SUPPLY CHAIN USING SMART CONTRACT BLOCKCHAIN TECHNOLOGY IN ORGANIZATIONAL BUSINESS

Abstract

The key distinction among a smart contract and most other blockchain platforms is that it can comprehend a general-purpose programming language. With the introduction of smart contracts and a blockchain platform capable of executing them, the possibilities for their application are endless. A smart contract is an electronic transaction protocol that is intended to facilitate, verify, and enforce the negotiation and execution of the terms of an underlying legal contract to satisfy common contractual conditions such as payments, legal obligations, and enforcement without the involvement of third parties. As a result, smart contracts attempt to reduce transaction costs, such as arbitration and enforcement, by establishing trackable and irreversible transactions on distributed databases through blockchain technology. On the other hand, smart contracts have the potential to go far beyond cost reductions by enabling the entrepreneurial collaboration of cross-organizational business activities that are prevalent in smart supply chains. A closer examination of current or continuing smart contract projects reveals that the most prevalent smart contract applications in business are supply chain management, the Internet of Things, and Industry solutions. The author completed many European initiatives involving transnational entrepreneurial networks and supply chains. As a result, the study examines how and to what degree smart contracts and blockchain technology might aid in the establishment of collaborative company structures for long-term entrepreneurial activity in supply chains. The study was performed using expert online interviews, questionnaires