🚨 Procurement fraud ranks among the Top 3 most disruptive economic crimes, behind only cybercrime and corruption.
🌍 Governments worldwide typically spend a whopping 13–20% of GDP on public procurement, equating to an estimated global average of about US$9.5 trillion per year.
🇬🇧 In the UK alone, Procurement fraud costs the private sector an estimated £133.6 billion every year.
➡️ NEW JBBA RESEARCH ALERT:
📄 F-Procure: A Decentralised, Modular Framework for Transparent, Compliant and Efficient Procurement on the Flare Network, by Pax Ola of CAYPAX INC., Cayman Islands. 🇰🇾
➡️ https://jbba.scholasticahq.com/article/159450-f-procure-a-decentralised-modular-framework-for-transparent-compliant-and-efficient-procurement-on-the-flare-network
➡️ KEY HIGHLIGHTS:
✅ A five-layer blockchain architecture — covering execution, smart contracts, ERP interoperability, AI-assisted analytics and compliance governance — designed to make procurement fraud significantly harder to perpetrate and easier to detect.
✅ A sealed-bid commit–reveal protocol ensures bid integrity and eliminates post-submission manipulation — a direct countermeasure to bid rigging, which affects over a third of organisations globally.
✅ Immutable on-chain audit trails allow full procurement sequences — from tender creation to contract award — to be independently reconstructed and verified. Audit preparation time was reduced by approximately one-third in controlled trials.
✅ An AI anomaly-detection layer flags irregular bidding patterns — such as clustered bid values or synchronised submission timing — for human review, without disrupting the underlying procurement process.
✅ Built with compliance-by-architecture in mind, mapping to the EU Public Procurement Directive, the U.S. Federal Acquisition Regulation and UK data protection law.
🥈This paper received the 2nd Prize for Best Abstract #Award at the BBA’s 8th #ISC2026, recently held in London on 27 March.
🔗 Read the full open-access paper in The #JBBA here:
https://jbba.scholasticahq.com/article/159450-f-procure-a-decentralised-modular-framework-for-transparent-compliant-and-efficient-procurement-on-the-flare-network
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#ProcurementFraud #Blockchain #PublicProcurement #BBA #JBBA #GovTech #FraudPrevention
