Abstract
Information sharing is essential for coordination and stakeholder integration and is crucial to achieving sustainable supply chain operations. Furthermore, improved information sharing assists retailers by reducing the time spent looking for alternative suppliers to meet the unexpected demand surge during pandemics. Recent advances in networking and distributed ledger technologies have enabled secure, improved information communication and broader connectivity. However, due to system interoperability, information quality, confidentiality, and trust, information cannot be exchanged seamlessly, resulting in the inefficiency of managing supply chain operations. In this paper, we propose a blockchain-based inventory sharing approach based on smart contracts using a private Ethereum network to link suppliers and retailers. Our approach combines blockchain technology with decentralized storage to increase transparency, trust, and security of supply chain transactions. We present a generalized mechanism for secure information sharing that includes comprehensive algorithms to capture supply chain stakeholder interactions that enhance trust among participating entities. The smart contract was developed and validated using the Remix IDE, and the code is made publicly available on Github. We analyze the solution for various security vulnerabilities and provide a detailed cost analysis for various stakeholder transactions in the supply chain. Our solution demonstrates that a blockchain-based approach reduces inefficiencies, is economical, commercially viable, and provides improved information connectivity among supply chain stakeholders in a trusted and secure way.
Highlights
The role of retailers in the supply chain has drastically changed since the 1980s
We present detailed algorithms depicting the interactions among supply chain stakeholders, including sequence diagrams that explain the proposed solution for inventory sharing
The cost of a function call is contingent on the function itself and the gas price set by the caller
Summary
Retailers held passive power positions where upstream suppliers would push products regardless of customer choice or retailer predicted demand This practice has changed due to rapid developments in technology, competitive markets, and complex supply chains [1]. In this paper, we propose using blockchain technology to connect suppliers and retailers in a trusted environment to encourage inventory sharing. This technology can enhance trust, improve efficiency, and coordination between partners, as well as enhance transparency in large supply chains involving complex transactions while simultaneously reducing disruptions. We present detailed algorithms depicting the interactions among supply chain stakeholders, including sequence diagrams that explain the proposed solution for inventory sharing.
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