Smart Supply Chain Management Using the Blockchain and Smart Contract

Abstract

The manufacture of raw materials to deliver the product to the consumer in a traditional supply chain system is a manual process with insufficient data and transaction security. It also takes a significant amount of time, making the entire procedure lengthy. Overall, the undivided process is ineffective and untrustworthy for consumers. If blockchain and smart contract technologies are integrated into traditional supply chain management systems, data security, authenticity, time management, and transaction processes will all be significantly improved. Blockchain is a revolutionary, decentralized technology that protects data from unauthorized access. The entire supply chain management (SCM) will be satisfied with the consumer once smart contracts are implemented. The plan becomes more trustworthy when the mediator is contracted, which is doable in these ways. The tags employed in the conventional SCM process are costly and have limited possibilities. As a result, it is difficult to maintain product secrecy and accountability in the SCM scheme. It is also a common target for wireless attacks (reply attacks, eavesdropping, etc.). In SCM, the phrase “product confidentiality” is very significant. It means that only those who have been validated have access to the information. This paper emphasizes reducing the involvement of third parties in the supply chain system and improving data security. Traditional supply chain management systems have a number of significant flaws. Lack of traceability, difficulty maintaining product safety and quality, failure to monitor and control inventory in warehouses and shops, rising supply chain expenses, and so on, are some of them. The focus of this paper is on minimizing third-party participation in the supply chain system and enhancing data security. This improves accessibility, efficiency, and timeliness throughout the whole process. The primary advantage is that individuals will feel safer throughout the payment process. However, in this study, a peer-to-peer encrypted system was utilized in conjunction with a smart contract. Additionally, there are a few other features. Because this document makes use of an immutable ledger, the hacker will be unable to get access to it. Even if they get access to the system, they will be unable to modify any data. If the goods are defective, the transaction will be halted, and the customer will be reimbursed, with the seller receiving the merchandise. By using cryptographic methods, transaction security will be a feasible alternative for recasting these issues. Finally, this paper will demonstrate how to maintain the method with the maximum level of safety, transparency, and efficiency.