Possible Applications of Block Chain Technology in Supply Chain Management

Matth Kopero

doi:10.37421/2161-5833.2022.12.469

Commentary - (2022) Volume 12, Issue 10

Possible Applications of Block Chain Technology in Supply Chain Management

Matth Kopero^*

^*Correspondence: Matth Kopero, Department of Political Science, Putian University, Putian 351100, China, Email:

Author information

Department of Political Science, Putian University, Putian 351100, China

Received: 13-Sep-2022, Manuscript No. jbmr-23-90044; Editor assigned: 15-Sep-2022, Pre QC No. P-90044; Reviewed: 27-Sep-2022, QC No. Q-90044; Revised: 03-Oct-2022, Manuscript No. R-90044; Published: 10-Oct-2022 , DOI: 10.37421/2161-5833.2022.12.469
Citation: Kopero, Matth. "Possible Applications of Block Chain Technology in Supply Chain Management." Arabian J Bus Manag Review 12 (2022): 469.
Copyright: © 2022 Kopero M. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

Introduction

Block chain, the system designed to facilitate bit coin transactions, is to blame this time. Block chain technology, in the opinion of its proponents, notably in the financial industry, has the power to drastically increase the productivity and profitability of the majority of firms, if not all of them-or perhaps to completely transform the way we do business. These early adopters assert that companies that disregard block chain technology do so at their peril. However, the goal of supply chain management is to improve security, guarantee contract compliance, and cut costs while enabling a certain number of well-known partners to interact with one another directly. A variety of transaction-related data is "tokenized" by supply chain block chains instead of actual currencies, producing distinctive and easily verifiable identifiers for purchase orders, inventory units, bills of lading, etc. However, how real are these powerful words? Does the supply chain industry actually use block chain technology? Can it boost your profitability and resolve your supply-chain issues? Supply-chain executives have asked us a number of very practical questions. Our objectives are to help you comprehend the fundamentals of block chain technology and to save you the time-consuming process of learning, experimenting, and evaluating its applicability to your business [1-3].

Description

In the field of supply chain management, block chain technology has recently garnered prominence as a potential solution. For instance, Maersk tracked its containers effectively over the world using an IBM block chain system. Customers can access information about the harvesting, pressing, and bottling dates and conditions, among many other specifics, for each bottle or case of wine thanks to a block chain-based solution that was developed by Ernst and Young's EZ Lab and the Catina Volpone vineyard in Puglia, Ital. Similar to this, Wal-Mart and IBM have successfully developed a block chainbased system for tracking pig products in China using a farm-to-table strategy, offering transparency and comprehensive information about every stage of the supply chain [4-6].

Conclusion

The block chain’s organisational structure is set up to guarantee the security and transparency of SCs. The following is an explanation of the underlying mechanism of a typical block chain system. A consensus-based scientific algorithm generates a hash number (256 bit) for each block in the block chain. A secure and independent chain is made by connecting the blocks with references to the hash of the previous block. Blocks must first be authenticated before being added to the block chain, which can be done through "block chain mining," a type of proof-of-work process.On the contrary, with ESG concerns now influencing so many modern corporate boards and executives, especially in the face of Republican ideological resistance, the connections between social morality and business ethics appear to have tightened .These ESG tools are viewed as the means to construct, as Foucault may put it, "the genuine life/aesthetics of existence," by bringing together the ethical and strategic considerations of investment, despite the fact that this approach to the moral difficulties is not necessarily successful or strategic.