Suppose a firm uses temperature sensors in a fulfillment center to record storage temperature every hour and inventory scanners to track the movement of inventory into and out of the fulfillment center. Part of the appeal of using blockchain to enhance supply chain efficiency and speed is that these applications, much like those for improving traceability, require participating companies to share only limited data—in this case, just inventory or shipment data. 7, pp. Walmart: From Supply Chain to Blockchain - Technology and Operations ... Wang, Y., Han, J.H. 1. The multi-faceted phenomenon of blockchain technology pertaining supply chains has recently attracted considerable academic research attention and efforts. Only literature in English language is included in this study. 61 No. (2018), Lee and Shin (2019) apply LDA to identify research topics and suggest future research should focus on port collaboration and environmental issues. Automatic text mining methods can make the processing of extracting information from a large set of documents more efficient. New technologies such as IoT and blockchain can accelerate the progress of supply chain sustainability. The rest of the paper is organized as follows: Section 2 reviews literature; Section 3 outlines the methodology; Section 4 discusses the results and findings; Section 5 concludes the research and future prospects. SAS (2020), available at: www.sas.com/en_us/insights/analytics/what-is-natural-language-processing-nlp.html (accessed 27 June 2020). 10 No. Zum Teil im Homeoffice in 10587 Berlin. 385-409. Thanks to these features, the blockchain provides a complete, trustworthy, and tamperproof audit trail of the three categories of activities in the supply chain. Supply chain participants can swiftly locate the source of defective or contaminated goods by utilising blockchain and then take the necessary action, such as targeted recalls. And so on. 138-146. LDA is considered to be one of the most effective approaches (Blei et al., 2003) to model topics. Article publication date: 14 December 2020. Consequently, only known parties can be allowed to participate in such a blockchain, which means that companies must receive permission to join the system. Researchers use documents to express new ideas, theories, hypotheses, methods, approaches and experimental results with other researchers and interested parties. Kanban cards would be assigned to the produced items, and the blockchain would record digital tokens representing the kanban cards. First, the retailer generates an order and sends it to the supplier. The research findings offer insights for both policymakers and business managers on blockchain implementation in the supply chain. The articles are retrieved by using keywords “blockchain” and “supply chain.” In total, 422 articles hit the search. Both blockchain researchers and supply chain management (SCM) scholars have started to embrace topic modeling as a promising research method. Use of blockchain oracles feeding data into the . 417-441. As a result, companies that are wary of sharing competitive data are more willing to participate on the platform. The retailing and financial services companies we studied are conducting pilot blockchain projects or developing platforms in all three areas. 1, pp. 8, pp. Applying to the LDA model, four dominant topics are identified as listed in Table 3. The identification of research problems, appropriate theories and methods to investigate the application of blockchain technology in SCM is predominantly conducted according to the social sciences, positivist, empirical research tradition. From its growing to reaching the hands of the end consumer, fruit passes through several processes and value additions in the supply chain whose integration is critical. Gurtu and Johny (2019) also discuss the significance and applications of blockchain technology with elaborate references to both generic supply chain, transport and maritime logistics cases. “man” is to “king” as “woman” is to “queen”). Manufacturing Industry Supply Chain Management Based on the Ethereum ... Blockchain and Supply Chains | Center for Transportation and Logistics Modern supply chains are complex and require digital connectivity and agility across participants, business leaders need to understand what needs to change in their organization to leverage blockchain implementation effectively. 