Role of Blockchain in Manufacturing and Logistics Supply Chain Management

Abstract

Blockchain is a distributed, decentralized ledger that is digitally managed & records transactions in an immutable format. Blockchain helps build transparency, trust, and detectability, making it an ideal fit for applications where monetary exchanges are the primary activity. Initially, the technology was developed to support transactions, but today the innovation has acquired consideration even in other areas such as retail, manufacturing, healthcare, and government services. The manufacturing industry for centuries has seen work based on their bonding and trust with their stakeholders. As regular manufacturing plants are venturing into gigafactories, the support of several middlemen will complicate the process. Subsequently, this research paper aims to outline blockchain innovation in managing the supply chain and logistics-related difficulties by figuring out and analyzing it. The audit shows how blockchain can change the logistics and supply chain network into safer, lithe, trusted, and straightforward capabilities.