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Smart Supply Chains Using Smart Contracts

 


Smart Contract:


Although the term “Blockchain smart contract” sounds like a legal instrument, a smart contract is actually a computer program that performs a task when triggered by the occurrence of a predetermined event. Smart contracts live on the blockchain, which processes the terms of the smart contract, thereby enabling the smart contract to automatically execute the coding task when the triggering event occurs.


Examples of Smart Contracts for Supply Chain


In Supply Chain Development, smart contracts are particularly useful for releasing payment, recording ledger entries, and flagging a need for manual intervention.


  • Releasing Payment:


A party could use a smart contract as a means to automatically release payment upon the satisfaction of a condition.


  • Recording Ledger Entries:


A party could write a smart contract to record to a blockchain ledger if some specified event occurs or does not occur.


  • Flagging a Need for Manual Intervention:


Smart contracts are also useful for flagging the occurrence of an event that requires manual intervention.


  • Vulnerabilities:


While properly coded smart contracts could dramatically increase efficiencies in supply chains, companies face a risk that their smart contracts contain bugs or other technical issues such as data block corruption. There are three common types of vulnerabilities that arise from improperly coded smart contracts: greedy contracts, prodigal contracts, and suicidal contracts.


Finally, because the immutable nature of blockchain also extends to smart contracts (which live on a blockchain), once a programmer code and deploys a smart contract, immutability prohibits the addition of any new functions to the smart contract.  Upgrading and otherwise altering smart contracts is an active area of research in the blockchain community, and mechanisms for altering smart contracts and best practices are still being developed.


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