"A STUDY ON UTILIZING BLOCKCHAIN FOR STREAMLINING LETTER OF CREDIT-BASED TRADING IN THE SUPPLY CHAIN SECTOR"

Abstract

Supply-Chain Management constitutes a network of facilities responsible for various operations, encompassing the acquisition of raw materials, storage, transportation, resource transformation into finished products, and the distribution of these goods to consumers. Despite being conceptually straightforward, effectively managing such a system in practice can present challenges. To tackle inefficiencies and cost-saving opportunities, different technologies are being explored. One promising contender in this regard is blockchain, which offers innovative solutions to transform the landscape. This study proposes an inventive supply-chain system leveraging blockchain technology to address the limitations of conventional approaches. By employing a distributed, immutable, and highly reliable ledger concept, the suggested Blockchain system facilitates transparent record-keeping and provenance tracking at a reduced cost, all without the need for a third-party intermediary. The effectiveness of this approach is demonstrated using Hyperledger Fabric in the presented paper.