Enhancing Vendor Managed Inventory Supply Chain Operations Using Blockchain Smart Contracts

Omar, Ilhaam; Jayaraman, Raja; Debe, Mazin; Omar, Mohammed

doi:10.1109/access.2020.3028031

Cited by 65 publications

(56 citation statements)

References 26 publications

(33 reference statements)

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“…Gas is the unit of calculation for all calculations in Ethereum. In [3] and [29], the authours used Ethereum smart contracts to solve the researched problems, and conducted detailed testing and analysis. The results showed that the use of Ethereum smart contracts can cost-savings and increase stakeholder profits.…”

Section: B Cost Analysis and Problem Discussionmentioning

confidence: 99%

“…The huge advantage of smart contracts is not only widely used in food safety traceability. Omar et al [29] presented a method based on blockchain, using Ethereum smart contracts and decentralized storage system to automate processes and information exchange, and capture the detailed algorithm of interaction between supply chain stakeholders, provides them with a compact, safe, reliable and transparent communication mode, has solved the Vendor Managed Inventory operation of data integrity, transparency, traceability and single point of failure. Zhang et al [30] proposed a novel secure billing protocol for online ride-hailing vehicles, which solved the difficult problem of fare estimation and automatic payment through smart contracts.…”

Section: Related Workmentioning

confidence: 99%

See 1 more Smart Citation

Smart Contract-Based Agricultural Food Supply Chain Traceability

et al. 2021

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The complexity of a supply chain makes product safety or quality issues extremely difficult to track, especially for the basic agricultural food supply chains of people's daily diets. The existing agricultural food supply chains present several major problems, such as numerous participants, inconvenient communication caused by long supply chain cycles, data distrust between participants and the centralized system. The emergence of blockchain technology effectively solves the pain-point problem existing in the traceability system of agricultural food supply chains. This paper proposes a framework based on the consortium and smart contracts to track and trace the workflow of agricultural food supply chains, implement traceability and shareability of supply chains, and break down the information islands between enterprises as much as possible to eliminate the need for the central institutions and agencies and improve the integrity of the transaction records, reliability and security. At the same time, farmers record details of the environment and crop growth data in the InterPlanetary File System (IPFS) and store file IPFS hashes in smart contracts, which not only increases data security but also alleviates the blockchain storage explosion problem. This framework has been applied in Shanwei Lvfengyuan Modern Agricultural Development Co., Ltd. Although there are still many defects, the framework has successfully realized functions such as disintermediation and tracing of agricultural product information through QR codes. Thus, the framework proposed in this paper is of great significance and reference value for enterprises to ensure product quality and safety traceability.INDEX TERMS Blockchain, smart contract, agricultural food supply chain, traceability, food safety.

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Section: B Cost Analysis and Problem Discussionmentioning

confidence: 99%

Section: Related Workmentioning

confidence: 99%

Smart Contract-Based Agricultural Food Supply Chain Traceability

et al. 2021

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“…For instance, the Vendor-Managed Inventory (VMI) scheme is one of the most widely used systems for optimizing supply chain performance [11]. It requires supply chain members to collaborate and share inventory information in which the supplier makes the necessary replenishment decisions depending on the current inventory of the retailer and the specific terms and conditions decided upon by both parties.…”

Section: A Benefits Of Inventory Sharingmentioning

confidence: 99%

Supply Chain Inventory Sharing Using Ethereum Blockchain and Smart Contracts

et al. 2022

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Information sharing is essential for coordination and stakeholder integration and is crucial to achieving sustainable supply chain operations. Furthermore, improved information sharing assists retailers by reducing the time spent looking for alternative suppliers to meet the unexpected demand surge during pandemics. Recent advances in networking and distributed ledger technologies have enabled secure, improved information communication and broader connectivity. However, due to system interoperability, information quality, confidentiality, and trust, information cannot be exchanged seamlessly, resulting in the inefficiency of managing supply chain operations. In this paper, we propose a blockchain-based inventory sharing approach based on smart contracts using a private Ethereum network to link suppliers and retailers. Our approach combines blockchain technology with decentralized storage to increase transparency, trust, and security of supply chain transactions. We present a generalized mechanism for secure information sharing that includes comprehensive algorithms to capture supply chain stakeholder interactions that enhance trust among participating entities. The smart contract was developed and validated using the Remix IDE, and the code is made publicly available on Github. We analyze the solution for various security vulnerabilities and provide a detailed cost analysis for various stakeholder transactions in the supply chain. Our solution demonstrates that a blockchain-based approach reduces inefficiencies, is economical, commercially viable, and provides improved information connectivity among supply chain stakeholders in a trusted and secure way.

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“…In 2020, Omar et al 24 have proposed a blockchain‐oriented technique with the help of smart contracts for transforming the VMI supply chain operations. A generic framework was developed by means of the decentralized storage systems and Ethereum smart contracts for speeding up the detailed algorithms and information exchange and processes that grabbed the interactions within the supply chain stakeholders.…”

Section: Literature Surveymentioning

confidence: 99%

“…Some of the most important features as well as challenges are shown in Table 1. Blockchain smart contracts 24 offer strong value chain partnership with enhanced trust between the stakeholders and it also promotes strong transparency; improve communication among distinct trading partners, enhanced supply chain performance, and enhanced productivity. But, the smart contract functions are not extended for labeling the multiple requirements of the supply chain industry.…”

Section: Literature Surveymentioning

confidence: 99%

A new methodology for secured inventory management by average fitness‐based colliding bodies optimization integrated with block chain under cloud

Govindasamy

Antonidoss

2021

Concurrency and Computation

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This article tries to develop the intelligent secured inventory management strategy by blockchain technology under cloud sector. Multiple suppliers, a manufacturer and multiple distributors are considered in the proposed model. The proposed inventory management is derived as a multi‐objective model, which is solved by the average fitness‐based colliding bodies optimization. A set of cost parameters like “transaction cost, inventory holding cost, shortage cost, transportation cost, time cost, setup cost, backordering cost, quality improvement cost, procurement cost, and stock‐out cost” is used for deriving the multi‐objective function. The optimal solution with the reduced cost function is stored in the block chain under cloud sector by each distributor, where a hash function is used by the distributor to secure the data that could not be visible to any other distributors. The proposed methodology aims to provide an important tool for the management of proposed echelon tree structured supply chains with block chain security under cloud sector that overcomes some of the deficiencies of competing methodologies.

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Enhancing Vendor Managed Inventory Supply Chain Operations Using Blockchain Smart Contracts

Cited by 65 publications

References 26 publications

Smart Contract-Based Agricultural Food Supply Chain Traceability

Smart Contract-Based Agricultural Food Supply Chain Traceability

Supply Chain Inventory Sharing Using Ethereum Blockchain and Smart Contracts

A new methodology for secured inventory management by average fitness‐based colliding bodies optimization integrated with block chain under cloud

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