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Leveraging Blockchain Technology and Smart Contracts for Intelligent Supply Chain Management
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Author(s): R. Elakya (Information Technology, Sri Venkateswara College of Engineering, India), R. Thanga Selvi (Vel Tech Rangarajan Dr. Sagunthala R&D Institute of Science and Technology, India), S. Girirajan (Computing Technologies, SRM Institute of Science and Technology, India)and A. Vidhyavani (SRM Institute of Science and Technology, India)
Copyright: 2024
Pages: 25
Source title:
Bio-Inspired Optimization Techniques in Blockchain Systems
Source Author(s)/Editor(s): U. Vignesh (Vellore Institute of Technology, Chennai, India), Manikandan M. (Manipal Institute of Technology, India)and Ruchi Doshi (Universidad Azteca, Mexico)
DOI: 10.4018/979-8-3693-1131-8.ch009
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Abstract
The current manual process of the traditional supply chain system, from raw material manufacturing to product delivery, lacks sufficient data and transaction security while being time-consuming. This outdated procedure is ineffective and unreliable for consumers. However, integrating blockchain and smart contract technologies into traditional supply chain management systems can significantly enhance data security, authenticity, time management, and transaction processes. By leveraging decentralized blockchain technology, the entire supply chain management (SCM) process becomes more trustworthy, ensuring consumer satisfaction. This study utilizes a peer-to-peer encrypted system in conjunction with smart contracts to ensure data immutability and prevent unauthorized access. Moreover, cryptographic methods are employed to enhance transaction security and address these issues. Ultimately, this chapter demonstrates how to maintain a highly secure, transparent, and efficient supply chain management process.
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