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Blockchain Technology In Agricultural Supply Chain In Malaysia
SUPPLY CHAIN MANAGEMENT
Supply-chain management (SCM) is defined as "the management of the complete set of manufacturing, distribution, and marketing operations that supply a desired product to a consumer". The integrated process of generating value for the end user or final customer is referred to as supply chain management. SCM is a methodology for integrating all operations in the life of a product or service, from raw material procurement through final customer satisfaction and beyond.
Supply chain management strives to create trust, exchange market knowledge, develop new goods, and reduce the supplier base to a certain OEM (original equipment manufacturer) in order to free up management resources for fostering meaningful, long-term relationships. Material/supply management includes everything from the provision of fundamental raw materials to the end product (and possible recycling and re-use). Supply chain management is concerned with how companies leverage their suppliers' procedures, technology, and capabilities to gain a competitive edge. It is a management concept that extends typical intra-enterprise operations by bringing trading partners together with the same objective of optimising and maximising efficiency.
Blockchain is a network-distributed digital shared ledger. Once the records are uploaded, they cannot be modified without affecting the prior records (with the approval of all/majority of interested parties), making it extremely secure for commercial operations. It has several uses in domains ranging from building smart contracts to tracking financial crime to securely sharing medical information amongst healthcare practitioners. Blockchain is a cutting-edge, decentralised, and distributed "state-of-the-art" technology that ensures the secrecy, integrity, and availability of all transactions and data. It is a peer-to-peer network-based shared, open, and distributed ledger that may help store/record data and transactions supported by cryptographic value (Choi, 2020a) (Chang et al., 2019a, Choi et al., 2019).
Along with altering SCs across industries, it also improves the functionality and security of present digital platforms, such as the Internet of Things (IoTs) and other Industry 4.0-related technologies (Cai et al., 2020). Every sector has different requirements for privacy and security control. Blockchain may be structured in three ways to meet various needs: public (non-permissioned), private (permissioned), and consortium (hybrid). The public blockchain is accessible to all network users and is implemented via a peer-to-peer network. Private blockchain allows for role-based data access and makes use of cloud networks to increase flexibility. Blockchain technology can also help with social media analytics (Choi et al., 2020c). Consortium blockchain combines the capabilities of public and private blockchains and strikes a compromise between the two.