Using a smart contract for the floral supply chain

Wen Chi Tsai, Chung Wei Shen

Research output: Contribution to journalArticlepeer-review

Abstract

The floral supply chain is one of the most delicate logistics networks in existence, requiring intensive monitoring of temperature, humidity, and product conditions to ensure the quality of flowers. However, the traditional centralized supply chain involves exchanging information back and forth, and therefore wastes time, money, and resources. In addition, centralized data control without security verification exposes logistics information to the risk of hacking, information tampering, and counterfeiting. Blockchain technology offers decentralization, immutability, and encryption security. Furthermore, application of Internet of Things (IoT) technology has made it easier to monitor goods and the distribution process. Combining the above two new technologies can effectively improve the transparency and traceability of the floral supply chain and make transactions more secure through the digital signature verification process. In this research, we propose a smart contract for the floral supply chain. Through contract compilation, the proposed contract defines the delivery process status, delivery specifications, and other conditions in the shipping process so that the status of the goods is updated on the blockchain, giving the supply chain higher traceability. This study also defines the process for and conditions of money transactions between buyers and sellers using such smart contracts, thereby automating the transaction, improving its efficiency, and saving on labor costs and paper waste. This research also compares the proposed smart contract to traditional transaction methods. The pros and cons are thoroughly discussed, offering significant benefit to decision makers.

Original languageEnglish
JournalAsia Pacific Management Review
DOIs
Publication statusAccepted/In press - 2024

All Science Journal Classification (ASJC) codes

  • Business and International Management
  • Strategy and Management

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