Applying block chain to transparent, secure and traceable supply chain management

• Main Authors: Ghatge, Yugandhar, Patil, Mayuri, Mishra, Abhijeet Kumar, Deshmukh, Neha, Deshpande, Kiran
• Format: Conference Proceeding
• Language: English
• Subjects: Blockchain; Digital currencies; Payment systems; Supply chain management; Supply chains; System effectiveness; User experience
• ISSN: 0094-243X; 1551-7616
• DOI: 10.1063/5.0240250

In order to thrive, companies today need to be sensitive, flexible, and quick. The prosperous individuals are those that foster constant innovation in their supply chains and enterprises and who set themselves apart in a fiercely competitive market by being adaptable and current. As change accelerates, it is imperative that your company’s supply chain be made more transparent and effective. Thankfully, blockchain technology may help to simplify the procedure. Supply chain management is the process of moving goods from manufacturer to consumer (SCM). Each product inside an SCM is the outcome of several organisations’ and stakeholders’ joint efforts. Blockchain technology may save costs and enhance user experiences by facilitating tradeability, transparency, and traceability. A shared blockchain ledger provides a trustworthy and unhackable audit trail of the data, inventory, and financial transactions that occur inside a supply chain. Blockchain technology allows businesses to trace every transaction and allows for the sharing of documents, personal data, and cryptocurrency. To update the ledger, you would have to simultaneously log the adjustment on each network node. Blockchain makes it possible for companies to deal with each other directly, eliminating the need for a middleman and boosting the effectiveness of global supply chains. Integrated payment systems, which reduce the time between ordering and payment processing, guarantee the correct, timely transportation of products. Smart contracts and blockchain technology also help firms reduce fraud and counterfeiting, improve compliance, and cut down on legal fees and penalties for late tax payments. Since no records can be deleted from the blockchain, it may be utilised to create transparent supply chains. Furthermore, because every link in the chain is safely documented, logistical issues can be promptly tracked back to their source.