Supply Chain Management using Blockchain

[divya2509]

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Supply Chain Management using Blockchain

ℹ️ Project information

Please complete all applicable.

• Project Name: Supply Chain Management using Blockchain
• Short Project Description: A supply chain management system based on the blockchain to enhance transparency, integrity, orchestration, and virtualization in the existing supply chain systems.
• Any supporting Link: https://core.ac.uk/download/pdf/211327941.pdf
• Labels: Blockchain, Solidity, ReactJS, NodeJS

🔥 Your Pitch

Modern-day supply chains are complex in nature. Depending on the product, the supply chain can span hundreds of stages, multiple geographical locations, a multitude of invoices and payments, have several individuals and entities involved, and extend over months of time. The major issues faced by the industry are as follows:

Traceability and Transparency: It’s incredibly difficult for customers or buyers to truly know the value of products because there is a significant lack of transparency in our current system.

Data consolidation and visibility: Manual, paper-based record-keeping and reporting systems often lead to scattered, incomplete, and unauthentic manifests, bills of lading, certifications, etc.

Integrity: Vulnerabilities within a supply chain lead to unnecessary costs, inefficient delivery schedules, and a loss of intellectual property.

Blockchain has the capability to tackle these problems. The basic idea is to build an application where all the intermediaries of a supply chain system can come on a common platform and all the records, starting from raw materials to a finished product
are maintained by the blockchain. It will tackle the above-mentioned problems. It will have the following benefits compared to the traditional systems:

• Reduced errors (as no paper-based record keeping)
• Prevention of fraudulent activities (as blockchain is tamper-proof)
• Increase consumer/supplier trust (as the records are immutable)
• No Central Authority (as blockchain is decentralized)
• Real-time settlement (resolution time is minimized as the records are readily available)
• Drastic reduction in operational costs (due to minimized errors and delays)
• High level of transparency (as the journey of a product is traceable)

🔦 Looking for a help in?

The main bottleneck in such a system can be scalability. So, it would be great if I get help in designing blockchain architecture.

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