A Secured Supply Chain Management System Using Blockchain Technology

Abstract

Security in supply chain management has become a critical concern due to the increasing complexity and interconnectivity of global supply chains. Therefore, the need for robust security measures to protect against various risks becomes paramount. The traditional supply chain management system does not ensure several parameters, such as regulatory compliance, immutability, latency, scalability, traceability, and authenticity. The main contributions of our proposed system are to integrate a supply chain management system using blockchain to ensure the above parameters, mitigate the challenges associated with blockchain-based methods, and reduce deployment and operational costs associated with the proposed blockchain-based system. The proposed model includes smart contract mechanisms to enhance security, efficiency, and transparency by recording every transaction and action on the blockchain. Its immutable behaviour minimises the risk of fraud, is tamper-resistant, and ensures security. We used a consensus mechanism to ensure integrity and security by validating the transaction within a blockchain-based supply chain management system. Proof of Work (PoW) is a consensus algorithm used in our model to prevent single points of failure and reduce the risk of manipulation or fraud. This paper describes the hash generation process, the digital signature generation process, the digital signature verification process, and the Merkle tree construction process. The security analysis ensures that our proposed model can detect all possible security threats and ensure the security of the supply chain management system.