Blockchain-Enhanced Data Storage for Agricultural Supply Chain Finance

Abstract

An innovative method for improving data security and operational effectiveness is incorporating blockchain knowledge into agricultural supply chain financing. The use of the blockchain approach for safe data storage is examined in this paper which highlights the importance of efficient data gathering and preparation. We describe an all-inclusive approach that includes locating and incorporating several data sources, including bank transactions, supply chain partners, inventory logs and Internet of Things sensor data. Advanced methods guarantee data accuracy and consistency, such as statistical normalization, sensor data fusion and machine learning algorithms for anomaly identification. Principal component analysis (PCA) and sliding windows are two examples of data processing techniques and feature extraction methods covered in this paper. Additionally, strategies for optimizing model performance are presented for classification procedures that use random forest (RF) and Extreme Gradient Boosting (XGBoost). The findings show that blockchain technology’s (BCT) decentralized, immutable ledger offers a strong foundation for data security, risk mitigation and increased transparency in the agricultural supply chain financing system. This strategy advances the effectiveness and dependability of the supply chain by enhancing data security and integrity and facilitating the successful use of consensus procedures and smart contracts.