We are building VeriTrust, a protocol that enhances public procurement processes with blockchain.

Problem Statement

The public procurement sector, responsible for an estimated $13 trillion in annual spending, suffers from a lack of transparency, security, and inclusivity. Less than 3% of these contracts are openly published, leading to issues such as corruption, fraud, and unfair competition. This lack of transparency disproportionately affects smaller and minority-owned businesses, hindering economic growth and public trust.

Proposed Solution

VeriTrust aims to revolutionize public procurement through an open-source blockchain-based protocol that ensures transparency, security, and compliance. Our smart contracts are designed to be freely accessible, allowing NGOs and other organizations to build their own front-end interfaces. While we offer this open-source flexibility, we also provide a tailor-made app service for those who prefer a customized solution. Initially, our focus will be on the tendering part of the procurement process, with plans to expand into other stages to bring full transparency and control to these processes.

Achievements to Date

Before we delve into our future roadmap, it's worth noting the milestones we've already achieved. VeriTrust was formed to participate in the Eth Argentina Hackathon, where we not only won the Public Goods track but also secured quadratic funding and a Chainlink bounty. These early successes validate our approach and set the stage for our ambitious plans ahead.

Technical Implementation

VeriTrust is built on the Ethereum blockchain, utilizing smart contracts to automate and secure the tendering process. Our protocol integrates with IPFS for document storage. We are also planning to integrate Kleros for dispute resolution and Circle's programmable wallets to simplify the bidding process for users who are not familiar with cryptocurrencies.

1. Smart Contracts: Deployed on the Ethereum blockchain to handle the tender creation, participation, and winner selection.
2. IPFS: Used for secure and immutable document storage.
3. Kleros: Planned for future integration for decentralized and transparent dispute resolution.

Business Model

• Tailor-Made App
• Tender Creation Fee
• Participation Fee

Futureproof

Our blockchain-based solution is easily implementable by NGOs and designed to mitigate corruption and fraud.

Inclusive Approaches

We offer multiple access points to bridge the digital divide, ensuring all beneficiaries are effectively served.