Blockchain-Based Supply Chain Management System

Abstract

A blockchain-based supply chain management system is a novel solution that uses blockchain technology to increase supply chain transparency, efficiency, and trust. It provides a decentralized and secure platform for product tracking and tracing, transaction verification, and information recording among different stakeholders in a supply chain network. A blockchain is a distributed and decentralized digital ledger that keeps track of transactions across several computers or nodes. Constructing a chain of blocks holding transactional data, assures transparency, immutability, and security.
The coordination and administration of numerous activities, processes, and resources involved in the production, distribution, and delivery of goods or services from suppliers to end customers is referred to as supply chain management. The capacity to follow and trace the movement of goods and information across the supply chain clearly and transparently is referred to as transparency. It guarantees that stakeholders have access to up-to-date and correct data. In supply chain management, efficiency refers to optimizing procedures, minimizing waste, increasing productivity, and simplifying operations to achieve cost-effectiveness and quicker delivery times.
Blockchain technology provides real-time insight throughout the whole supply chain, allowing stakeholders to track and trace things from their point of origin to their final destination. This openness lowers the possibility of fraud, counterfeiting, and unethical behaviors, increasing customer trust. Each transaction and movement of products may be recorded and validated using a blockchain-based system, establishing an immutable audit trail. This characteristic aids in determining the origin, quality, and authenticity of items, particularly in the food, pharmaceutical, and luxury goods industries.