Towards Convergence of IoT and Blockchain for Secure Supply Chain Transaction

Supply chain management (SCM) is essential for a company’s faster, efficient, and effective product life cycle. However, the current SCM systems are insufficient to provide product legitimacy, transaction privacy, and security. Therefore, this research proposes a secure SCM system for the authenticity of the products based on the Internet of Things (IoT) and blockchain technology. The IoT-enabled Quick Response (QR) scanner and the blockchain-integrated distributed system will allow all the SCM stakeholders to begin secure and private transactions for their products or services. Resulting, the consumer will receive an authentic and genuine product from the original producer. A lightweight asymmetric key encryption technique, i.e., elliptic curve cryptography (ECC) and Hyperledger Fabric-based blockchain technology with on-chain smart contracts are applied for distributed IoT devices to make the authentication process faster and lighter. Each SCM stakeholder is registered by the service provider and receives corresponding public and private keys, which will be used for the authentication process of the participants and IoT devices. The authenticated QR scanner records all transactions on the blockchain. Consequently, there will be no human intervention for the SCM transactions. The security and scalability analysis demonstrates that the proposed system is more secure and robust than other state-of-the-art techniques