A Review on Benefits of IoT Integrated Blockchain based Supply Chain Management Implementations across Different Sectors with Case Study

Abstract

In the current era, blockchain based system getting a lot of attention across different industries especially in the domain of supply chain because of its streamlined nature at the same time keep the privacy intact as well as more efficient than the conventional system. However the traditional supply chain faced lot of challenges these days because of the complex networks. Blockchain integrated with IoT framework has the potential to overcome the challenges faced by the conventional systems across industries. Basically the IoT integrated blockchain system provides enough benefits such as connecting the link between the flows in the supply chain to improve the efficiency of the supply chain network, makes the system transparent that can reduce the code of conduct violation throughout the supply chain networks, the immutable properties helps the stakeholders to trace the products throughout the networks. Even though blockchain based system provides enough benefits across industries, so far the implementation rate is very low because of the lack of knowledge about the benefits of blockchain system as well as lack of understanding about how and why it is needed in their fields. In this paper we will highlight the difference between the conventional supply chain as well as blockchain based supply chain and the benefits of implementing blockchain in different sectors such as automotive, pharmaceutical, food industry, retail. This article will highlights the problems currently facing by the above mentioned industries by using the conventional supply chain as well as the solutions to the problems provide the blockchain based systems in those industries. This articles helps the people across sectors to understand the benefits of the blockchain based system in their respect fields as well as implement it to improve the efficiency of the overall system.