Smart Contracts for Supply Chain Management using Blockchain

Smart Contracts for Supply Chain Management using Blockchain
Author(s):
Aditya Sethi, Freya Makwana
Keywords:
Automation, Blockchain, Smart Contracts, Supply Chain Management, Transparency
Abstract
In recent years, the integration of blockchain technology has brought about significant transformations across various industries, particularly in supply chain management. This report delves into the utilization of smart contracts within blockchain networks to streamline processes within supply chains. Smart contracts automate transactions based on predetermined terms, thereby mitigating inefficiencies and potential disputes. Leveraging the decentralized ledger of blockchain, transactions are securely recorded, fostering transparency and trust among stakeholders. The report explores innovative applications of smart contracts, such as tracking product origin and facilitating payments, ultimately enhancing traceability and operational efficiency. Through case studies, the report demonstrates the efficacy of smart contracts in addressing prevalent supply chain challenges, such as counterfeit products and payment delays. In summary, this research advocates for the wider adoption of blockchain technology in supply chain management, presenting a comprehensive framework to improve transparency and efficiency on a global scale.
Article Details
Unique Paper ID: 164364 Publication Volume & Issue: Volume 10, Issue 12 Page(s): 933 - 944
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