A BLOCKCHAIN-POWERED APPROACH TO SUSTAINABLE SUPPLY CHAIN MANAGEMENT WITH PERFORMANCE-DRIVEN CONSENSUS

Abstract

The process of efficiently meeting customer needs through the seamless transfer of goods, services, and information is known as supply chain management. Because of centralized control, trustless networks, and occasionally manual processes, modern supply chain management solutions lack traceability, transparency, security, and decentralization. As blockchain technology is decentralized and immutable, it provides a solution that ensures transactions are transparent and viewable in real time. Due to traditional proof-based algorithms like Proof of Work (PoW) and Proof of Stake (PoS) or other voting-based algorithms, the Blockchain utilized for traditional supply chain management (SCM) has issues with high energy consumption, scalability, and centralization dangers. In this study, we will offer an optimal Blockchain-based model that evaluates nodes based on multiple parameters, including processing power, network latency, uptime, and reputation, using a consensus mechanism based on a weighted leader selection technique. By dynamically assigning weights to these factors, this study can overcome the limitations of single factor leader selection and guarantee validator selection that is efficient, adaptable, fair and sustainable. This study also examines the concept to demonstrate how it might support decentralization in modern supply chain management (SCM) systems while enhancing traceability, security, and transparency through more efficient use of resources.