Block-chain Methodology in Terms of Feasibility and Cost-effectiveness – Management Assignment Help

Assignment Task

Block chain in supply chain: As a methodology for traceability

The block-chain technology is emerging as a new Data(record) storing technology. The technology allows a secure way for individuals to deal directly with each other, without an intermediary like a government, bank or other third party. It is often misunderstood as only limited to ‘Bitcoin transactions, so it is essential that to understand what block-chain is, how it works, what could be the uses and how this technology is going to play a key role in futuristic technologies and transactions.Traceability could be defined as the ability to trace all processes from procurement of raw materials to production, consumption, and disposal to clarify “when and where the product was produced by whom.” Traceability is not only an important methodology for any company it is a law imposed by Regulation (EC) No. 178/2002. Currently, traceability law only applied to food or edible products, but soon the world regulatory bodies are planning to impose traceability as a law Under ISO 17025 Requirements and IATF. Which would enable OEMs to track and trace their products with warranty claims also would help Legal division, procurement, logistics, production, and quality department to reduce a lot of work and would also help any company cut down their overhead costs.
Traceability is segregated in 2 parts: 1. Internal traceability and 2. External Traceability.
Internal traceability: refers to the methods, procedures and elements needed for tracking and recording data within a business’s processes.
External traceability: refers to traceability the product outside of a business entity, in the entire supply chain.In the thesis’s idea would focus more on External traceability which is important to gauge and improve a company’s supply-chain. (For this we need to take the assumption that the business entities involved in this process have implemented INTERNAL TRACEABILTY in their entity)
Plan of action:

• Research and study of Block-chain technology and stating the relevance of the technology in Supply-chain.
• Research and study of Traceability with explaining significance of traceability in supply-chain.
• State and compare other traceability methodologies like QR, RFID, 2D Barcode with Block-chain methodology in terms of feasibility and cost-effectiveness.
• Take the input from industry experts working in Different OEMs across Germany and align with their ideas and suggestions.
• Recommendations, suggestions, and conclusion.