Table 1 Advantages of blockchain in... | Emerald Publishing

Table 1

Advantages of blockchain in supply chain

Sr No	Advantage	Description of advantage	Source
1	All the contracts and transactions can be stored digitally	In a blockchain server, a transaction is recorded on the server and the document gets it own unique hash	Abeyratne and Monfared (2016)
2	More visibility and transparency	As blockchain contains many secure nodes that is accessible to all the members involved, all the transactions and documents are completely visible to members on real-time basis	Hu et al. (2019)
3	Trust among stakeholder increases	As there is complete transparency, blockchain servers record all the transactions that cannot be changed once updated on the server, trust among stakeholder increases	Kshitri (2018)
4	More accurate and reliable data for analytics	All entries in blockchain server are validated through a public verification process that ensures accuracy without the need for a central authority. All the computers together verifies all the entries before updating on the server as per specified rules and controls that are already embedded in system	Bi et al. (2013)
5	Decreases any kind of probability of fraud and tampering in the process	It is very difficult to perform fraud on blockchain server and its transactions because of 51% attack system. Each and every entry is stored and updated on millions of nodes/computers which makes impossible for hackers for transaction reversal	Wattana Viriyasitavat et al. (2019)

Sr No	Advantage	Description of advantage	Source
1	All the contracts and transactions can be stored digitally	In a blockchain server, a transaction is recorded on the server and the document gets it own unique hash	Abeyratne and Monfared (2016)
2	More visibility and transparency	As blockchain contains many secure nodes that is accessible to all the members involved, all the transactions and documents are completely visible to members on real-time basis	Hu et al. (2019)
3	Trust among stakeholder increases	As there is complete transparency, blockchain servers record all the transactions that cannot be changed once updated on the server, trust among stakeholder increases	Kshitri (2018)
4	More accurate and reliable data for analytics	All entries in blockchain server are validated through a public verification process that ensures accuracy without the need for a central authority. All the computers together verifies all the entries before updating on the server as per specified rules and controls that are already embedded in system	Bi et al. (2013)
5	Decreases any kind of probability of fraud and tampering in the process	It is very difficult to perform fraud on blockchain server and its transactions because of 51% attack system. Each and every entry is stored and updated on millions of nodes/computers which makes impossible for hackers for transaction reversal	Wattana Viriyasitavat et al. (2019)