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Supply Chain Management using Blockchain
ℹ️ Project information
Please complete all applicable.
Project Name: Supply Chain Management using Blockchain
Short Project Description: A supply chain management system based on the blockchain to enhance transparency, integrity, orchestration, and virtualization in the existing supply chain systems.
Modern-day supply chains are complex in nature. Depending on the product, the supply chain can span hundreds of stages, multiple geographical locations, a multitude of invoices and payments, have several individuals and entities involved, and extend over months of time. The major issues faced by the industry are as follows:
Traceability and Transparency: It’s incredibly difficult for customers or buyers to truly know the value of products because there is a significant lack of transparency in our current system.
Data consolidation and visibility: Manual, paper-based record-keeping and reporting systems often lead to scattered, incomplete, and unauthentic manifests, bills of lading, certifications, etc.
Integrity: Vulnerabilities within a supply chain lead to unnecessary costs, inefficient delivery schedules, and a loss of intellectual property.
Blockchain has the capability to tackle these problems. The basic idea is to build an application where all the intermediaries of a supply chain system can come on a common platform and all the records, starting from raw materials to a finished product
are maintained by the blockchain. It will tackle the above-mentioned problems. It will have the following benefits compared to the traditional systems:
Reduced errors (as no paper-based record keeping)
Prevention of fraudulent activities (as blockchain is tamper-proof)
Increase consumer/supplier trust (as the records are immutable)
No Central Authority (as blockchain is decentralized)
Real-time settlement (resolution time is minimized as the records are readily available)
Drastic reduction in operational costs (due to minimized errors and delays)
High level of transparency (as the journey of a product is traceable)
🔦 Looking for a help in?
The main bottleneck in such a system can be scalability. So, it would be great if I get help in designing blockchain architecture.
✅ Checklist
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[x] You have followed the issue title format.
[x] You have mentioned the correct labels.
[x] You have provided all the information correctly.
[x] Priority
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[ ] #2 : Medium
[ ] #3 : Low
[x] I understand that a reviewer will merge my pull request after examining it or ask for changes in case needed.
Before you start, please follow this format for your issue title:
Supply Chain Management using Blockchain
ℹ️ Project information
Please complete all applicable.
🔥 Your Pitch
Modern-day supply chains are complex in nature. Depending on the product, the supply chain can span hundreds of stages, multiple geographical locations, a multitude of invoices and payments, have several individuals and entities involved, and extend over months of time. The major issues faced by the industry are as follows:
Traceability and Transparency: It’s incredibly difficult for customers or buyers to truly know the value of products because there is a significant lack of transparency in our current system.
Data consolidation and visibility: Manual, paper-based record-keeping and reporting systems often lead to scattered, incomplete, and unauthentic manifests, bills of lading, certifications, etc.
Integrity: Vulnerabilities within a supply chain lead to unnecessary costs, inefficient delivery schedules, and a loss of intellectual property.
Blockchain has the capability to tackle these problems. The basic idea is to build an application where all the intermediaries of a supply chain system can come on a common platform and all the records, starting from raw materials to a finished product are maintained by the blockchain. It will tackle the above-mentioned problems. It will have the following benefits compared to the traditional systems:
🔦 Looking for a help in?
The main bottleneck in such a system can be scalability. So, it would be great if I get help in designing blockchain architecture.
✅ Checklist
Before you post the issue: