Traceability in Fast-Moving Consumer Goods Industries by Application of Blockchain Technology and Smart Contracts

Abstract

Blockchain and generally decentralized technologies will be used quickly in all industrial fields. Fast-Moving Consumer Goods (FMCG) is one of the areas that has attracted a lot of attention from different perspectives, both in terms of marketing and in terms of contributing to environmental sustainability through the reduction of CO2 production. This study attempts to propose a suitable and near-to-optimal supply chain network for FMCG by using the critical advantages of blockchain technology, especially traceability. With the help of blockchain technology, information can be transferred to this network with greater transparency, traceability, and security. Moreover, the smart contract will provide the possibility of autonomous contract execution among the stakeholders in the supply chain. The smart contract eliminates payment delays, error risks, and the complexity of a traditional contract while maintaining the authenticity and credibility of supply chain interactions.