1

Blockchain Integration with IoT for Real-Time Supply Chain Monitoring

Introduction:

1. Block chain and IOT

Blockchain shows promise in addressing current supply chain management issues. Maersk, the
world's largest shipping business, pioneered the use of blockchain in international logistics, with
the goal of lowering costs by significantly reducing paperwork in shipping and container
tracking. Blockchain's ability to permit secure data sharing in a distributed environment has had
an impact on how businesses are managed, interrelationships are designed, and transactions are
carried out among SC parties (Osato Itohan Oriekhoe et al., 2023). By combining blockchain
technology with other platforms like the Internet of Things (IoT), it may be possible to create an
executable, distributable, and permanent record of a product's journey around the SC at any point
in time. This might lead to increased efficiency across the global economy. Product traceability,
validity, and authenticity are immediate benefits of the increased visibility brought about by such
technology integration (Wong, Ting and Atanda, 2024).
IoT devices can authenticate products, streamline commodities movement, and track projected
arrival times by calculating certain elements of the SC with sensors and algorithms. IoT allows
for real-time shipment and visibility of stocks, which simplifies big data analysis. Furthermore, it
provides transparency, traceability, and security, which improves the execution and performance
of SCM approach. However, the high risk of digital threats and attacks to which IoT is subject
presents a difficulty to its application in SC. (T and ., 2023). (Narayanan et al., 2024). Artificial
intelligence (AI), particularly machine and deep learning, is widely regarded as a viable way to
ensuring a safe IoT ecosystem. Modern SCM extensively uses IoT technology to track and
monitor SC operations, including image sensors, sensors for humidity and temperature, tracking
devices with GPS, barcode readers, and radio frequency identification (RFID).

2. About supply chain

Supply chains (SC) are essential to industrial and service activities, serving as systems that
transfer raw materials, goods, and information from suppliers to end users. Supply chain
management (SCM) is a systematic approach for handling these structures that includes
organizing, arranging, and overseeing the movement of resources from beginning to end of the
supply chain. SCM is a network of businesses that transfer materials using predetermined
procedures before providing products to end customers. This network includes producers,
product specialists, distributors, retail carriers, transportation companies, regulatory bodies, and
members of production groups. (Swathi, Venkatesan and Prabhavathy, 2023).
About Integration of Block chain and IOT
The combination of blockchain technology and the Internet of Things (IoT) has emerged as a
game-changing option for increasing the traceability of supply chains through offering a secure,
transparent, and efficient way to track the movement of goods and commodities. (Bunga and
Joshi, 2022). Supply networks are becoming increasingly complicated and distributed, including
a huge number of participants. Supply chain companies are enhancing their business operations
 2

by adopting technology like IoT and blockchain to correctly track assets. In fact, since 2018, the
blockchain in the IoT market has increased from USD 30 million to 113 million, and it is
predicted to reach over three billion dollars by 2024, with a CAGR (compound annual growth
rate) of almost 93% (Sawant, Poladia and Shah, 2023).

Problem Statement:

Supply chains are essential to the efficient flow of goods and services in today’s globally
interconnected world. On the other hand, inefficiencies, fraud, and other problems with
traditional supply chains are frequently present. When it comes to this, blockchain technology is
useful.

Purpose of the Study:

The purpose of this study is to examine the impact of block chain and IOT integration for the
monitoring of supply chain.

Objectives of the Study:

This research study addresses the below given research objecive

 To analyze the impact of Blockchain technology on real time Supply Chain Monitoring

 To determine the impact of IoT on real time monitoring of supply chain

 To analyze Blockchain Integration with IoT for Real-Time Supply Chain Monitoring

Theoretical Framework

In this research, there are one independent and one dependent variable. The independent
variables are Block chain integration with IoT and the dependent variable is supply chain
monitoring.

Literature Review

Role of IoT in supply chain

IoT can also be used to monitor key cargo conditions like temperature and humidity. IoT-driven
chips, along with hardware such as temperature sensors, allow for accurate surveillance of your
items' health and maintain optimal environmental conditions during transportation. In this way,
IoT safeguards the integrity and quality of perishable or sensitive commodities while reducing
possible losses. (Das, 2015)
 3

The IoT-powered supply chain's predictive maintainability shows to be a powerful barrier

against equipment failure. Companies may detect potential issues before they become major
disruptions by intelligently exploiting IoT data insights. This permits the execution of proactive
maintenance actions to ensure continuous operation (Yaqoob et al., 2019).
Big data analytics is without a doubt one of the most disruptive and lucrative assets in today's
business sector. With the proper application of AI and sophisticated algorithms, businesses can
efficiently handle the inherent chaos in complex systems and forecast what was previously
believed unpredictable (Agrawal et al., 2022).
Businesses can gain insights and improve inventory management accuracy by utilizing the
abundance of data generated by the Internet of Things (IoT) to estimate demand accurately. This
advanced precision enables businesses to harmoniously match supply and demand, hence
reducing excess inventory or stockouts (Agrawal et al., 2022).

