How Blockchain Solves the Supply Chain Problems Using RFID Techniques

A significant amount of new capability has been created in this software industry with Blockchain Technology. By applying it, we can solve issues such as double spending, cross-border transactions, and settlements, which are all unresolved problems in the supply chain. Transparency, accountability and trust have always been challenging in supply chain management. In fact, this is much more important when the transaction involves very valuable goods, such as diamonds, gold, liquor, or medical drugs, or when the goods are from very expensive categories. We will discuss in this paper what the capabilities and features of the Blockchain can do to address these problems and what they can do for the future. Blockchain is a peer-to-peer architecture, therefore we do not need any intermediaries in a transaction management system since Blockchain works on a peer-to-peer basis. Blockchain can be used in IoT solutions to provide trust, transparency, and accountability, because there will be no need to spend money on middle men. In the blockchain system, all the transactions are recorded in an open distributed ledger which is immutable and available to everyone. Blockchain open distributed ledger simplifies the development of cost-effective business systems where anything can be tracked and exchanged, without the need for a central control system which is essential for a successful business system. Innovations in the field of IoT and within the enterprise indicate the promise of incredible possibilities in the IoT domain