International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 11 Issue: 04 | Apr 2024
p-ISSN: 2395-0072
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BLOCK CHAIN INTEGRATION IN SUPPLY CHAIN MANAGEMENT Prathamesh A Mali1, Tejas J Ghodake2, Pranav V Patil3, Rajratna B Kamble4 1.Department of Mechanical Engineering, Rajarambapu Institute of Technology, Islampur, MS 415409, India 2.Department of Mechanical Engineering, Rajarambapu Institute of Technology, Islampur, MS 415409, India 3.Department of Mechanical Engineering, Rajarambapu Institute of Technology, Islampur, MS 415409, India 4.Department of Mechanical Engineering, Rajarambapu Institute of Technology, Islampur, MS 415409, India
---------------------------------------------------------------------***--------------------------------------------------------------------utilizing blockchain technology for SCM. According to the Abstract - The need for supply chain networks to connect 2020 Deloitte global blockchain study [3], over half of the senior executives & practitioners surveyed considered blockchain to be their top priority.
suppliers & customers located all over the world is growing. To address concerns about the lack of transparency & security in supply chain procedures, pilot projects are being run to test out blockchain solutions. These solutions will provide an IT architecture that addresses these needs. This essay offers a model for integrating blockchain solutions into supply chain processes & advances ongoing work. The purpose of this research is to provide a comprehensive review of the existing models for integrating technology. Furthermore, a systematic analysis of content is used to gather and classify needs for particular integration of blockchain technologies. These needs inform the evaluation, comparison, & eventual use of the models in the creation of new models. There is a need to refine the current models since they do not adequately address the unique needs of blockchain technology. Particularly, existing models do not accommodate for, and must be methodically integrated with, an increase in the quantity of external stakeholders & supply chain partners participating in blockchain-based systems. This study introduces a model for integration that takes into account the requirements of blockchain-based supply chain activities.
The industrial sector of the 4.0 era relies heavily on the distributed security aspects of blockchain technology, illustrated in Figures 1, 2, and 3. Prominent figures in academia and business have taken notice of the technology [4]. For a small fee, participants in blockchain-based distributed ledger technologies can ensure the safety of financial transactions & transfers [5]. Even though blockchain has been around for a while, it is revolutionary in the realm of supply chain networks, which hold the key to a company's future success.
Key Words: Blockchain, Supply Chain, Technology, Integration Model. 1.INTRODUCTION Fig1: Blockchain Technology
Supply chain management has always been a challenge for most multinational corporations. Spending a lot of money has always been a problem for the organization, leading to a number of inefficiencies & need to find ways to cut costs. Businesses are planning ahead as blockchain technology approaches. This technology has the potential to improve the supply chain in the future. By enhancing supply chain efficiency, transparency, & trust, experts believe that blockchain technology could completely transform the current supply network [1]. Furthermore, a large number of supply chain executives are of the opinion that blockchain technology represents the future of the sector. According to a 2019 PwC report [2], over 25% of the industrial manufacturing industry is contemplating
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