Blockchain-Enabled Simulation and Optimization for Supply Chain Transparency

¹ Institute of Aeronautical Engineering, Dundigal, Hyderabad, India
² Lovely Professional University, Phagwara, India
³ New Horizon College of Engineering, Bangalore, India
⁴ Lloyd Institute of Engineering & Technology, Knowledge Park II, Greater Noida, Uttar Pradesh 201306
⁵ Department of medical physics, Hilla University College, Babylon, Iraq

Abstract

The field of supply chain management has experienced heightened complexity in the context of globalization, giving rise to many difficulties pertaining to transparency, traceability, and efficiency. Blockchain technology has emerged as a possible option to mitigate these challenges by offering a secure and unalterable ledger for documenting transactions and events across the supply chain. This study investigates the integration of blockchain technology with simulation and optimization methodologies in order to boost the level of transparency in supply chain operations. This study aims to explore the possibilities of simulation and optimization models provided by blockchain technology in enhancing transparency inside the supply chain. It focuses on the tracking and verification of the flow of items, information, and cash. The aforementioned statement underscores the advantages of blockchain technology, specifically in terms of facilitating real-time data sharing, maintaining tamper-proof records, and employing decentralized consensus methods. The research paper provides an exposition of case studies and practical implementations of blockchain-enabled simulation and optimization across diverse sectors. These examples serve to demonstrate the potential of this methodology in detecting inefficiencies, mitigating risks, and improving overall supply chain efficacy. The aforementioned instances demonstrate how enterprises can acquire a competitive advantage through the utilization of blockchain technology to augment transparency and optimize their supply chain operations.