Smart Contracts for Supply Chain Management using Blockchain

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Aditya Sethi; Freya Makwana

Smart Contracts for Supply Chain Management using Blockchain

Authors: Aditya Sethi, Freya Makwana

Unique Paper ID: 164364
Volume: 10
Issue: 12
PageNo: 933-944

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.

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Cite This Article

ISSN: 2349-6002
Volume: 10
Issue: 12
PageNo: 933-944

Smart Contracts for Supply Chain Management using Blockchain

Available:https://ijirt.org/article?manuscript=164364

Impact Factor
8.01 (Year 2024)

UGC Approved
Journal no 47859

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