GeM to adapt AI & blockchain to bring dynamism to digital transactions

GeM to adapt AI & blockchain to bring dynamism to digital transactions
  • The novel move would help both sellers and buyers to benefit from smoother transactions.
  • GeM now has over 49,000 buyers, 9.36 lakh sellers, and over 20 lakh products on its platform.

Considering the ongoing trend of digital transactions, public procurement portal of India, Government e-Marketplace (GeM) has recently announced that it would now be making use of cutting-edge technologies like Artificial Intelligence (AI) and blockchain to make the platform more dynamic while also supporting the sellers and buyers for carrying out smooth transactions.

The portal, which was launched in August 2016 for online trade of goods and services, now has about 20 lakh products, 49,000 buyers, nearly 9.36 lakh sellers.

As per Talleen Kumar, CEO of GeM, the portal has recognized blockchain as one of the go-to technologies to present a secure, distributed infrastructure for supply chain for the procurement of drugs or medicines by government organizations.

In fact, a blockchain project for Proof of Concept (PoC) for demonstrating the product supply chain traceability and visibility in procurement of medicines in bulk across two districts of Uttar Pradesh is currently underway and is likely to be completed in the span of 4 to 6 weeks.

It has been speculated that the PoC exercise was undertaken to demonstrate and develop Track and Trace for drugs by making use of blockchain wherein a manufacturer would transport the required drugs to buyer warehouse. From there, the drugs would then be issued to associated health centers.

Speaking on the use of AI, Kumar said that the technology would come handy in the form of natural language processing for procurement planning and monitoring and also for an efficient search. Besides, it will also be utilized in areas like automatic tagging and text description, market sanity, predictive monitoring and analytics, fraud detection, and catalogue management.

This apart, the AI tool will be used for product recommendation engine, customer mapping and behavior prediction, and customer service automation.

Source Credit: https://www.deccanherald.com/business/business-news/gem-using-ai-blockchain-tech-to-become-more-dynamic-kumar-935480.html