Role of Blockchain Technology in Supplychain Management
Today, the primary issues for both physical and online retailers are fake and stolen goods. The likelihood that this product is fake is unknown to consumers. They lack a clear method to check the product’s integrity. This not only jeopardizes consumer trust but also imposes significant fi...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
IEEE
2024-01-01
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| Series: | IEEE Access |
| Subjects: | |
| Online Access: | https://ieeexplore.ieee.org/document/10418098/ |
| _version_ | 1797319588832083968 |
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| author | Gokuleshwaran Narayanan Ivan Cvitic Dragan Perakovic S. P. Raja |
| author_facet | Gokuleshwaran Narayanan Ivan Cvitic Dragan Perakovic S. P. Raja |
| author_sort | Gokuleshwaran Narayanan |
| collection | DOAJ |
| description | Today, the primary issues for both physical and online retailers are fake and stolen goods. The likelihood that this product is fake is unknown to consumers. They lack a clear method to check the product’s integrity. This not only jeopardizes consumer trust but also imposes significant financial ramifications on both buyers and sellers. Therefore, we suggest a method in which we incorporate blockchain technology to confirm the product’s integrity. Central to our proposition is the integration of Non-Fungible Tokens (NFTs) as unique digital identifiers, combined with the dual security layers of holographic labels and RFID tags. This system operates on a private blockchain, ensuring enhanced scalability and transaction efficiency. Furthermore, the mechanism incorporates a collateral system initiated upon order placement, incentivizing honesty and timely delivery among participants. In the event of discrepancies, a robust dispute resolution system, underpinned by a voting mechanism, ensures fairness and trustworthiness. Our experimental implementation demonstrates the system’s effectiveness in reducing costs and enhancing transparency in supply chain management. The results highlight the potential of blockchain technology in revolutionizing supply chain management, offering a compelling alternative to traditional systems with reduced costs and increased security and transparency. |
| first_indexed | 2024-03-08T04:09:10Z |
| format | Article |
| id | doaj.art-f71acc4840e24b829b93b7cc317d4fc0 |
| institution | Directory Open Access Journal |
| issn | 2169-3536 |
| language | English |
| last_indexed | 2024-03-08T04:09:10Z |
| publishDate | 2024-01-01 |
| publisher | IEEE |
| record_format | Article |
| series | IEEE Access |
| spelling | doaj.art-f71acc4840e24b829b93b7cc317d4fc02024-02-09T00:03:03ZengIEEEIEEE Access2169-35362024-01-0112190211903410.1109/ACCESS.2024.336131010418098Role of Blockchain Technology in Supplychain ManagementGokuleshwaran Narayanan0https://orcid.org/0009-0001-7755-4242Ivan Cvitic1https://orcid.org/0000-0003-3728-6711Dragan Perakovic2S. P. Raja3School of Computer Science and Engineering, Vellore Institute of Technology, Vellore, Tamil Nadu, IndiaDepartment of Information and Communication Traffic, Faculty of Transport and Traffic Sciences, University of Zagreb, Zagreb, CroatiaDepartment of Information and Communication Traffic, Faculty of Transport and Traffic Sciences, University of Zagreb, Zagreb, CroatiaSchool of Computer Science and Engineering, Vellore Institute of Technology, Vellore, Tamil Nadu, IndiaToday, the primary issues for both physical and online retailers are fake and stolen goods. The likelihood that this product is fake is unknown to consumers. They lack a clear method to check the product’s integrity. This not only jeopardizes consumer trust but also imposes significant financial ramifications on both buyers and sellers. Therefore, we suggest a method in which we incorporate blockchain technology to confirm the product’s integrity. Central to our proposition is the integration of Non-Fungible Tokens (NFTs) as unique digital identifiers, combined with the dual security layers of holographic labels and RFID tags. This system operates on a private blockchain, ensuring enhanced scalability and transaction efficiency. Furthermore, the mechanism incorporates a collateral system initiated upon order placement, incentivizing honesty and timely delivery among participants. In the event of discrepancies, a robust dispute resolution system, underpinned by a voting mechanism, ensures fairness and trustworthiness. Our experimental implementation demonstrates the system’s effectiveness in reducing costs and enhancing transparency in supply chain management. The results highlight the potential of blockchain technology in revolutionizing supply chain management, offering a compelling alternative to traditional systems with reduced costs and increased security and transparency.https://ieeexplore.ieee.org/document/10418098/Blockchainproduct circulationnon-fungible tokens (NFTs)supply chain managementholographic labelsRFID tags |
| spellingShingle | Gokuleshwaran Narayanan Ivan Cvitic Dragan Perakovic S. P. Raja Role of Blockchain Technology in Supplychain Management IEEE Access Blockchain product circulation non-fungible tokens (NFTs) supply chain management holographic labels RFID tags |
| title | Role of Blockchain Technology in Supplychain Management |
| title_full | Role of Blockchain Technology in Supplychain Management |
| title_fullStr | Role of Blockchain Technology in Supplychain Management |
| title_full_unstemmed | Role of Blockchain Technology in Supplychain Management |
| title_short | Role of Blockchain Technology in Supplychain Management |
| title_sort | role of blockchain technology in supplychain management |
| topic | Blockchain product circulation non-fungible tokens (NFTs) supply chain management holographic labels RFID tags |
| url | https://ieeexplore.ieee.org/document/10418098/ |
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