ABSTRACT
To solve compliance issues for its procurement/direct-buy processes, Blockchain Technology is helpful in its existing environment. Blockchain can be characterized as a distributed ledger technology that can keep track of transactions among various parties involved in the transaction. By sharing data among multiple parties involved in a business, Blockchain works as a trust-able technology providing tempered proof transaction tracking of order, payment and other functions associated with the logistics. Blockchain is helping logistics to be more proficient and straightforward. Blockchain's distributed ledger characteristics makes it the ideal technology to manage the logistics having functions of payment tracking, order management, shipment and many more critical information..
Blockchain is useful only where multiple entities are collaborating and sharing information. Blockchain is very good and suitable approach for logistics. The technology is supportive in involving multiple entities to synchronize information among all the entities involved in logistics. In logistics, information is shared among provided by manufacturer, wholesaler and customer and helps in standardizing the procedure to identify suspect, illegitimate and improving the products and the system is completely traceable.
