Tracing Products in a Supply Chain Using Blockchain
Blockchain makes way for applications to become transparent, secure and ensures that the database is immutable and distributed. Although Block-chain has recently become famous for its application in crypto-currencies, this paper discusses all types of blockchain focusing on the private and permissioned version of the technology. Block-chain technologies are finding applications in various areas such as Supply chains, banking, healthcare and Internet of Things. By making use of timestamps we can utilise some major features offered by the Blockchain technology. Like, lastingness, distributed amongst its peers, by making use of these attributes, one can be assured transactions can be made sturdier and more transparent. By design, the Block-chain enforces transparency, security, authenticity, and auditability. When it comes to supply chain management, it could make it easier for big businesses to track all the verifiable details for every single order on the supply chain. As an incorruptible digital ledger, Block-chain could effectively store records for every product. In conclusion, Block-chain has the potential to drive cost-saving efficiencies and enhance the consumer’s experience through transparency, traceability, and trade- ability in various fields of applications like Supply chain management. Nodes of the Block-chain network can generate keys, hashes and transactions blocks. This paper attempts to address the necessity of a central authority which can only initiate the requests and changes which will not destroy the perks offered by the decentralization feature of Block-chain technology but further helps the users use it even more efficiently. The visible parameters of the block-chain network are handled by an admin, but before they are applied a majority ofnodes have toaudit.
Keywords: Blockchain, Supply chain management, transactions, distributed ledger, traceability, transparency.