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. Doing so will improve profitability and reduce food waste. $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 replace “block chain” with “blockchain;” “SCM”). Drug inventory is tagged with electronic product codes that adhere to GS1 standards. (Department of Shipping, Trade and Transport. This study applies PCA, word2vec and LDA in the Python environment to extract useful insights such as dominant topics from the corpus. A more practical solution is for participating companies to share their inventory flows on a blockchain and allow each company to make its own decisions, using common, complete information. Until recently, the cost of achieving all these goals was exorbitant, forcing organizations to make tradeoffs. IoT has been rapidly applied in various areas of SCM in the past two years, security of information is of paramount issue. This comprehensive traceability ensures that . In addition, applications of this type are possible in areas such as closed-loop supply chains in which manufacturers are responsible for collecting used products from consumers and recycling or salvaging them in safe and environmentally friendly ways, tracking the greenhouse gases used at every point in the supply chain, and reducing food waste. And since neither of the transacting firms has complete information, conflicts often arise. It first applies a text mining method to retrieve information from scientific journal papers on the related topics. distributors. Shahid, M.N. It’s not necessary for an organization to develop all four capabilities simultaneously. “Business,” “industry,” “information,” “management” and “system” are associated with each other closely. Time span is set to be from January 1990 to January 2020. Supply chains require private blockchains among known parties, not open blockchains among anonymous users. private and permissioned), as well as inter-platform interoperability and integration with legacy systems are unfolding. Although ERP systems capture all types of flows, it can be tough to assess which journal entries (accounts receivable, payments, credits for returns, and so on) correspond to which inventory transaction. Such limitations might be discouraging, but as an innovative technology, blockchain has the potential to reform global supply chains. “is,” “was,” “where,” “the,” “a,” “for,” “of” and “in”) and some extra stop words (e.g. After removing stop words, the tokenized sentence in the above example contains: [“blockchain,” “supply,” “chain,” “match,” “made,” “heaven”]. Organizations should equip their supply chains with IoT functionality and the ability to track individual units of components and finished-goods inventory. Sternberg, H. and Baruffaldi, G. (2018), “Chains in chains: logic and challenges of blockchains in supply chains”, In 51st HI International Conference on System Sciences. 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. It applies natural language processing methods to generate useful insights from academic literature. For supply chains, it is to allow a limited number of known parties to protect their business operations against malicious actors while supporting better performance. After data pre-processing, we have enough tokenized clean text for the machine to work with, and to develop algorithms to differentiate and make associations between pieces of text to make predictions. PDF Thema: Anwendung von Smart Contracts und Blockchain auf Supply Chain ... Results and discussions 5. Bringing Blockchain, IoT, and Analytics to Supply Chains Blockchain technology implementation challenges in supply chains ... Through the algorithm, word2vec establishes a word’s association with other words, which forms the basis of sentiment analysis and recommendations in various research domains. Pournader, M., Shi, Y., Seuring, S. and Koh, S.L. LDA has been applied in maritime-related studies, which generated useful insights. 13, pp. The advantage of word2vec is that it detects similarities mathematically. (We’ll talk later about how companies are trying to prevent corrupt actors from introducing counterfeit goods into both supply chains and their blockchains.) and Charles, M. (2019), “Smart literature review: a practical topic modelling approach to do exploratory literature review”, Journal of Big Data, Vol. Pairing Blockchain with IoT to Cut Supply Chain Costs. However, analytics combined with Internet of Things (IoT) and blockchain technology are rapidly making these objectives attainable. Such frictions are detrimental not only to banks but also to firms that need cheap working capital. Setting the selection criteria as CCR ratio greater than 98%, 4 dominant topics are obtained. Ar, I.M., Erol, I., Peker, I., Ozdemir, A.I., Medeni, T.D. (2019), “Application of blockchain technology in Maritime logistics”, In DIEM: Dubrovnik International Economic Meeting, Vol. Here’s a simple illustration of the problem and how blockchain could address it. Supply chains do not need to make the same trade-offs because they operate in a different way and have different characteristics. 39, pp. The impact of the blockchain on the supply chain: a theory-based ... 4 No. NLP is a branch of artificial intelligence (AI) that helps computers to understand, interpret and manipulate human natural languages. 2063-2081. 