Block-chain Implementation of Letter of Credit based Trading system in Supply Chain Domain

Abstract

On a global scale, Supply-Chain Management(SCM) is a network of amenities that runs through different processes involving procurement of raw materials, storage and movement of these materials and converting them into products to the distribution of final products to consumers. All these seems simple in theory, practically efficient management of such a system is challenging. In order to resolve and overcome these inefficiencies and save Organization's money, various technologies are being used. Amongst these, blockchain is reconnoitering new ways to change the overall game. This work proposes a BlockChain based revolutionary Supply-chain system addressing the deficiencies that the traditional system could not address in its entirety. The proposed Blockchain system achieves transparent record keeping and provenance tracking with reduced cost using a distributed, immutable and highly reliable ledger concept that records the history of products right from its origination to its buyer without the need of a third trusted party. This work is implemented using Hyperledger fabric and proves the efficiency of the proposed system.