When Blockchain is used in the supply chain part, then the information pertaining to a certain products gets uploaded the time it is procured from the producer's place, installing a sensor on the product and syncing the sensor with the ledger will ensure that you can do the real-time tracking of information thus ensuring that the product is . 114-128. https://doi.org/10.1108/MABR-07-2020-0043. Cryptography, which blockchain features, helps keep all the data secure. Fiskin and Cerit (2020), apply bibliometric and network analysis toward identifying areas of current research interests in the entire body of shipping literature, revealing interesting publication clusters, their relationships and changes over five years. Shin et al. 2124-2141. The topic modeling process, as a theory building tool, involves the rendering of corpora (preparing the sets of texts to be analyzed), the rendering of topics (making choices in view of how topics are identified within the text corpora) and the generation of theoretical artifacts (producing new theoretical constructs, identifying causal mechanisms and further insights out of the revealed topics). Blei, D.M., Ng, A.Y. This review aims to summarize how blockchain technology has been used to address SC challenges in healthcare, specifically for drugs, medical devices (DMDs), and blood . 2, pp. 19 No. He believes that blockchain could help overcome these challenges. To the best of our knowledge, our research is the very first attempt to apply ML to blockchain-related research in the supply chain sector, thereby providing new insights and complementing existing literature. 1-15. Ripe.io, an agri-tech organization, used traceability data from tomato production to relate the flavor of ripened tomatoes to growing conditions. The U.S. Drug Supply Chain Security Act of 2013 requires pharmaceutical companies to identify and trace prescription drugs to protect consumers from counterfeit, stolen, or harmful products. So that members of a supply chain can ascertain the source and quality of their inventory, each unit of it must be firmly coupled with the identity of its particular owner at every step along the way. This study provides an analysis of blockchain technology in the context of international trade. Doing so will improve profitability and reduce food waste. Efficiency of the PCA model is measured by cumulative contribution rate (CCR). And state-of-the-art ERP systems, manual audits, and inspections can’t reliably connect the three flows, which makes it hard to eliminate execution errors, improve decision-making, and resolve supply chain conflicts. that are associated with the corpus particularly. Meanwhile, IBM is working on a similar effort to create a safer food supply chain. A record of all those activities can help reduce expirations. Third, “IoT,” “security,” “device,” “performance,” “customer,” “sustainability” and “food” are of higher weight (importance) regardless of lower frequency of appearance than other key words (Figure 4). Interested parties may refer to Rong (2014), which explains word2vec parameters in detail. In addition, it could also be of value to train with a different set of ML models. Mikolov, T., Chen, K., Corrado, G. and Dean, J. Instead of coins, supply chain blockchains "tokenize" a variety of transaction-related data, creating unique and readily verifiable identifiers for purchase orders, inventory units, bills of. How quick these technologies are adopted and implemented is becoming a key to protect the environment and relax pressure on food shortage. Here’s a simple illustration of the problem and how blockchain could address it. And disputes can be resolved easily by participants’ validating previous blocks. The most commonly used words in research data are reported in Figure 2. (2020), “Evaluating the feasibility of blockchain in logistics operations: a decision framework”, Expert Systems with Applications, Vol. 2) Consider the examples of organizations, that have implemented this technology. Those systems often do not easily communicate with one another and may even differ in how they define data fields. Additionally, participants in the blockchain are given unique identifiers, or digital signatures, which they use to sign the blocks they add to the blockchain. When inventory, information, and financial flows are shared among firms through a blockchain, significant gains in supply chain financing, contracting, and doing business internationally are possible. The economic advantage of using blockchain to unlock the potential of the Internet of Things (IoT) is still evolving. Large organizations may have more than 100 legacy ERP systems—a result of organizational changes, mergers, and acquisitions over time. One common approach to improving supply chain execution is to verify transactions through audits. By reducing the dimensions of word vectors by using PCA, most common words are classified (Figure 3). 417-441. 