Supply Chain Management based on Smart Contract using Block Chain Technology

M. Kannan,K.R.Sathishkumar,

The importance of improving the product distribution structure has increased worldwide. However, distribution channels are complex and Supply Chain Management (SCM) is autonomously executed in each company. However, the existence centralized outcome has endured with confined data storage and lack of trust during the involvement of multiple parties. In order to overcome these issues, an approach of decentralized block chain is required by generating digital representation for physical goods to promote tracking over several entities. There are several existing challenges which involve lack in transparency, lack in traceability, complex in risk management, disruption, requirement for creating reputation and trust. Hence, one of the leading technologies is block chain which has the potential in resolving few coordination challenges in SCM by smart contract for handling the multiple exchanges between parties. Block chain technology has reduced the complexity, better transparency and verification of trustless oversupply chain. These can be done through smart contracts which provide a digital agreement among the transaction parties using ethereum during assist of writing computer code and even implemented in block chain that makes the client to self-execute while they are accommodated with predetermined situation. Thus, it helps for accelerating the supply chain which made more agile and foster strengthens relationship among partners. This paper proposed a block chain based supply chain transparent goods and cost tracing system using smart contract which gets implemented in Ethereum Virtual Machine (EVM) and applied to any kind of block chain configuration associated with SCM.

Volume 11 | 02-Special Issue

Pages: 2387-2393