Blockchain Technology to Secure Data of Supply ChainNovember 13, 2018
Blockchain has a lot to improve in the supply chain management systems. The supply needs are directly or indirectly made possible by a linear economy model. However, there are disadvantages to the liner economy model in the supply chain.
The consumer has no information about the origin of the products. The supply chain has a significant role to play when it comes to transporting the products between the parties. The major problem faced by this sector is that it can lead to defaults and delays concerning the delivery of goods.
Some distributors are looking to get a large volume of workers to help meet the demand level in their stores. The lack of workforce can lead to delays in processing the orders and eventually it might lead to loss of orders due to repetitive failure to deliver on time.
To avoid this issue, companies have automated their processes, thereby leading to an increase in the numbers of distributors and businesses involved in their supply chain. However, managing the operations in the supply chain is possible with digitalized data, and eventually, there needs to be an expansion of the supply chain participants over the internet. The internet brings with it risks of attack and the information stored in the database is vulnerable. Hackers will try to steal or delete the data, or they can even modify it.
Including blockchain technology in the management process can help with securing the data of the companies involved in the supply chain. With the decentralized network, it will be easy to solve problems that arise in multi-agent systems. Efficient solutions can be achieved for wide varieties of issues.
Blockchain technology can be used to establish a circular economy in supply chain systems. The MAS (Multi-agent system) is used to coordinate the happenings in the network, which includes operations and transactions that are carried out by the members in the supply chain.
The distributed data structure in the blockchain is replicated in this process, and the data is shared among the members of the network. A fork is formed when miners do not agree. In this MAS system, several intelligent agents communicate with each other, and they are used to solve complex problems to deliver excellent results. Of note, MAS has been successfully used in increasing energy efficiency in smart homes, monitoring sound in a variety of situations, and in logistics.
It is not the first time that MAS is being used in logistics. By integrating blockchain and multi-agent systems, it is possible to improve the operation of work in the supply chain.
XinFin hybrid blockchain technology provides with options for customizing dApps to manage your supply chain management requirements.