Supply Chain Platform System

Supply Chain Platform System

Supply Chain Management System manages the flow of goods, services and related information from the point of origin to the point of consumption

Blockchain Database A decentralized and distributed database maintained by a blockchain network Blockchain Network A network of multiple nodes that together maintain a shared, immutable record of transactions Node Participants in a blockchain network who own a copy of the blockchain database Token A digital asset in a blockchain network that represents a certain value or utility Smart Contract A piece of code stored on the blockchain that is automatically executed when preset conditions are met Ethereum An open source, public, blockchain-based distributed computing platform and operating system ERC-20 Smart Contract Technical Standard for Homogenous Tokens on the Ethereum Blockchain ERC-721 Smart Contract Technical Standard for Non-Hungarian Tokens on the Ethereum Blockchain Decentralized Application (DApp) An application built on a blockchain network that is not controlled by any centralized authority Token Generation Event (TGE) An activity that raises funds for a project by issuing tokens Know Your Customer/Anti-Money Laundering (KYC/AML)A procedure for verifying the identity of a customer in order to prevent financial crimeMatrix codeAn optical data representation that can be read by a machine, such as a QR codeGeographic waypoint dataData that describes the location of an object, such as geographic coordinates or an addressApplication programming interface (API)An interface that allows different software applications to interact with each otherSoftware development kit (SDK)A set of tools and libraries used to build software applicationsHashingAn algorithm that converts data of arbitrary length into a fixed-length stringEncryptionConverts information into an unintelligible form that can only be decrypted by authorized partiesEscrowA third party that holds funds or assets until preset conditions are metOracle nodeAn entity that provides external data to smart contractsMainnetA blockchain network’s main operating networkConsortium chainA semi-private blockchain network where only authorized nodes can participateDockerA containerized platform for building, sharing, and running software applications

Short answer questions

Briefly describe what a supply chain management system is and explain its importance in modern business.

How can blockchain technology be applied to supply chain management systems? List at least three advantages.

Explain the difference between ERC-20 and ERC-721 tokens and explain their potential uses in supply chain platforms.

What are smart contracts? Give examples of how smart contracts can be used in supply chain management.

Explain what a token generation event (TGE) is and describe its role in launching a blockchain-based supply chain platform.

Briefly describe the importance of Know Your Customer/Anti-Money Laundering (KYC/AML) procedures in a supply chain platform.

Explain how matrix codes and geographic waypoint data can be used to track goods in a supply chain.

Briefly describe the role of APIs and SDKs in a supply chain platform and give examples of how they can be integrated with other systems.

Explain what an oracle node is and describe its functionality in connecting blockchain and real-world data.

Compare and contrast public blockchains and consortium blockchains and discuss their pros and cons in supply chain management.

Answer

A supply chain management system is the process of managing goods, services, and related information from the point of origin to the point of consumption. It is essential in modern business because it increases efficiency, reduces costs, enhances transparency, and improves customer satisfaction.

Blockchain technology can be applied to supply chain management systems in a number of ways, including:

Enhanced transparency: All transactions on a blockchain are permanent and viewable by all participants, which increases visibility and traceability of the supply chain.

Reduce fraud: The immutability of blockchain makes it difficult to forge transactions, which reduces the risk of fraud and counterfeit products.

Improve efficiency: Smart contracts can automate processes in the supply chain, such as payments and goods handovers, reducing manual operations and delays.

ERC-20 tokens are fungible, meaning each token is the same as other tokens, such as the platform's universal currency. ERC-721 tokens are non-fungible, meaning each token is unique and can represent a specific commodity in the supply chain.

A smart contract is a piece of code stored on the blockchain that automatically executes when preset conditions are met. For example, a smart contract can be used to automatically pay a supplier when goods arrive at their destination.

A token generation event (TGE) is an event that raises funds for a project by issuing tokens. When launching a blockchain-based supply chain platform, a TGE can be used to raise development funds and build an initial community of token holders.

Know Your Customer/Anti-Money Laundering (KYC/AML) procedures are critical in supply chain platforms because they help prevent the platform from being used for money laundering, terrorist financing, and other illegal activities.

Matrix codes, such as QR codes, can be printed on goods and read using a scanner or smartphone to provide information about the goods' origin, destination, and other relevant information. Geographic waypoint data can be used to track the movement of goods through the supply chain.

APIs allow supply chain platforms to exchange data with other systems, such as enterprise resource planning (ERP) systems or warehouse management systems. SDKs provide tools and libraries that enable developers to build applications that integrate with supply chain platforms.

Oracle nodes are entities that provide external data to smart contracts. For example, an oracle node can provide smart contracts with information about the location of goods, weather conditions, or market prices.

Public blockchains are open and anyone can participate, while consortium chains are semi-private and only authorized nodes can participate. Public blockchains offer greater transparency and security, but slower transaction speeds. Consortium chains offer faster transaction speeds and higher throughput, but less transparency and security.