A Framework for the Blockchain and IoT-Based Supply Chain Management System

A Framework for the Blockchain and IoT-Based Supply Chain Management System

Zahid Raza, Akhilesh Kumar Singh
Copyright: © 2022 |Pages: 30
DOI: 10.4018/IJAL.309090
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Abstract

Supply chain management (SCM) applications are being developed using blockchain technologies (BCT). This work proposes a blockchain and IoT-based supply chain system (BITS) framework to help create permanent records using smart contracts that can be shared and acted across a product supply chain in the SCM in a decentralized fashion. BITS ensures improved trust, security, transparency, and traceability among the participants aided with BCT and IoT. A demonstration of the data flow and the conceptual illustration of BITS is presented. Algorithms for node authorization and verification based on threshold values are presented. The framework has been rigorously tested for performance considering increasing malicious nodes and over various performance evaluation determining factors (i.e., computational power, memory consumption, time delay, and stability analysis based on the block arrival rate). BITS was evaluated by comparing its performance with consensus algorithm peers (i.e., PoW, PoS, and DPoS). Simulation study reveals the efficient performance of BITS under various test conditions.
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1. Introduction

Santoshi Nakamoto first conceptualized the idea of Blockchain Technology (BCT) in 1991 (Wright, 2019). BCT is gaining popularity and is expected to be widely adopted by the industries. It is existing in the real world as cryptocurrencies like Bitcoin. BCT. According to the PwC report 2020, Blockchain’s world market is bound to reach 1756.5 billion dollars by 2030, which would be 1.4% of the world economy. It is expected that 77% of financial sectors and 75% of IoT-based companies will adopt BCT sooner or later. According to the Gartner incorporation Project (GIP), Blockchain Technology is expected to grow to 176 billion dollars by 2025 and 3 trillion dollars by 2030 (Babich & Hilary, 2018; Piscini et al., 2018). This disruptive technology is projected to attract all businesses, companies, and also academics & researchers as a whole. The Internet of Things (IoT) enables commodities to be tracked in real-time and safely. It has been suggested that the firms should employ IoT components, including Geographic Information System (GIS), Global Positioning System (GPS), Radio-Frequency Identification (RFID), and Wireless Sensor Networks (WSNs) in the Supply Chain Management System (SCMS). This arrangement improves the capability of the SCMS to track the activities of shipping containers, parcels, and products in real time thus improving its overall efficiency (Tu, 2018).

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