Review:
Smart Contracts In Supply Chain Management
overall review score: 4.5
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score is between 0 and 5
Smart contracts in supply chain management refer to self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. These contracts are stored on a blockchain network and automatically execute when predefined conditions are met.
Key Features
- Automated execution of terms
- Transparency
- Immutability
- Cost-efficiency
- Reduced fraud and errors
Pros
- Increased efficiency in supply chain operations
- Improved transparency and traceability of products
- Reduction in disputes and fraud
Cons
- Complexity in coding smart contracts
- Potential security vulnerabilities in the blockchain network