Role of blockchain technology

It is feasible to act before any harm is done because to the real-time capacity. The proven
CryptoTec blockchain stores data in such a way that it cannot be stolen in the event of a hacker
attack. This is because supply chain information is considered a competitive advantage and
hence must be kept confidential. The veracity of the data can be verified subsequently. The
correctness and validity can be conveyed outside and verified by specialists. Using smart
contracts, additional contractual agreements can be automatically activated when exceptional
events occur, such as a delivery being unloaded at a port and put onto refrigerated trucks.
The data may be easily integrated into the blockchain: the sensor is packaged with the items and
sends encrypted data to the blockchain in real time via its telematics unit (Gaikar, Tedla and
Rane, 2023).

Hypotheses:

Hypotheses 1

H1= Blockchain Integration with IoT can be used for Real-Time Supply Chain Monitoring

Research Methodology:

Types of research

This research study will be quantitative in nature. A researcher using a quantitative research
approach is more likely to quantify the data. The correlational design was employed in this study
to ascertain the association between brand image, brand engagement, and intention to revisit. A
deductive research methodology has been applied in this work. In this study, a top-down
methodology was used, whereby a broad hypothesis was first tested through particular findings.

Data collection

A primary data collection technique will be used. A questionnaire will be used to collect data
from the research participants.
 4

Data analysis

The data will be analyzed by using SPSS 22.0. Demographic analysis of the data will be
performed and then correlation and regression test will be conducted to determine the association
between IOT, block chain and supply chain management.

Significance of Study:

This research study is significant for business organization as they can use it to minitor their
supply chain operations by integrating block chain and IoT.

Scope of Investigation:

The aim of this study, will be to determine the impact of Integration between IoT and block
chain technology for the monitoring of supply chain.

Organization of Study:

In the first chapter a thorough introduction of the topic will be given. In the second chapter
literature review will be conducted. Next, research methodlogy will be explained. Finally, results
will be generated from the data collected from the responsdents.

Bibliography:

Agrawal, K. et al. (2022) ‘An Extensive Blockchain Based Applications Survey: Tools,
Frameworks, Opportunities, Challenges and Solutions’, IEEE Access, pp. 116858–116906.
Available at: https://doi.org/10.1109/ACCESS.2022.3219160.

Bunga, M. and Joshi, S. (2022) ‘A Bibliometric Analysis of Blockchain and its applications in
IOT and ML for Improved Decision Making’, in 2022 International Conference on Decision Aid
Sciences and Applications, DASA 2022, pp. 416–420. Available at:
https://doi.org/10.1109/DASA54658.2022.9764994.

Das, M.L. (2015) ‘Privacy and security challenges in internet of things’, in Lecture Notes in
Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes
in Bioinformatics), pp. 33–48. Available at: https://doi.org/10.1007/978-3-319-14977-6_3.

Gaikar, V., Tedla, B.A. and Rane, C. (2023) ‘Trust Chain for Managing Trust in Blockchain-
Associated IoT-Enabled Supply-Chains’, in Lecture Notes in Networks and Systems, pp. 203–
219. Available at: https://doi.org/10.1007/978-981-19-9888-1_14.
 5

Johny, S. and Priyadharsini, C. (2021) ‘Investigations on the Implementation of Blockchain

Technology in Supplychain Network’, in 2021 7th International Conference on Advanced
Computing and Communication Systems, ICACCS 2021, pp. 1609–1614. Available at:
https://doi.org/10.1109/ICACCS51430.2021.9441820.

Narayanan, G. et al. (2024) ‘Role of Blockchain Technology in Supplychain Management’,

IEEE Access, 12, pp. 19021–19034. Available at:
https://doi.org/10.1109/ACCESS.2024.3361310.

Osato Itohan Oriekhoe et al. (2023) ‘Review of technological advancement in food supply chain
management: Comparison between USA and Africa’, World Journal of Advanced Research and
Reviews, 20(3), pp. 1681–1693. Available at: https://doi.org/10.30574/wjarr.2023.20.3.2660.

Sawant, S.R., Poladia, J.A. and Shah, S. (2023) ‘Chaining Success: How Blockchain Reshapes
the Landscape of Supply Chain’, in 2023 6th IEEE International Conference on Advances in
Science and Technology, ICAST 2023, pp. 95–99. Available at:
https://doi.org/10.1109/ICAST59062.2023.10455024.

Swathi, P., Venkatesan, M. and Prabhavathy, P. (2023) ‘Is Data Science and Blockchain a
Perfect Match?’, in Lecture Notes in Networks and Systems, pp. 83–93. Available at:
https://doi.org/10.1007/978-981-19-0095-2_9.

T, V. and . S. (2023) ‘Application of Blockchain Technology in Logistics and Supplychain

Management’, International Journal for Research in Applied Science and Engineering
Technology, 11(3), pp. 1727–1732. Available at: https://doi.org/10.22214/ijraset.2023.49628.

Wong, E.K.S., Ting, H.Y. and Atanda, A.F. (2024) ‘Enhancing Supply Chain Traceability
through Blockchain and IoT Integration: A Comprehensive Review’, Green Intelligent Systems
and Applications, 4(1), pp. 11–28. Available at: https://doi.org/10.53623/gisa.v4i1.355.

Yaqoob, S. et al. (2019) ‘Use of blockchain in healthcare: A systematic literature review’,

International Journal of Advanced Computer Science and Applications, 10(5), pp. 644–653.
Available at: https://doi.org/10.14569/ijacsa.2019.0100581.
6