Use of Blockchain Technology in Business Operations
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Introduction 8
Chapter 1. Blockchain Principles: Understanding Blockchain Technology in the Context
of Business processes 12
1.1. Tracing Blockchain’s development 12
1.2. How does Blockchain work 14
1.2.1. Blockchain components 15
1.2.2. Types of Blockchain 16
1.3. Defining smart contracts 18
1.3.1. Life cycle of smart contract 20
1.3.2. Oracles: Connecting blockchain to the off-chain world 21
1.4. Enterprise Blockchain platforms 23
1.4.1. Hyperledger Fabric 26
1.4.2. Hyperledger Sawtooth 28
1.4.3. Ethereum 29
1.4.4. Polygon 33
1.5. Key stages of blockchain technology implementation in food supply chain
management 34
1.6. Blockchain use cases in business operations 37
1.7. Research Gap 40
1.8. Summary of Chapter 1 41
Chapter 2. Public Blockchain Adoption: A Disruptive Innovation Perspective 44
2.1. Disruptive innovation theory 44
2.2. Disruptive Potential of Blockchain Technology 46
2.3. Summary of chapter 2 47
Chapter 3. Methodology of research 49
3.1. Research strategy 49
3.2. Literature selection 51
3.3. Data collection 51
3.4. Data analysis 52
3.5. Expected findings 53
Chapter 4: Implementing Public Blockchain for CP Foods' Supply Chain Management 55
4.1. CP Foods Abstract Representation 55
4.2. Identifying Challenges Through Analysis of the Existing Supply Chain 58
4.3. Defining concepts 58
4.4. Defining blockchain solution 61
4.5. Linking entities to tokens and blockchain addresses 63
4.6. Description of processes and smart contracts 65
4.7. A Roadmap for Agri-Industrial Businesses to Implement Streamlined Blockchain
Systems 71
4.8. Summary of chapter 4 73
Chapter 5. Discussion, Contributions, and Limitations 75
5.1 Discussion 75
5.2 Contribution 76
5.3 Study Limitations and Future Research Directions 77
5.4 Summary of chapter 5 78
Conclusion 79
Bibliography 81
Appendix 86
Chapter 1. Blockchain Principles: Understanding Blockchain Technology in the Context
of Business processes 12
1.1. Tracing Blockchain’s development 12
1.2. How does Blockchain work 14
1.2.1. Blockchain components 15
1.2.2. Types of Blockchain 16
1.3. Defining smart contracts 18
1.3.1. Life cycle of smart contract 20
1.3.2. Oracles: Connecting blockchain to the off-chain world 21
1.4. Enterprise Blockchain platforms 23
1.4.1. Hyperledger Fabric 26
1.4.2. Hyperledger Sawtooth 28
1.4.3. Ethereum 29
1.4.4. Polygon 33
1.5. Key stages of blockchain technology implementation in food supply chain
management 34
1.6. Blockchain use cases in business operations 37
1.7. Research Gap 40
1.8. Summary of Chapter 1 41
Chapter 2. Public Blockchain Adoption: A Disruptive Innovation Perspective 44
2.1. Disruptive innovation theory 44
2.2. Disruptive Potential of Blockchain Technology 46
2.3. Summary of chapter 2 47
Chapter 3. Methodology of research 49
3.1. Research strategy 49
3.2. Literature selection 51
3.3. Data collection 51
3.4. Data analysis 52
3.5. Expected findings 53
Chapter 4: Implementing Public Blockchain for CP Foods' Supply Chain Management 55
4.1. CP Foods Abstract Representation 55
4.2. Identifying Challenges Through Analysis of the Existing Supply Chain 58
4.3. Defining concepts 58
4.4. Defining blockchain solution 61
4.5. Linking entities to tokens and blockchain addresses 63
4.6. Description of processes and smart contracts 65
4.7. A Roadmap for Agri-Industrial Businesses to Implement Streamlined Blockchain
Systems 71
4.8. Summary of chapter 4 73
Chapter 5. Discussion, Contributions, and Limitations 75
5.1 Discussion 75
5.2 Contribution 76
5.3 Study Limitations and Future Research Directions 77
5.4 Summary of chapter 5 78
Conclusion 79
Bibliography 81
Appendix 86
The principle of blockchain is easiest to explain with a community aspect. It is based on what is known as distributed ledger technology (DLT). Each member of the peer-to-peer network that makes up these registries can view the same information in separate blocks.
Blockchain is a type of distributed ledger technology (DLT), a digital system for recording transactions and related data in multiple places at the same time. Blockchain technology allows a group of selected participants to exchange data and makes it possible to easily collect, integrate and exchange transaction data from multiple sources. Data is broken down into common blocks that are linked together through unique identifiers that take the form of cryptographic hash functions. Blockchain ensures data integrity with a single source of reliable information, eliminating data duplication and increasing data security. As a result, blockchain technology can be used by organizations from multiple industries to create an immutable or indefinite registry for tracking orders, payments, invoices, and other transactions.
