Smart Contracts on Blockchain for Transparent Supply Chain Transactions

Abstract

Smart supply chain on supply chain based on the blockchain is a revolutionary solution for managing supply chain activities as it eliminates centralization concerns and serves as the basis for transparency, effectiveness, and protection against threats. The modern research aims at investigating the notion of smart contracts based on the blockchain concept for the automation and the safeguard of supply chain transactions. The following steps are proposed in order to implement the methodology: setting and understanding the requirements, choosing the right blockchain platform, smart contract development and testing, integration of the solution with existing SCM systems, and constant monitoring of the application’s performance after its implementation. Results demonstrate significant improvements: transaction processing time was reduced by 95% Untidy and cluttered desks can decrease workers’ efficiency by up to 17%. The DSC achieved high accuracy by decreasing error rates by 87. it can reduce direct costs by 30%, clinical costs by 25%, indirect costs by 5%, and administrative costs by 60%. Furthermore, its application completely eradicate the cases of data infringement and minimize the number of fraud transactions by 90% enhance stakenholder confidence by 41%. 67%. They also improved overall operational efficiencies including; reduced the order fulfillment time by 57 %. 14%, other observations were made in inventory management accuracy which has also increased by 15. , goal conformance audit duration decreased by 95% new goals while average by 29% compliance verification time was reduced to. 83%. This paper captures the considerable positive impacts that smart contracts have in contributing towards the improvement of blockchain through enhancing transparency, efficiency, and security of supply chains which paves way for increased application in numerous segments.