Blockchain technology has been an innovation in the world of technology

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Nov 24, 2024

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Contents Introduction: .................................................................................................................................. 1 Role of blockchain technology in operations management ........................................................ 3 Supply chain management: .......................................................................................................... 4 Process of production: ................................................................................................................. 4 Nature of blockchain technology: ................................................................................................. 4 Impact on operations practices: ................................................................................................... 6 Providing direction and coordinating efforts: .............................................................................. 7 The decrease of supplier costs: .................................................................................................... 7 Recognize dangers that may exist: .............................................................................................. 7 Timeline for an outline strategy: .................................................................................................. 7 Companies using blockchain: ....................................................................................................... 8 Recommendations and conclusion: .............................................................................................. 9 References: ..................................................................................................................................... 9

Introduction: Using blockchain technology, information may be recorded so that it cannot be altered, tampered with, or hacked. Transactions are replicated and distributed across the entire blockchain network using this vital digital ledger. Blockchain has also been described as a data structure that ensures security, holds transaction records, is transparent, and decentralises. Definition: a series of records maintained under the supervision of a single authority in order to lessen the likelihood that the data would be stolen. Car manufacturers are storing their data on the blockchain. Various sectors are turning to blockchain technology to safeguard their data from hackers, and Suzuki should do the same. In the twenty-first century, the vast majority of automobiles will be connected to the internet via onboard computers and sensors. Businesses, automobiles, and customers may all benefit from the trust and collaboration that can be gained through the use of blockchain technology. While Suzuki has made the transition to digital systems, it still needs to implement blockchain technology and other new technologies. The goal of this paper is to show Suzuki how blockchain technology can benefit the company in terms of data security and consumer confidence. The paper proposes how blockchain technology might be employed in the manufacturing and supply chain industries. Other than that, it provides an overview of this technology, its existing and potential uses, and the advantages it provides in general. To set the stage for their discussion on how to put it to use in the manufacturing process, the writers gave some context for the technology. Even in the realm of operations and supply chain management, blockchain technology has been a breakthrough. It has grown to be a bastion for the internet, allowing users to access data but preventing them from copying or modifying it. As a result, the company's relationship with its stakeholders is becoming more open and transparent. As a result, relationships are strengthened, and supply chain management is enhanced. More than half of the

world's population has some kind of financial institution in their lives, yet only a fraction of the population has full access to banking services. When they become adults, children born today may not have access to a bank account. They will travel in self-driving cars and have a bank app on their smartphones. 4 billion people who are currently unable to use financial services or participate in international trade will be able to do so once cryptocurrencies are widely used. They will also be able to shield their assets from the whims of governments and financial institutions. As a result, they will have the ability to shape their own destiny. Just as the Internet revolutionised communications, the disruptive architecture of blockchain technology and bitcoin in particular provides us with a new way to organise the world. When it comes to money and finance, Bitcoin will do the same. The Internet has made knowledge accessible to everyone, but the blockchain will make money and assets accessible to everyone. States have had a monopoly on issuing money for millennia, so let's take that into consideration. The use of blockchain technology in the supply chain has its drawbacks. As a matter of fact, it hasn't yet matured enough to manage all kinds of business and supply chain activities. Blockchain technology hasn't yet been integrated into all business processes. Because of this, human intervention is necessary. Because of this, the technology becomes vulnerable to errors and inefficiency. There are blocks on the blockchain that carry a record of valid network activity, and these blocks are called "blocks" (Crosby, Pattanayak, Verma, & Kalyanaraman, 2016). Adding a new block to the chain is as simple as filling out and approving the previous one. It is possible to view the data contained in these blocks, but only with the correct permissions, once they have been added to the chain. In the article review, you'll get a sense of what the authors wrote about.

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Role of blockchain technology in operations management The blockchain technology results in cost reduction in the interaction between the economic agents, effective control over operational risk and provision of information technology, which brings competitive advantage in the financial contracts. It also contributes in the financial security of the operations in modern business activities/processes and provide highly organized structure of blockchain technology. The application of blockchain technology in financial transaction is that it provides high-quality contract implementation between an economic agent of digital economy. Presently, many experts consider it as a promising platform for business development, finance area, investment area and in high technology areas. The blockchain technology empowers technology and financial companies with competitive advantages, as well as reduces the economic agent's contracting cost, and it allows controlling cost on the financial transactions and network and also help in managing the operational risks of the companies. It does only provide competitive advantages which help in expanding the tools of operation but also help them in the formation of new deals. Automotive technology is no longer the primary driver of innovation and adoption in many other industries. There are numerous advantages to investing in blockchain technology, which is still in its infancy. In the automotive business, blockchain is gaining traction. Blockchain technology is being adopted by several of the world's most well-known vehicle manufacturing companies because it boosts their security and reduces their risk. Automotive is one of the industries that constantly monitors new technology, introduces new features, and drives growth. The blockchain has a number of advantages for both automobile makers and consumers.