The objective of this thesis is to develop practical recommendations for incorporating blockchain technology into business processes. To achieve this, a case study will be conducted on Charoen Pokphand Foods (CP Foods), a leading multinational agro-industrial and food conglomerate. CP Foods operates in diverse sectors such as animal feed, livestock farming, aquaculture, and food processing, all of which have intricate supply chain management procedures. These sectors are particularly sensitive to the need for transparency, as it becomes crucial to trace the origins of food within the supply chain, facilitating the detection of potential contaminations. Furthermore, given the company’s size, wide range of activities, and expansive global supply chains, the adoption of blockchain networks becomes essential. Implementing blockchain technology can bring significant benefits, including streamlined processes, improved security, reduced expenses, and enhanced transparency. These benefits are especially vital for companies operating in these sectors.
The focus of this study will be on how CP Foods can leverage blockchain technology to streamline its supply chain management processes, enhance transparency, and improve traceability. One potential application of blockchain technology is to create a tamper-proof record of the origin, quality, and safety of the products. This record can be accessed and verified by multiple parties, including consumers, regulators, and trading partners. By improving transparency and traceability, blockchain technology can enhance consumer trust and confidence in the products.
Overall, this thesis will contribute to the growing body of knowledge on the potential use of blockchain technology in business processes. It focuses on companies that would greatly benefit from adopting blockchain systems, leading to improved efficiency and transparency, thereby 8
gaining customers' trust. The research provides insights into the practical implementation of blockchain in a real-world setting, offering recommendations and necessary steps to ensure successful adoption for businesses of all scales, not just those willing to invest in costly customized private systems. The standardized approach employed in the study for implementing blockchain technology in Charoen Pokphand Foods' business processes can serve as a model for other companies in the food and agro-industrial sectors. These companies, seeking to enhance transparency and streamline their processes, can consider incorporating blockchain technology without incurring exorbitant costs.
The importance of the topic is highlighted by the fact that the increasing competition in the market demands the development of new technologies, such as corporate blockchain. Like how businesses closely observed technological advancements such as the personal computer revolution in the 1970s and 1980s and the Internet explosion in the mid-1990s, knowing that their rivals were leveraging the benefits of these innovations. Blockchain technology is already being used by several logistics organizations to track products as they move through the supply chain. Blockchain technology is being tested as a foundation for digital currency exchange by government central banks and the global financial sector. Various industries, including the legal and entertainment, are using blockchain developing and implementing smart contracts and other mechanisms for transferring and protecting intellectual property rights (David Essex, 2021).
...
Blockchain is a type of distributed ledger technology (DLT), a digital system for recording transactions and related data in multiple places at the same time. Blockchain technology allows a group of selected participants to exchange data and makes it possible to easily collect, integrate and exchange transaction data from multiple sources. Data is broken down into common blocks that are linked together through unique identifiers that take the form of cryptographic hash functions. Blockchain ensures data integrity with a single source of reliable information, eliminating data duplication and increasing data security. As a result, blockchain technology can be used by organizations from multiple industries to create an immutable or indefinite registry for tracking orders, payments, invoices, and other transactions.
The objective of this thesis is to develop practical recommendations for incorporating blockchain technology into business processes. To achieve this, a case study will be conducted on Charoen Pokphand Foods (CP Foods), a leading multinational agro-industrial and food conglomerate. CP Foods operates in diverse sectors such as animal feed, livestock farming, aquaculture, and food processing, all of which have intricate supply chain management procedures. These sectors are particularly sensitive to the need for transparency, as it becomes crucial to trace the origins of food within the supply chain, facilitating the detection of potential contaminations. Furthermore, given the company’s size, wide range of activities, and expansive global supply chains, the adoption of blockchain networks becomes essential. Implementing blockchain technology can bring significant benefits, including streamlined processes, improved security, reduced expenses, and enhanced transparency. These benefits are especially vital for companies operating in these sectors.
The focus of this study will be on how CP Foods can leverage blockchain technology to streamline its supply chain management processes, enhance transparency, and improve traceability. One potential application of blockchain technology is to create a tamper-proof record of the origin, quality, and safety of the products. This record can be accessed and verified by multiple parties, including consumers, regulators, and trading partners. By improving transparency and traceability, blockchain technology can enhance consumer trust and confidence in the products.
