Revista de Economía y Negocios

Block Chain: Revolutionizing Supply Chain

Abstract

Nishant

Block-chain is a decentralized ledger account which performs transactions between the signed entities and the entities are signed using smart contract which uses the digital signatures of the involved parties to bind them to the contract.
In today’s time it has gained a lot of popularity and has become a hot topic in all the industries which uses ICT. Same is the case with supply chain industry which has found a sea of opportunities to optimize the process after the introduction of Block-chain. Initially the technology was introduced to regulate the transaction of digital currencies but eventually the experts in the supply chain industry have started to explore the benefits which they can derive from the use of Block-chain.
Till date, researchers have found some of the uses of Block-chain which can help to optimize the whole process like tracking, cost-reduction, auditing, trust establishment, less lead times and resolving disputes.
In today’s supply chain environment where the entities involved in the process are geographically distributed, it has become beneficial for the entities to use the technology.