4, pp. (2013), “Efficient estimation of word representations in vector space”, arXiv preprint arXiv:1301.3781. Blockchain has an immense potential to transform every step of SC, from raw materials procurement to distribution to the consumers (Goyat et al., 2019, Babich and Hilary, 2019).It also enables SC reengineering by establishing a blockchain-based BPR (Business Process Reengineering) framework (Chang et al., 2019a).Every transaction made can be restructured using blockchain technology and the . Current approaches to recording the flows of information, inventory, and money in supply chain transactions leave a lot to be desired. However, typically only one of the topics is dominant. (2020) review the existing academic literature and industrial knowledge sources regarding the applications of blockchains in supply chains, logistics and transportation and identify the 4Ts – technology, trust, trade, traceability/transparency (research themes clusters), based on a co-citation analysis of the publications on this topic. In data pre-processing stage, we also conducted lemmatization using PorterStemmer of NLTK. Because of access constrains, only scientific papers published in Science Direct, Springer and Emerald are included in this study. That’s not realistic. 2, pp. Text documents, such as research articles, technical reports and patents, are the preferred method of communication by researchers. To improve the accuracy, we have programmed to uniform the word forms to the best possible extent. But if implemented thoughtfully, the authors suggest, blockchain could pay big dividends for companies in a host of industries. The Pros and Cons of Blockchain in Supply Chain This reduced logistics cost, benefiting farmers and mills. Anwendungsmöglichkeiten der Blockchain-Technologie im Supply Chain ... 24 No. Each firm would generate blocks of transactions from its internal ERP system and add them to the blockchain. PDF Blockchain for supply chains and international trade - European Parliament Successful blockchain applications for supply chains will require new permissioned blockchains, new standards for representing transactions on a block, and new rules to govern the system—which are all in various stages of being developed. The IoT ecosystem is evolving quickly, developing several applications in different sectors. Proposed method (tools used are indicated in brackets). Asmussen, C.B. 114 No. Such applications take longer to develop but can be of great value. That translates to roughly 33 million to 55 million transactions a day, on average. Companies across industries are therefore exploring this application of blockchain—motivated either by regulations requiring them to demonstrate the provenance of their products or by downstream customers seeking the capability to trace component inventory. Kshetri, N. (2018), “Blockchain’s roles in meeting key supply chain management objectives”, International Journal of Information Management, Vol. Word2vec is applied in this study to assess word similarities, but the paper does not aim to discuss word2vec model in detail. Allem voran durch die zunehmende Kun- IoT enables organizations to collect new types of data from different stages of their supply chain. Another organization, Dibiz, which is a blockchain platform for the sustainable sourcing of palm oil, discovered that data for smallholder farmers, which its platform made visible to all the members of its supply chain, enabled dealers and mills to optimize pickup routes based on real-time fruit harvests. Evaluating the feasibility of blockchain in logistics operations: a decision framework, Smart literature review: a practical topic modelling approach to do exploratory literature review, Enabling supply chain analytics for enterprise information systems: a topic modelling literature review and future research agenda, A supply chain transparency and sustainability technology appraisal model for blockchain technology, International Journal of Production Research, Blockchain technology in supply chain management: an application perspective, In Proceedings of the 52nd HI International Conference on System Sciences, 2019, Global supply chains are about to get better, thanks to blockchain, When blockchain meets supply chain: a systematic literature review on current development and potential applications, Blockchain roaming in the Maritime industry, Topic modelling methodology: its use in information systems and other managerial disciplines, In Proceedings of the 25th European Conference on Information Systems (ECIS), Comparative bibliometric and network analysis of Maritime transport/shipping literature using the web of science literature, Scientific Journals of the Maritime University of Szczecin, Potential of blockchain technology in supply chain management: a literature review, International Journal of Physical Distribution and Logistics Management, Topic modeling in management research: rendering new theory from textual data, Analysis of a complex of statistical variables into