Colored Chain: A Blockchain Based Supply Chain System

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Rituparna Bhattacharya; Rajorita Roy; Diganta Roy; Prashnatit Pal

Colored Chain: A Blockchain Based Supply Chain System

Authors: Rituparna Bhattacharya, Rajorita Roy, Diganta Roy, Prashnatit Pal

Unique Paper ID: 182958
Volume: 12
Issue: 2
PageNo: 39-45

Keywords: Colored Chain sidechain blockchain pegging logistic blocks.

Abstract:
This paper explores the use of colored blockchain technology within supply chain management to increase transparency, security, and efficiency in supply chains. Traditionally, supply chain systems mostly depend on centralized information management, which defines vulnerabilities as single points of failure, risks of data tampering, and lack of trust among stakeholders. Blockchain technology answers these issues by recording transactions in a manner that is secure, real-time visible, and facilitates trust without central authority. This research paper shows the capabilities of blockchain technology to enhance traceability, enable sustainability through auditable records, and make operations faster and less expensive as it eliminates intermediaries. To support this technology, potential challenges related to blockchain networks, such as scalability, privacy, and selfish mining risks, are discussed. A definition of Colored chain and how the use of Colored chain can improve traceability and transparency of the supply chain is described at the very end. Our methodology includes how we can use the concept of blockchain, sidechain and colored chain to improve the supply chain. This research suggests the potential for significant transformation in supply chain management using Blockchain, specifically, blockchain offers a reliable and secure framework for product tracking and compliance with sustainability standards. Thus, future work includes the integration of blockchain with newer technologies like IoT and AI to further enhance supply chain operations and resilience.

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Cite This Article

ISSN: 2349-6002
Volume: 12
Issue: 2
PageNo: 39-45

Colored Chain: A Blockchain Based Supply Chain System

Available:https://ijirt.org/article?manuscript=182958

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