Blockchain adoption in supply chain networks in Asia
- UNCG Author/Contributor (non-UNCG co-authors, if there are any, appear on document)
- Nir B. Kshetri, Professor (Creator)
- Institution
- The University of North Carolina at Greensboro (UNCG )
- Web Site: http://library.uncg.edu/
Abstract: Reports on how blockchain can impact industries. IN 2009, Toyota announced a recall of four million vehicles due to faulty gas pedals.1 The recall cost an estimated US$2 billion. The company had received pedals from many suppliers. It lacked mechanisms to track the suppliers that were responsible for the faulty pedals. There was, thus, no way to know which cars had the defective pedals. Similar problems are found in the food industry. Blockchain has the potential to provide solutions to problems such as mentioned above by addressing visibility and traceability challenges. Blockchain technology enables companies to record every event or transaction within a supply chain (SC) on a distributed ledger, which is shared among all participants, making it secure, immutable, and irrevocable. It makes it possible to deal with a crisis in a targeted way after such a crisis is discovered and provides distributed trust. Blockchain can facilitate handling and dealing with crisis situations such as product recalls due to faulty parts or security vulnerabilities. Blockchain's public availability means that it is possible to trace back every product to the origin of the raw materials, and transactions can be linked to identify users of vulnerable parts and devices. Also, blockchain can reduce the costs of a supply chain.
Blockchain adoption in supply chain networks in Asia
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Created on 4/26/2019
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Additional Information
- Publication
- IEEE IT Professional, 21(2), 11-15
- Language: English
- Date: 2019
- Keywords
- blockchain, supply chain management, safety, industries, companies, management