Supply Chain Management Using Blockchain
This paper is focused on various algorithms which have been used to implement “Supply Chain Management using Blockchain”. Blockchain Technology assures immutability and integrity of data, also guarantees a transparent and decentralized transaction system. Supply Chain Management (SCM) has gained symbolic importance due to opening up of domestic economy because of globalization. In recent studies, various centralized technologies used to implement supply chain management have difficulties in resolving problems such as lack of trust in supply chain, information asymmetry of production process. There have been various frauds in the supply of products due to lack of integrity. Blockchain is a promising technology to address these problems. Current anti-counterfeiting supply chains depend on a centralized authority to contest counterfeit products. Due to this architecture, issues such as single point processing and storage are faced. Blockchain technology has emerged to provide a promising solutions for such issues. Blockchain is fully decentralized and balances between security and efficiency. Incorrect labeling of products, fake or indifferent materials and components used to make products and in appropriated use of another’s trade mark are just a few examples of how counterfeit goods are affecting consumers and companies. Using immutability and transparency features of blockchain along with the concensus algorithm “Proof of Work”, we attempt to provide anti-counterfeiting solution.