Overall, this thesis will contribute to the growing body of knowledge on the potential use of blockchain technology in business processes. It focuses on companies that would greatly benefit from adopting blockchain systems, leading to improved efficiency and transparency, thereby 8
gaining customers' trust. The research provides insights into the practical implementation of blockchain in a real-world setting, offering recommendations and necessary steps to ensure successful adoption for businesses of all scales, not just those willing to invest in costly customized private systems. The standardized approach employed in the study for implementing blockchain technology in Charoen Pokphand Foods' business processes can serve as a model for other companies in the food and agro-industrial sectors. These companies, seeking to enhance transparency and streamline their processes, can consider incorporating blockchain technology without incurring exorbitant costs.
The importance of the topic is highlighted by the fact that the increasing competition in the market demands the development of new technologies, such as corporate blockchain. Like how businesses closely observed technological advancements such as the personal computer revolution in the 1970s and 1980s and the Internet explosion in the mid-1990s, knowing that their rivals were leveraging the benefits of these innovations. Blockchain technology is already being used by several logistics organizations to track products as they move through the supply chain. Blockchain technology is being tested as a foundation for digital currency exchange by government central banks and the global financial sector. Various industries, including the legal and entertainment, are using blockchain developing and implementing smart contracts and other mechanisms for transferring and protecting intellectual property rights (David Essex, 2021).
...
The research has explored the adoption and implementation of blockchain technology in industries characterized by complex supply chain operations, particularly emphasizing the food industry.
The study began by conducting a through literature review to establish a foundation understanding of blockchain technology. The review highlighted recent developments and real-world applications across various sectors, with a specific emphasis on successful implementations within the food industry. Notably, it was observed that many businesses in the industry have predominantly adopted private blockchain systems. However, the study revealed the potential for greater accessibility by implementing blockchain technology on public blockchains. Such an approach has the potential to disrupt the entire industry by streamlining processes and enhancing transparency.
The primary objective of the research was to evaluate the practicality of implementing blockchain systems as a roadmap for the food industry. The chosen methodology involved conducting interviews and utilizing thematic analysis to analyze the collected data. Through this approach, the study identified the challenges faced by businesses in the industry and proposed solutions to address them.
One of the key findings was the effectiveness of smart contracts in simplifying processes and improving operational efficiency. The integration of tokens as a means of payment provided additional benefits, facilitating transactions and capital management within the company. Moreover, the study demonstrated the advantage of implementing the system on established public blockchain platforms. This approach eliminates the requirement for private blockchains and provides additional security within a bug-free environment.
By demonstrating a practical and feasible implementation approach, this thesis supports the disruptive potential of blockchain technology in the food industry. It provides a blueprint that other businesses can customize and adopt, enabling them to streamline their operations and leverage the benefits of blockchain. The research contributes to the existing body of knowledge by offering insights into the adoption of public blockchain systems and their impact on supply chain management.
Bottom line, the study demonstrates that the adoption of blockchain technology in industries with complex supply chains, specifically the food industry, can revolutionize operations and pave the way for industry-wide disruption. The findings suggest a customizable approach that businesses can leverage to optimize their processes and enhance competitiveness. By embracing blockchain technology, the industry can achieve greater transparency, efficiency, and security, ultimately benefiting consumers and stakeholders alike.
The study began by conducting a through literature review to establish a foundation understanding of blockchain technology. The review highlighted recent developments and real-world applications across various sectors, with a specific emphasis on successful implementations within the food industry. Notably, it was observed that many businesses in the industry have predominantly adopted private blockchain systems. However, the study revealed the potential for greater accessibility by implementing blockchain technology on public blockchains. Such an approach has the potential to disrupt the entire industry by streamlining processes and enhancing transparency.
The primary objective of the research was to evaluate the practicality of implementing blockchain systems as a roadmap for the food industry. The chosen methodology involved conducting interviews and utilizing thematic analysis to analyze the collected data. Through this approach, the study identified the challenges faced by businesses in the industry and proposed solutions to address them.
One of the key findings was the effectiveness of smart contracts in simplifying processes and improving operational efficiency. The integration of tokens as a means of payment provided additional benefits, facilitating transactions and capital management within the company. Moreover, the study demonstrated the advantage of implementing the system on established public blockchain platforms. This approach eliminates the requirement for private blockchains and provides additional security within a bug-free environment.
By demonstrating a practical and feasible implementation approach, this thesis supports the disruptive potential of blockchain technology in the food industry. It provides a blueprint that other businesses can customize and adopt, enabling them to streamline their operations and leverage the benefits of blockchain. The research contributes to the existing body of knowledge by offering insights into the adoption of public blockchain systems and their impact on supply chain management.
Bottom line, the study demonstrates that the adoption of blockchain technology in industries with complex supply chains, specifically the food industry, can revolutionize operations and pave the way for industry-wide disruption. The findings suggest a customizable approach that businesses can leverage to optimize their processes and enhance competitiveness. By embracing blockchain technology, the industry can achieve greater transparency, efficiency, and security, ultimately benefiting consumers and stakeholders alike.
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