Application Of Blockchain Technology in Product Supply Chain

Abstract

Nowadays, people's consumption level continues to increase, and the industrial supply chain needs to be continuously upgraded and improved to cater to market demand. This process has also gradually exposed some shortcomings of the traditional industrial chain, such as opaque information, non-traceable product sources, and difficulty in inventory management by enterprises. , the market is flooded with a large number of substandard products, making it difficult for consumers to protect their legitimate rights and interests, etc. However, when the emerging blockchain technology is applied to traditional industrial chains, people find that it solves many pain points in traditional industrial chains. Blockchain is a distributed ledger technology with multiple nodes distributed in the network. Each node records the same data and jointly maintains and records transaction records. Through blockchain technology, consumers can trace the source of products, companies can trade goods more safely, factories can manage inventory more conveniently, and prosecutors can also supervise the industrial chain more conveniently.