A Novel Blockchain based Security paradigm for sustainable supply chain Majestics and Logistics

Abstract

This Introduced in 1991, Blockchain gained prominence in 2008 with bitcoin, marking a revolution in decentralized digital transactions. It works as a decentralized ledger, enabling secure, transparent, and immutable data storage across various applications, overtime the usage of blockchain has expanded to supply chain management, finance, healthcare and more. Blockchain faces challenges in Supply Chain Management applications, like high cost due to decentralization, lack of transparency and inefficient inventory, with this the unidirectional nature of transactions complicates returns, and security risks such as cyber-attacks. This paper proposes utilizing blockchain technology to address supply chain management challenges by decentralizing infrastructure, enhancing effulgence, and enabling traceability. It further suggests tamper- resistant tracking systems and a decentralized trust layer to improve data security, enable reduction of cost.