Ensure security in supply chain with blockchain technology

Abstract

Supply chain essentially means the network between the suppliers and distributors to produce and distribute products to the final consumers which comprises various activities, entities, databases and responsibilities. In this era of industrial revolution and computerized technology, industries are bound to incorporate modern and digitized versions of management systems to stay shoulder to shoulder with their competitors. Our goal is to modernize every step of the supply chain with implementation of blockchain technology so that there is almost no delinquency found in the whole operational flow. With the growth of new markets globally, companies need to be cautious if their current supply system is capable enough to fortify possible obstacles like counterfeit cash transaction, costly and inefficient data sharing, lack of source-to-store traceability, distrust among participants, little to no transparency, need of real time database system and unavailability of authenticated communication. Blockchain is an innovative and robust technology that has been proved to be very promising in increasing the efficiency of supply chain operations by enhancing customer service, removing trust issues or having to deal with suspicious stakeholders. The trick is to make all the entities use a shared and secured data record which amplifies transparency during transaction and reduces waste and cost. Many Global companies like IBM and Walmart are already bringing their whole supply chain system under the control of Blockchain. Our vision is to bring this development to the Bangladesh markets and automate the supply chain system which will be powered by blockchain. We have developed a full system including a client side application powered by Ethereum smart contracts where tasks will be automatically checked off after successful transaction, advanced shipment and distribution of products will be ensured and data will be managed transparently in every movement. Our aspiration is to explore all possible ways to maximize satisfaction in the supply chain management in Bangladesh so that we can cope up with global technology.