Before the advent of Bitcoin, there was no mechanism to allow any two willing parties to make transactions between them without any involvement of a third party. Third parties were included in the process to prevent fraud. Hence, involving a third party meant extra charges for transaction which is a downside of the present online transaction system. Double-spending is an issue of digital currencies because digital tokens can be replicated easily and the transaction parties cannot verify the bona fides of the digital currency. Bitcoin has a procedure to prevent double-counting and check the authenticity of each transaction. Bitcoin cryptocurrency is based on the concept of cryptography, blockchain and peer-to-peer version of electronic cash. The Bitcoin network is growing significantly as there are no prerequisites required for making an account or investment in Bitcoin so it is basically a network open for all. Bitcoin is the first decentralized digital currency which is the reason for its popularity. This cryptocurrency opens up a whole new platform for financial transactions.
Blockchain is a trusted distributed ledger shared across the business processes. Blockchain technology focuses on automating tasks in a distributed environment. Proving as one of the effective platforms, it helps in mapping the physical commodities to the digital ledger. A digital ledger is like an electronic register for storing the transactions that are taking place among various commodities. The physical commodities include suppliers, manufacturers, exporters, consumers and distributors wherein the distributor plays a major role in determining the product standards. To this end, this paper presents a Blockchain design for securing Supply Chain Management (SCM) in Coffee Retailer Network (CRN). The proposed design made with the view that it further be implemented with smart contracts to establish a private or consortium Blockchain application for the asset tracking processes in the coffee retailer network. The proposed model can bring transparency, sustainability and efficiency in asset tracking.
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