Blockchain Technology: Converting Data Integrity and Security in Supply Chain Management
H P Karthik, Dillip Narayan Sahu, Gabbeta Ramesh, Amandeep Nagpal, Ala Harika, Alugula Sravani · 2023
Over the last several years, blockchain technology has gained prominence and acceptance. The primary function of supply chain management (SCM), that is tasked with transferring goods among numerous stakeholders. Each sub-office under the traditional SCM, which employs a centrally controlled management paradigm, was given responsibilities by the main office. Security, transactional transparency, traceability, stakeholder participation, product infringement, extra complications, fraud, and instability are some of the key problems with current SCM systems. Modern technology like blockchain (BC) fosters confidence while managing data efficiently and openly. Access to customer demand must be properly conveyed, and product and service supplies must be regularly checked, in order to provide transparency in the supply chain traceability. Specifications and reference architectures serve as the foundation for integrating business processes, and they should also allow for the full integration of product data. The necessity and promise of supply chain integration are examined in this essay. One can assume that cloud integration will give interoperable digital supply chains traceability a commercially viable business model. We describe how the networks and traceability of digital supply chains can undergo drastic change as a result of supply chain integration using blockchain technology.