sustainable supply chain management through blockchain technology - phdassistance.com
DESCRIPTION
Supply chain provides an integrated process of planning and execution which includes the flow of Information, material and capital. Supply chain Management can be defined as the process of managing the flow of resources, goods and services in the context of their storage and transportation from one place to another. However, the supply chain is becoming more complex day by day and the current supply chains are inherently intricate, consisting of multi-echelon, geographically disjointed entities striving to meet customer demands (Lambert & Enz, 2017). Globalization, diverse regulatory policies and varying cultural and human actions in supply chain networks makes it difficult to evaluate the knowledge and risk. Website Visit:https://www.phdassistance.com/blog/ Contact Us: UK NO: +44-1143520021 India No: +91-8754446690 Email: [email protected]TRANSCRIPT
SUSTAINABLE SUPPLY CHAINMANAGEMENT THROUGHBLOCKCHAIN TECHNOLOGY
An Academic presentation byDr. Nancy Agens, Head, Technical Operations, PhdassistanceGroup www.phdassistance.comEmail: [email protected]
Introduction
Drawbacks of Traditional Supply Chain Systems
Block Chain Technology – A Potent Solution to Supply Chain
Four Major Entities in Supply Chain
Sustainable Supply Chain using Blockchain Technology
Conclusion
Outline
TODAY'S DISCUSSION
Supply chain provides an integrated process of planning and execution which includesthe flow of information, material and capital.
Supply chain management can be defined as the process of managing the flow ofresources, goods and services in the context of their storage and transportation.
Globalization, diverse regulatory policies and varying cultural and human actions in supplychain networks makes it difficult to evaluate the knowledge and risk managementcapabilities in this dynamic field.
There is a need for better information exchange system considering the factors such asuneconomical transactions, bribery and weak supply chains as they lead to lack of trust.
Introduction
Supply chain businesses need considerable trust to rely on a single entity or broker tostore their critical and confidential information.
Single-point failure is another downside of centralized information systems that leaves theentire system exposed to distortion, hacking, corruption and attack making them vulnerable.
Such drawbacks raise concerns as to whether existing supply chain information systems arecapable of supporting the information required for the timely provenance of products andservices in a way that is transparent and is secured sufficiently.
The approach to these complicated problems is to increase reliability of the supply chain,protection, durability and quality of the processes.
Drawbacks of Traditional Supply Chain Systems
With the emergence of blockchain technology, new technical innovations andimplementations make these progress initiatives more organizationally, technically andcost effective.
Block chains are essentially an innovative technology for supply chains architecture,development, processes, and general management.
The ability of Blockchain to guarantee the transparency, traceability and authenticity ofinformation, together with intelligent contractual relationships for a trustless world, allsuggest a substantial reshaping of supply chain management.
Block Chain Technology – A PotentSolution to Supply Chain
Registrars, who offer actors in the network with unique identities.
Standards organisations that establish frameworks for values, such as Fairtrade forsustainable supply chains or blockchain policies and technical needs.
Certifiers, who grant actors certifications for network participation in the supply chain.
Actors, including suppliers, distributors and consumers, who must be approved by anauthenticated auditor or certifier in order to preserve the trust and loyalty in the program.
Four major entities are responsible in supply chains based on block chain which are notseen in conventional supply chains.
Four Major Entities in Supply Chain
Contd..
Figure 1 ProcessingFlow of supply chainusing Blockchain
A socially sustainable supply chain can be developed with the help ofBlockchain technology.
Since information cannot be changed without permission from approved actors,blockchains prevents corrupt individuals, governments or organizations fromunlawfully seizing people's properties.
Blockchain technology can also block sinister agents and keep the corrupt toaccount for social as well as individual misdeeds.
Traceability of block chain improves sustainability through greater human rightssecurity and equal, safe work standards.
Sustainable Supply Chain usingBlockchain Technology
With block chain technology, scam can be avoided due to the integrity and transparencyof block chain.
This establishes a reputation-based mechanism that addresses the inefficiency of ETSand encourages all participants to find a long-term solution to the reduction of emissions.
Effective employment of blockchain technology to manage supply chain processes andproducts begins with the effective participation and investment in the sustainable practices.
Therefore, incorporation of blockchain technology can lead to the development ofsustainable supply chain practices regardless of the business sector.
Conclusion
