What is it about?
To understand the impact of Blockchain and IoT integration, we adopted a mixed-method approach. 1. We analyzed case studies and surveyed industries like pharmaceuticals, food, and logistics. 2. We evaluated quantitative KPIs such as traceability improvements and reductions in counterfeiting. 3. We conducted interviews with supply chain and technology experts to capture real-world challenges and insights. This robust methodology allowed us to assess the practical implications of Blockchain-IoT integration while ensuring ethical use of publicly available data.
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Why is it important?
To harness the full potential of Blockchain and IoT, we recommend: 1. Starting with high-risk sectors like pharmaceuticals and food, where traceability and security are critical. 2. Collaborating with technology providers and regulators to address interoperability and compliance challenges. 3. Investing in workforce training to develop in-house expertise. Looking ahead, future research should focus on creating cost-effective solutions, exploring sustainable energy alternatives for Blockchain, and standardizing protocols to ensure seamless integration. By addressing these areas, Blockchain and IoT can become the backbone of secure and transparent supply chain management.
Perspectives
Our findings highlight three major insights: 1. Real-Time Monitoring: Blockchain and IoT integration improves traceability by 25% and reduces counterfeiting by 30%-40% in industries like pharmaceuticals. 2. Business Continuity: Decentralized, tamper-proof records help ensure resilience against disruptions. Smart contracts automate processes like payments, reducing errors and delays. 3. Challenges: Despite the benefits, industries face hurdles like high implementation costs, scalability issues, and regulatory conflicts, particularly with data privacy laws like GDPR. These results underline the transformative potential of Blockchain and IoT but also stress the need to address these challenges
Junaid Baig Mirza
Washington University of Science and Technology
Read the Original
This page is a summary of: Blockchain and IoT Integration for Secure Supply Chain Operations: Unlocking Real-Time Transparency and Business Continuity, Advanced International Journal of Multidisciplinary Research, November 2024, Futuristic Research Publication and Journals,
DOI: 10.62127/aijmr.2024.v02i06.1112.
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