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Blockchain in a Volatile-Uncertain-Complex-Ambiguous World examines the role blockchain brings in supply chain management. The book explores the theoretical foundations and empirical frameworks for using Blockchain for the logistical transportation of goods and examines how blockchain applications, barriers and opportunities of numerous technologies, describing how each converge into feasible integration. Covering policymaking and regulatory issues from a research perspective, this book is a key reference for supply chain management scholars, students and practitioners.
Blockchain research and applications have emerged dramatically over the past few years. Blockchain technology is a pioneer to efficiently solve the problems of security and privacy issues in the banking industry at low cost while it has the same potential in the supply chain industry. Blockchain has the inherent capacity to bring a phenomenal change in the governance models and establish controls based on a high degree of transparency and decentralization. Though the scope of blockchain is broad, it faces several challenges such as absence of regulatory standards, illegal usage of cryptocurrency, scalability, and internet accessibility. It is important to work on the technology with these aspects under consideration.
The data authenticity of blockchain systems is maintained using digital signature. It is a mathematical scheme based on public key cryptography. During each transaction in the blockchain network, there is an encryption and decryption process. The digital signature algorithm used in blockchain is Elliptic curve digital signature algorithm (ECDSA). Every user owns a public and a private key. The sender encrypts or signs the data using the private key. The encrypted data is sent to everyone in the network. This data is accessed using public keys. There are two stages in assigning digital signatures, namely signing stage, and verifying stage.
Blockchains are classified under three distinctive categories based on the access permissions. They are Public blockchain, consortium blockchain and
Private blockchain:
Public blockchain: These types of blockchains have no restrictions on validations and participation. The authority and control over the blockchain is equally distributed among all the participants.
Private blockchain: These are restricted blockchains, which require permission to perform transactions. This results in improved governance and control than the public blockchain. They are used within closed networks.
Consortium blockchain: These blockchains are also known as hybrid blockchains. It has the combined characteristics of private and public blockchain. These are usually governed by groups rather than single entity.
Uses the Volatile-Uncertain-Complex-Ambiguous (VUCA) framework for analyzing blockchain supply chain management
Includes numerous case studies from a variety of industries
Consolidates research of Machine Learning, IoT, and signal processing technologies for supply chain management