principal components, Topic models meet discourse analysis: a quantitative tool for a qualitative approach, International Journal of Social Research Methodology. Hannigan, T.R., Haans, R.F., Vakili, K., Tchalian, H., Glaser, V.L., Wang, M.S., Kaplan, S. and Jennings, P.D. LDA assumes that each document can be represented as a probabilistic distribution over latent topics, and that the topic distributions in all documents share a common Dirichlet prior probability. and Cerit, A.G. (2020), “Comparative bibliometric and network analysis of Maritime transport/shipping literature using the web of science literature”, Scientific Journals of the Maritime University of Szczecin, Vol. 881-900. The supplier then logs in the order and confirms to the retailer that the order has been received—an action that again gets recorded on the blockchain but would not generate an entry in a financial ledger. Blockchain and smart contract applications to supply chains are manifold. Intermediation, the manner alternate blockchain features and designs enact different intermediation possibilities i.e. Indeed, these capabilities are complementary: Each makes it more viable and fruitful to develop the others. “does” is stemmed to “doe”). One of the most promising applications of emerging blockchain technology is supply chain management. both “generous” and “general” are stemmed to “gener”) or under-stemmed (e.g. First, for studies on blockchain application in supply chain, the top topics seem to be related to “data,” “technology,” “system,” “information” and “management” (Figure 2). The research findings can be summarized in four perspectives. Masterarbeit, 2019 119 Seiten, Note: 1,0. While challenges are of concern, the focus should be given to the design and implementation of blockchain in the supply chain field. Second, blockchain is considered of higher similarity to “bitcoin,” “distributed ledger,” “security” and “application” (Table 2). 6Article No. Wang et al. The basic idea of LDA is to compute the probability distribution over words. By using Ethereum smart contracts, the common business involved in the supply chain is realized using blockchain technology, and the key information of supply chain production and circulation is stored on the blockchain to ensure the information cannot be tampered. Text mining in this study is performed in the following steps. Efficiency of the PCA model is measured by cumulative contribution rate (CCR). (2019), “Topic modeling in management research: rendering new theory from textual data”, Academy of Management Annals, Vol. A firm can utilize this data to ensure sustainable sourcing, improve the execution of supply chain contracts, and gain better financing. Hyperledger), as well as various types of supply chain blockchains (i.e. In this study, two types of stop words are removed: common English stop words (e.g. Many current solutions suffer from data fragmentation, lack of reliable provenance, and diverse protocol regulations across multiple distributions and processes. This may potentially bias the research findings. 19 No. Transactions are slow, costly, and plagued by low visibility into the status of shipments. Topic modeling aims to reduce the complexity of compiling a large literature corpus by representing text as a combination of topics. It provides a remarkably secure, irrevocable record of financial transactions, minimizes the double-spend problem, and provides proof of ownership of a digital coin. 2, pp. So does Hayward, a multinational manufacturer of swimming pool equipment. Griffiths, T.L., Steyvers, M. and Tenenbaum, J.B. (2007), “Topics in semantic representation”, Psychological Review, Vol. When it comes to supply chain management, the blockchain can be a cutting-edge way to streamline all the moving parts, while also coordinating with multiple points of contact. Consider the pharmaceutical industry, where 4 billion salable units enter the drug supply chain every year in the United States. Many consider applying blockchain in supply chain and logistics is an exciting prospect, there are also concerns that the technology lacks the maturity (Duru and Zin, 2019) today to handle global supply chain complexity. Lambrou, M., Watanabe, D. and Iida, J. 62478-62494. that are associated with the corpus particularly. 