Opportunities to improve the coffee supply chain by implementing Blockchain

Abstract

Blockchain is a shared, immutable ledger for recording transactions, tracking assets, and building trusts as defined by IBM, one of the leading players in this technology. Bitcoin technology was introduced by Satoshi Nakomoto in 2009 by virtue of bitcoin, which was initially limited to utility in financial domain. Gradually the technology was explored for the usage in peer-to-peer architecture design. Blockchain has a potential to to build a secure communication model, ensuring security and data integrity. The advancements in the supply chain are extremely vital in this era and Blockchain can certainly bring a big boon. The industry has been forced to make the supply chain systems more transparent, flexible and robust. For instance, the end user demands the product availability on time with accuracy ensuring authenticity. At the same time each organization aims to build trust and satisfaction to the end user. The challenges faced by the industry are numerous including non-transparency, monopoly, falsification of data, fraud and tempering, limited scalability etc.