The globalization of products and markets widens the gap between product origins and consumers, often leaving customers uninformed about the source of their purchases. Consequently, traceability emerges as a crucial component within manufacturing supply chain management systems. However, the complexities of global supply chains make it challenging to attribute specific contributions within the network.
An integrated supply network structure, with enhanced visibility and real-time data transfer, assumes paramount importance. This paper delves into the potential of leveraging Non-Fungible Tokens (NFTs) and smart contracts on the blockchain to facilitate product tracking within supply chains.
By employing NFTs, stakeholders can track product contributions throughout the entire sourcing, production, and sales processes via digital twins. Each raw material or processed item in the supply chain would be associated with an NFT, linked to its digital counterpart, capturing value creation at every stage.
These NFTs contain unique data identifiers, facilitating real-time updates and enabling stakeholders to trace the contributions of each entity involved in the product's journey. The information stored within smart contracts on the blockchain ensures data integrity, preventing unauthorized alterations or deletions.
Through this approach, secure data flow is maintained among supply chain participants, fostering transparency and accountability throughout the manufacturing process.
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