5, pp. The companies we studied have found that using blockchain in supply chain management will require the creation of new rules, because the needs of supply chains differ from those of cryptocurrency networks in important ways. Text classification is the task of assigning a set of predefined categories to free-text. (2019), “Potential of blockchain technology in supply chain management: a literature review”, International Journal of Physical Distribution and Logistics Management, Vol. 10, pp. system-related, intra and inter-organizational and external barriers) and proposed certain directions for overcoming those salient obstacles (i.e. Consider the pharmaceutical industry, where 4 billion salable units enter the drug supply chain every year in the United States. But imagine the level of integration that would entail: All involved companies would have to trust the others with their data and accept centralized decisions, regardless of whether they are partners or competitors. Literature review 3. A blockchain based system which records the temperature,location and other paramaters of a shipment/consignment during shipment. $69.99 Business Operations Supply Chain Preview this course Blockchain in Supply Chain Management Learn how blockchain technology is being used to enable and deliver more secure, transparent and efficient supply chains 4.6 (2,310 ratings) 6,908 students Created by George Levy Last updated 5/2023 English English [Auto] $15.99 $69.99 77% off In addition, it improved the quality of the fruit reaching mills, which resulted in a higher (in terms of amount) oil-extraction rate, reducing the risk of deforestation and generating higher returns for farmers. Bai and Sarkis (2020) assess the growing literature studying the application of blockchain technologies in SCM; their research findings also identify a broad range of application types and operational objectives pursued (i.e. SAS (2020), available at: www.sas.com/en_us/insights/analytics/what-is-natural-language-processing-nlp.html (accessed 27 June 2020). Banks design their processes to control such risks, which increases transaction costs, slows down access to capital, and reduces the capital available to small firms. Duru, O. and Zin, M.I.M. Supply chains must meet multiple objectives: a high level of customer fulfillment, profitability targets, and resilience to disruptions. One area where tokenization is sufficient to provide trust and security is the trading of assets like digital books and music. So does Hayward, a multinational manufacturer of swimming pool equipment. It can make better lending decisions because by viewing the blockchain, it can verify the transactions between the supplier and the retailer without having to conduct physical audits and financial reviews, which are tedious and error-prone processes. The blockchain protocol for the Bitcoin network is a marvelous system that simultaneously achieves several goals. The IoT ecosystem is evolving quickly, developing several applications in different sectors. It is a mathematical algorithm that derives the matrix of correlation coefficients from the original data set. As such, a future research agenda may be set to explore secure technical solutions to integrate IoT in supply chains in the context of increasing malicious IoT treats. 35 No. Led by companies such as Walmart and Procter & Gamble, considerable advancement in supply chain information sharing has taken place since the 1990s, thanks to the use of enterprise resource planning (ERP) systems. Saberi et al. Execution errors—such as mistakes in inventory data, missing shipments, and duplicate payments—are often impossible to detect in real time. 24 No. Setting the selection criteria as CCR ratio greater than 98%, 4 dominant topics are obtained. Another way to strengthen supply chain operations would be to mark inventory with either RFID tags or electronic product codes that adhere to GS1 standards (globally accepted rules for handling supply chain data) and to then integrate a company’s ERP systems with those of its suppliers to construct a complete record of transactions. Intermediation, the manner alternate blockchain features and designs enact different intermediation possibilities i.e. Ar, I.M., Erol, I., Peker, I., Ozdemir, A.I., Medeni, T.D. Emerson is not the only company that thinks blockchain could increase the efficiency and speed of its supply chain. 6, pp. For cryptocurrency networks that are designed to replace fiat currencies, the main function of blockchain is to enable an unlimited number of anonymous parties to transact privately and securely with one another without a central intermediary. (Department of Shipping, Trade and Transport. Word2vec is applied in this study to assess word similarities, but the paper does not aim to discuss word2vec model in detail. Tokenization plays an important role in NLP because tokenization provides a way to easily interpret the meaning of a text by analyzing the sequence of the words in the text. 24 No. LDA has been applied in maritime-related studies, which generated useful insights. traceability, avoiding counterfeit products or reducing carbon footprints) and associated blockchain technical characteristics (i.e. There are blind spots, causing problems for the purchasers, suppliers, and banks involved. Next stage of data pre-processing is stop words removal. Detailed explanation on the LDA model is available in Blei et al. Risius, M. and Spohrer, K. (2017), “A blockchain research framework”, Business and Information Systems Engineering, Vol. In this study, PCA is carried out in four steps: Compute the covariance matrix with the standardized data. Applying to the LDA model, four dominant topics are identified as listed in Table 3. It has founded the IBM Food Trust and entered into a partnership with Walmart to use blockchain for tracing fresh produce and other food products. and Charles, M. (2020), “Enabling supply chain analytics for enterprise information systems: a topic modelling literature review and future research agenda”, Enterprise Information Systems, Vol. It is now time for supply chain managers who are standing on the sidelines to assess the potential of blockchain for their businesses.
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