Improving the efficiency and reliability of the supply chain using blockchain technology

Abstract

In response to the increasing complexity and demands within the logistics sector, the world is looking for new solutions, and one of them is the application of smart contracts as a transformative technology. The back-ground of this research highlighted the challenges faced by traditional logistics systems, including issues relat-ed to transparency, security, and efficiency. The primary objectives were the following: - to explore the potential areas, trends, and applications of blockchain technology in the logistics industry; - developed and integrate smart contracts into logistics operations and assess their impact on the clothing; company performance; - define risks associated with implementation. Employing a methodical implementation approach, the study scrutinized the intricacies of smart contract de-velopment, deployment, and integration with existing logistics frameworks. It included organizing of coding process for smart contract creation and connecting it to the existing company operating environment. Conclusions of the study revealed substantial improvements in process automation, real-time tracking, and data integrity. The seamless execution of contractual obligations through self-executing code excluded the need for use the documentation. Additionally, the implementation of smart contracts demonstrated en-hanced transparency and among the whole supply operation. The research encompassed a comprehensive examination of blockchain through a literature review to eluci-date the significance and pertinence of the subject (Section 3). Furthermore, instances of companies imple-menting blockchain technologies were expounded upon for practical illustration (Section 3.2). Subsequent attention was dedicated to elucidating the terminology essential for a thorough grasp of the internal mechan-ics of the blockchain system, constituting an entire section (Section 4). Refining the focus on the application scope of blockchain, the study explored a pragmatic remedy— the adop-tion of smart contract technology (Section 5). This exploration was then subject to detailed scrutiny through an in-depth analysis of a specific company's case, which served as the focal point of the research (Section 6). The conclusive segment of the work encapsulates a final analysis derived from the research conducted on blockchain utilization, specifically delving into smart contracts (Section 7). The conclusions drawn in response to the initially posited questions in the thesis are furnished in the concluding Section 8.