Improving Product Traceability and Security in Supply Chain Management using BlockChain

In present supply chains have great value and have a great competitive advantage. Modern supply chains have grown into incredibly detailed value networks that are a major source of competitive advantage. By creating a permanent, shareable, auditable record of products along their supply chain to maximise overall value generated, cost quality improvement, quick delivery, delivery optimisation, cost reduction, and flexibility, blockchain technology has the potential to improve product traceability, authenticity, and legality more effectively. Once inputted, data cannot be removed. A smart contract is a contract that can be automatically executed and must be executed according to the terms of the contract. Computers can automatically execute smart contracts, but some functions still require human input and control. Complex transactions can be automated using blockchain technology in combination with smart contracts. The data security, authenticity, time management, and transaction processes of conventional supply chain management systems will all be considerably enhanced by the integration of blockchain technology in the project. Data is shielded from illegal access via blockchain along with the drawbacks of the current system. Some of them include a lack of traceability, difficulties maintaining product safety and quality, a failure to track and manage inventories in stores and warehouses, escalating supply chain costs, and so on. This enhances process accessibility, effectiveness, and timeliness overall. Supply chain management is managing inflow and outflow of goods and services. In order to increase customer value and gain a competitive advantage in the market, it involves actively streamlining a company’s supply-side operations. The reduction of third-party involvement in the Delivery management and the improvement of data security are the main goals of this article.