Designing a Blockchain Framework for Optimized Supply Chain Management

Abstract

As blockchain technology advances, numerous businesses have expressed strong interest in their capacity to promote trust among different parties without relying on centralized authorities. While the success of cryptocurrencies validates blockchain’s decentralized value storage, its use in industrial contexts, such as supply chain management, is still in its early stages. Industrial ecosystems with a varied stakeholder base continue to experiment with private blockchains. However, many business blockchain projects have failed to acquire traction owing to bad design, insufficient stakeholder incentives, or circumstances where blockchain was not required. This highlights the importance of a thorough framework that assists blockchain designers in determining whether blockchain is applicable and guiding them through the process of building an effective corporate solution. The current research on blockchain designs is limited and mainly focuses on specialized applications. This article presents a Supply Chain Blockchain Design Framework (SCBDF), which provides a methodical approach to identifying viable blockchain use cases while also outlining the architectural features required for a multi-industry enterprise blockchain ecosystem.