| | NOVEMBER 20209CIOReviewcan imagine the potential of Acciona's QR Blueprint when it comes to reducing (costly) mistakes, for engaging with our clients in real time and with complete transparency, and for delivering complex infrastructure projects on time and to budget.A Powerful Tool for Transparency in Public ProcurementWe also see blockchain as a useful tool for public procurement. Any document--bids, contracts, design blueprints, signatures, even the minutes of important meetings--filed to a blockchain distributed network cannot be modified or amended, making it a uniquely useful tool for increasing the transparency and security of public tender processes. Governments--from the city of Seoul to the regional government of Aragon in Spain--are using blockchain platforms to guarantee the fairness, transparency, and traceability of contracts between government agencies and private contractors. When contracts and other documents are shared (and where relevant, signed) on blockchain platforms, the scope for future disagreements and litigation ought to diminish dramatically. As a result, Acciona has developed a blockchain platform that it uses for due diligence and contracts with its own suppliers.We have also pioneered the use of blockchain platforms to preserve and protect bid documents in public tenders. In a 2018 tender to build a motorway in Norway, Acciona filed its bid and supporting documentation to a distributed blockchain ledger, which gave each document a unique timestamp--guaranteeing its immutability. For the contractor, blockchain platforms for smart contracts guarantee:· Traceability: a timestamp registering time and date of delivery· Immutability: once filed, documents cannot be deleted. Documents that are filed with Blockchain IDs cannot be tampered with. · A shared workspace: documents can be shared between all parties, each change is tracked and receives a new blockchain timestamp. · Signing, comparing and checking what is signed: contracts can be signed using unique blockchain IDs, and before signing, blockchain can check the documents being signed to make sure that they are identical to the ones that have been agreed upon and have not been altered in any way.For the public agency, blockchain platforms for smart contracts guarantee:· Transparency and fairness in the bidding process: as documents cannot be modified or tampered with once they have been filed using blockchain technology.· An immutable history and data security: blockchain eliminates the risk of forgery of documents.· Traceability and auditable data generation during the many stages of the procurement process.· Confidentiality, privacy and integrity: the tender process is traceable, auditable, and supported by tamper-proof documentation.As the uses and many advantages of blockchain technology are better understood by contractors and public agencies, it will be possible to develop common platforms to allow all parties keep track of documents as they are shared, amended and ultimately, signed. When contracts and other documents are shared (and where relevant, signed) on blockchain platforms, the scope for future disagreements and litigation ought to diminish dramatically
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