IMPROVE EFFICIENCY AND RELIABILITY OF SUPPLY CHAINS USING SMART CONTRACTS

  • Giorgi Doborjginidze Professor of Technical University, Georgia, Tbilisi
  • Lily Petriashvili Professor of Technical University. Georgia, Tbilisi https://orcid.org/0000-0003-3593-4877
  • Mariam Inaishvili PHD Student of Technical University. Georgia, Tbilisi
Keywords: Blockchain, Smart contracts, SCM, Cryptocurrency

Abstract

Digital transformation of the world economy and the rapid growth of information flows have led to the implementation of innovative technologies in the processes of business management. Data analysis, risk assessment technologies and decision support systems enable companies to adapt to modern challenges.
In the process of globalization, a consumer has the priority due to which quality of service and timely delivery of the required products determine the competition among the companies. All participants of the supply process, including logistics service providers, have traditionally focused on optimizing process management and minimizing supply chain costs [1]. The determining factor of supply efficiency from the perspective of procurement and logistics is the uninterrupted supply of raw materials and semi-finished goods that depends on the selection of a reliable supplier, as well as the continuous improvement of the quality of materials and the reliability of the customer-supplier relationship. The purpose of this article is to analyze use of blockchain technology to improve reliability of supply chains, whereas the rationale behind the management of business processes and the contractual obligation between the parties are verified cryptographically, using a smart contract.

References

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Published
2020-12-08
Citations
How to Cite
Giorgi Doborjginidze, Lily Petriashvili, & Mariam Inaishvili. (2020). IMPROVE EFFICIENCY AND RELIABILITY OF SUPPLY CHAINS USING SMART CONTRACTS. International Academy Journal Web of Scholar, (8(50), 1-6. https://doi.org/10.31435/rsglobal_wos/30122020/7261
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