Block-chain Implementation of Letter of Credit based Trading system in Supply Chain Domain

Information Science and Engineering

Supply-Chain Management (SCM) is a global network of facilities that manages various operations from the acquisition of raw materials to their storage and transportation, transformation into products, and delivery of finished goods to customers. Although all of these are straightforward in theory, effectively managing such a system in practice is difficult. Many technologies are being employed to address and overcome these inefficiencies and save the organization money. Among these, blockchain is rethinking how to alter the game as a whole. In order to solve the shortcomings that the conventional system was unable to fully address, this work suggests a new supply-chain system based on blockchain technology. Using a distributed, immutable, and extremely dependable ledger concept that documents a product's history from its origin to its consumer without the assistance of a third party, the suggested Blockchain system provides transparent record keeping and provenance tracking at a lower cost. This study demonstrates the effectiveness of the suggested approach and is implemented using Hyperledger fabric.

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