Blockchain-Enabled Smart Contracts for Transparent and Sustainable Supply Chains
Komuravelly Sudheer Kumar, Shanvi, Koteswara Rao Anne, M. Sajid Khan, Manik Rakhra, Mayur Bhoyar
Abstract
Transparency and sustainability of supply chain have been a big issues of concern in the current society. Most of the supply chain systems used in the traditional models expose the links to risks such as frauds, unethical procurement, and regulatory violations. With the help of blockchain and smart contract mechanism, customers can re-engineer the supply chain solutions as decentralized, transparent and tamper-proof. This paper aims at discussing the possibility of applying smart contracts on the blockchain technology in increasing traceability, eliminating fraud, and encouraging sustainable sourcing. The randomly selected business cases reveal that blockchain enabling supply chain communications increases traceability, reduces overhead fees and delineates better environmental and ethics responsibilities.