UK public sector adopts blockchain for transparent government auctions

The UK public sector made a groundbreaking leap towards improving transparency and fairness in governmental auctions, by adopting the use of blockchain technology. Giving credence to this, the Controller General’s Department (CGD) confirmed the measures they’ve started to undertake since April this year.

The CGD, an authority under the Finance Ministry, is renowned for its role in managing procurement processes. The adoption of blockchain technology in government auctions was initiated by this authority simultaneously with the digitisation drive by the government.

According to the controller-general, blockchain technology provided a safeguard, where neither the bidders nor the government agency associated with the auction would have access to the bid price before the auction’s closure. Furthermore, the bid variable data would be encrypted and…