A blockchain based approach for improving transparency and traceability in silk production and marketing

Abstract

Blockchain technology may be described as a distributed digital ledger database for transparent and immutable recording of transactions occurring between a groups of nontrusting parties. Transactions can be implemented without any intermediaries. Given this potential, it can play a great role in enhancing Supply chain management. Silk production and marketing has exponentially increased and spanned across the world in recent years. To redefine current silk production and marketing industry, there is a need to strengthen its supply chain management process. With Blockchain, government, farmers, weavers, and sellers can collaborate on a single system without any inconvenience. They create an immutable chain of transactions which can be verified by any of the parties. There is an immutable shared ledger that no one can modify. This research presents a private and permissioned application that uses Blockchain and aims to automate the shipping processes among different participants in the supply chain ecosystem. Data in this private ledger is governed with the participants’ invocation of their smart contracts. The performance of the proposed work is evaluated in terms of the transaction throughput, transaction average latency, resource utilization with a fixed and variable rate of transactions.