Analysis of Assessment Factors of Consensus Algorithms in Supply Chain Management

Abstract

Blockchain technology has transformed supply chain management due to its unprecedented security, transparency, and efficiency. This technology has also enabled businesses to track their products in real-time and make informed decisions about inventory levels. Anyone who involved in the supplychain needs to ensure that they provide reliable information about the product's handling, provenance, and quality. Supply chain operations have emerged as a complex and challenging business environment, but blockchain technology and consensus algorithms offer potential solutions. This study examines the intricate nature of consensus algorithms and their applications in supply chain management. The elementary objective of this study is to provide an extensive analysis of consensus algorithms, focusing on their important assessment factors, like trust, security, cost, and others, in supply chain processes using blockchain. By employing a systematic approach, we evaluate the fundamental consensus algorithms, including proof of authority, proof of stake, and some others. This study also assesses the respective platforms on which the consensus algorithms have been executed and the integration with the IoT's suitability for different domains of supply chain management.