Guest blog from Mariia Kren, eTrusty Co-founder and CEO
Corruption represents a significant hindrance to both economic growth and human development. Among various processes, procurement is particularly susceptible to corrupt practices, leading to substantial financial losses estimated at around €400 billion per year in European public procurement.
Furthermore, the procurement market faces another challenge as it is expected to grow from US$12–US$13 trillion in the next five years to approximately US$16–US$19 trillion. As procurement costs rise, the need for tender sites to scale rapidly becomes increasingly important.
In our commitment to combat corruption, restore trust in procurement, and facilitate the scalability of procurement platforms, we are delighted to introduce eTrusty.
By implementing blockchain technology, eTrusty fosters transparency through a publicly accessible ledger, ensuring secure and transparent monitoring of transactions and information. Moreover, it provides a decentralized and immutable data state, ensuring the secure storage of data. These features effectively mitigate client distrust and significantly reduce the risks associated with technical fraud.
A pivotal aspect of our confidence in implementing eTrusty lies in our collaboration with Partisia Blockchain. By harnessing the power of Multiparty Computation (MPC) with Zero-Knowledge (ZK), eTrusty establishes customizable layers of privacy for various aspects of procurement, such as applicants, judges, and results. This robust privacy framework effectively combats human fraud, coercive practices, and bribery. To elevate the scalability of eTrusty, we have integrated Partisia’s groundbreaking solution, Bring Your Own Coin, to establish a cross-border solution. Furthermore, the architecture of eTrusty enables customization to cater to diverse procurement requirements.
Currently, we are diligently developing our smart contracts, user interface, and back-end prototype. Our Minimum Viable Product (MVP) is scheduled to be completed in the last quarter of 2023. This MVP will be a web application showcasing all the key features of our API, which we plan to seamlessly integrate into existing tender platforms in the future.
The mission undertaken by eTrusty is of utmost importance and highly relevant in the current business landscape, where accountability and transparency are increasingly demanded. We eagerly anticipate the continued evolution of eTrusty’s protocol and its meaningful contribution to the broader objective of cultivating a fairer and more sustainable global economy.
As proud members of the Partisia Blockchain ecosystem, we invite you to follow us on our journey to shape the future of procurement!