A Study on the Effectiveness of Blockchain Integrated Supply Chain in the Retail Market

Abstract

Industry 4.0 comprises of some disruptive technologies which are creating a significant impact in every fields. Recent development in these technologies has created a huge impact in the conventional supply chain model which forces the companies to evolve new models to face the upcoming challenges. One such promising technology which will disrupt and change the entire view of supply chain transparency is Blockchain. Blockchain is basically a chain of blocks that contain information that is nearly impossible to tamper. Blockchain is defined as stack of information linked with each other in blocks and highly resistant to changes. It is a distributed ledger completely open to everyone. Once we enter data in Blockchain it becomes nearly impossible to change it which will give us the authenticity of the data. Based on the literature study, we found that integrating Blockchain in the supply chain will improve the efficiency of the supply chain exponentially. Every transaction that happens in a supply chain can be integrated and recorded in the blocks of a decentralized Blockchain (Distributed ledger) which will be shared will many computers thus increasing the transparency. As each block is connected with each other it becomes nearly impossible to change the entered record as tampering a single block may result in complete loss of data. This will improve the transparency of the supply chain in every stage and improve the supply chain security and efficiency.