BlockSCM: Integrated Customized Blockchain based Supply Chain Management for Decentralized Networks

Abstract

The blockchain is an emerging technology that is widely employed in several industries for transactional systems, including logistics in Supply Chain Management (SCM). One of the primary justifications for implementing a blockchain in distribution network management is its ability to lower overall production costs while ensuring the security of the system. However, existing inventory control systems that utilize blockchain technology are vulnerable to cyber-attacks. The objective of this study is to analyses actual risks and deficiencies in system design as a result. Ensuring trustworthiness and security in the supply management system is an essential necessity. This study focuses on the unique problems related to integrity and logistics in Supply Chain Management. The proposal presents a streamlined algorithm that utilizes blockchain technology to guarantee the integrity of data in Supply Chain Management systems enabled by the Internet of Things (IoT). The customized algorithms have been constructed using a private blockchain infrastructure. Topics covered include hash creation, smart contracts, mining, and other consensus algorithms. Proof of work (PoW) and proof of stake (PoS) are efficient methods for executing tasks in a decentralized network of peers. The proposed system was thoroughly examined and confirmed through experimental inquiry. The results were compared with several state-of-the-art methods, demonstrating the efficiency of our technique. This system demonstrates the utilization of blockchain technology to construct an e-transaction system. The concept is evaluated from a practical standpoint, considering both its development and usage contexts. This study serves as a prospective guide for the use of blockchain technology in facilitating intricate applications. The online transaction system allows end users to access and make transactions without the need for third-party validation.