Building Trust Management using Blockchain Technology

For all parties involved in a logistics system, precise data and smart business operations are essential. However, a hurdle to implementation could be posed by a lack of shared trust. Supply chains experience difficulties as a result of a lack of confidence in data sharing, according to several studies. The degree to which each stakeholder has faith in the data they acquire can have a significant impact on management choices. The processing of bitcoin transactions has made extensive use of blockchain technology. It has recently been shown to be successful in building confidence within the Network of Things.By building trust between entities who would otherwise have been distrustful of each other’s data, blockchain technology permits more seamless and secure data sharing. However, businesses may encounter severe delays and the requirement for significant processing resources if the network is not IoT-optimized. Additionally, Traditional consensus algorithms still have severe limitations on the nodes’ ability to agree. Trust is one of the major concerns in blockchain technology and stands as a severe challenge presently. Confidentiality, privacy, data integrity, and scalability analysis can be identified as the main challenges presently.