations, offers, awards, and delivery (transactions). Furthermore, smart contracts or programmable logic can be applied to the blockchain to execute transactions autonomously such as calculating the financial health score, replenishing inventory, determining the optimal market price of products and services, verifying the integrity of vendors, and many more.

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