Blockchain Using Supply Chain Management for Society 5.0

Abstract

It is highly challengeable to manage tasks and products in a large supply chain domain. Data fragmentation, low security source, and different terms across many issues and processes act as a blockade in order to detect results. Blockchain provides control, immutability, secure traceability, and trust creation among stakeholders in a low-price IT solution. So, Blockchain has turned up to be a leading technology. In order to handle the quality of supply chain management and use the distributed public general ledger in an effective, we can use Blockchain technology. It is supportive in the supply chain domain such as to avoid product lag, accelerate client/provider trust, remove fraudulent tasks, reduce errors, enhancing management, and so on. In real time, goods and services are tracked and recorded using Blockchain. In case of transparency, it provides information about variety of transactions. In spite of the fact that Blockchain is creating a great impact in many areas, there are many hindrances to its worldwide adoption in supply chain area. Understanding Blockchain and its value in today’s supply chain, key characteristics of Blockchain followed by why Blockchain is introduced to supply chain operations, benefits and challenges in supply chain for Society 5.0 with the help of Blockchain are critically analysed in this chapter.