1, pp. A counterfeit can be traced to its source using the blockchain trail. One area where tokenization is sufficient to provide trust and security is the trading of assets like digital books and music. Amongst other solutions, Blockchain has emerged as a leading technology, since it provides secure . A study that one of us (Vishal) worked on with a major manufacturer of packaged foods found that an audit or an inspection of inventory in a store can reveal the number of expired items, but it won’t explain the causes. Role Of Blockchain In The Manufacturing Industry Every drug can be assigned a unique identifier or serial number, which is recorded . A CCR of 80% or above is considered acceptable in evaluating PCA model efficiency. (2020), “Evaluating the feasibility of blockchain in logistics operations: a decision framework”, Expert Systems with Applications, Vol. The CCR of the dominant topic in the relevant document is higher than 99.5%, which indicates the ML process was effective. Jacobs, T. and TschöTschel, R. (2019), “Topic models meet discourse analysis: a quantitative tool for a qualitative approach”, International Journal of Social Research Methodology, Vol. Blockchain-enabled supply chain: analysis, challenges, and future ... The implementation of blockchain technology in SC management in healthcare has had results. Word2vec is a two-layer neural network deep learning model that has a text corpus as input and the word vectors as output. In LDA models, each document is composed of multiple topics. Furthermore, many of these functions can be automated through smart contracts, in which lines of computer code use data from the blockchain to verify when contractual obligations have been met and payments can be issued. One large company told us it had 17 ledgers in separate ERP systems associated with a single activity—trucking—and its suppliers and distributors had their own ledgers and ERP systems. 9, pp. Blockchain technology has been explored as one option to effectively address those security concerns, allowing the advantage of decentralized data management. In the past few years, blockchain, the underlying technology of Bitcoin, has received considerable attention from academia and industry. Unfinished Paths—From Blockchain to Sustainability in Supply Chains (2019), “Potential of blockchain technology in supply chain management: a literature review”, International Journal of Physical Distribution and Logistics Management, Vol. 1-19. 58 No. 77-84. Diese Beispiele veranschaulichen, dass ein Einsatz der Blockchain im Supply Chain Mana-gement und der Logistik grundsätzlich möglich ist. The benefits are clear. A blockchain is a distributed, or decentralized, ledger—a digital system for recording transactions among multiple parties in a verifiable, tamperproof way. Chang and Chen (2020) provide an elaborate review of recent blockchain studies in the SCM context, systematizing an enhanced list of topics and applications. 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. Kummer, S., Herold, D.M., Dobrovnik, M., Mikl, J. and Schäfer, N. (2020), “A systematic review of blockchain literature in logistics and supply chain management: Identifying research questions and future directions”, Future Internet, Vol. 2, pp. They need to join the efforts to develop new rules, experiment with different technologies, conduct pilots with various blockchain platforms, and build an ecosystem with other firms. Blockchain can be a powerful tool for addressing the deficiencies, as the companies we studied have proved. “India” is to “Rupee” as “Japan” is to “Yen”) and male-female (e.g. Using blockchain to drive supply chain transparency - Deloitte US Benefits Supply chain networks can be limited by one-up/one-down visibility. Michael Train, the president of Emerson, told us that such supply chains often have to contend with long, unpredictable lead times and lack of visibility. The first principle component (PC1) will carry the most of variance, etc. (2020) categorize blockchain projects in shipping and SCM and discuss the interrelations between blockchain features and shipping and ports concepts, toward delivering a better understanding of suitable use scenarios. (2020), “Blockchain-based applications in shipping and port management: a literature review towards defining key conceptual frameworks”, Review of International Business and Strategy, Vol. (2019), “A review of port research using computational text analysis: a comparison of Korean and international journal”, The Asian Journal of Shipping and Logistics, Vol. (2012), “Probabilistic topic models”, Communications of the ACM, Vol. Blockchain makes this possible by solving the double-spend problem—the erroneous allocation of the same unit of capacity or inventory to two different orders. 6, pp. This predictive model can then be used to guide inventory planning and design promotions for soon-to-be-spoiled food products. Building a trusted group of partners with which to share data on a blockchain will entail overcoming several challenges. For these reasons, the companies that we studied were focusing on narrow applications such as the traceability of drugs and food products and the management of accounts payable—applications that are supported by well-defined use cases or regulatory requirements. Pairing Blockchain with IoT to Cut Supply Chain Costs Enhanced Traceability: Blockchain's distributed ledger enables the recording of every transaction and interaction within the automotive supply chain.
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