Supply chain management: There are a number of supply chain management issues, such as vehicle parts that are lost, stolen, damaged, or otherwise misplaced during delivery. Manufacturers would be able to track all of a car's components with the use of a blockchain-based system. Recalls may be handled more quickly and effectively thanks to its ability to track each piece's origin, making it easier to identify any modifications or manufacturing issues that may have occurred. Process of production: Process of production: It's an asset across the entire auto manufacturing process. The data from bills or a shopping list can be stored here. In addition, it aids in quality control by storing records of the parts manufactured during the manufacturing process, as well as WIP information needed for the vehicle's assembly. Blockchain technology has a significant impact on business models (Lacity 2018), but most current research focuses on the technology itself and how it can be applied in the real world (Nakamoto 2008; Wang and Kogan 2018; Eyal and Sirer 2018; Kshetri 2018; Jun; Radanovic and Liki 2018). A number of real-world case studies (Ying et al. 2018; Y. Chen 2018) demonstrate how blockchain technology has the ability to impact a variety of business operations and service offerings. No empirically-based research exists on how blockchain technology might modify existing and create new business models, to the best of our knowledge. Nature of blockchain technology: As world is becoming more impulsive, many industries have started seeking for developing new technologies such as Ai Technology; Deep Learning; Industry 4.0, and Blockchain for their business excellence. Because the corporate world functions in a volatile, uncertain, complex, and

ambiguous (VUCA) world, it is imperative to have a strategy for dealing with these challenges (Bennett & Lemoine, 2014). So, to sail company operations in these rising tides of the VUCA environment, businesses need to be provided with technology that may minimise obstacles in business operations and promote perfect functioning and one such technologies is Blockchain. Transactions between separate parties can be recorded using BCT, a novel technology that has emerged in recent years (Manimuthu, Sreedharan, Rejikumar, & Marwaha, 2019). Connected vehicles are the next step in digitalization and information exchange in the automobile industry, as new technologies such as hybrid, electric and autonomous cars are being introduced. Supply chain activities in the automobile industry, on the other hand, are dynamic and flexible, leading to operational inefficiency (Bai & Sarkis, 2020). Better information sharing is essential to address these inefficiencies. A significant increase in sensor deployment, big data approaches, computing power, and storage capacity has been seen in the automotive industry since the emergence of Industry 4.0. (Rejikumar et al., 2019). Additionally, the implementation of forecasting models, computing, novel human–machine interactions, robotics, IoT (Internet of Things) enhancements, and 3D/4D printing (Fernandez-Carames & Fraga-Lamas, 2019) helps manufacturing facilities organise effectively with their primary suppliers, Lead Logistics Providers (LLP), and shippers to ensure speedy delivery of parts and optimise inventory levels. Moreover, the Automotive sector primarily depends on components and raw material suppliers from many places, therefore openness and accountability are necessary for efficient supply chains (Zhang, Zhang, Tao, Liu, & Zuo, 2019). (Zhang, Zhang, Tao, Liu, & Zuo, 2019). Increased demand for greater transparency and reduced process uncertainty are two of the most pressing issues facing the automotive supply chain (ASC). As a result, the ASC stakeholders'

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information sharing and monitoring processes necessitated the use of robust and reliable technology (Ramezankhani, Torabi, & Vahidi, 2018). Impact on operations practices: The buying manager's tasks vary based on the needs of the industry. Those working in the automotive industry buy raw materials or products that have undergone minimum processing. They are responsible for keeping an eye on the market's growth and determining the price trends of their cars' components. Finally they need to know the future availability of their specific industrial supplies, seek vendors, negotiate rates, purchase orders, formulate demands, and then maintain the records. Everything needs to be stored and processed in a way that allows them to readily track the excess and deficiency of the parts of their automobiles. They collaborate with automobile manufacturers' supply chain managers and procurement managers to ensure that the supply chain and procurement processes run smoothly.

Providing direction and coordinating efforts: Supplier and purchaser development efforts necessitate ongoing coordination on their part. Supplier appropriateness, requests for proposals, contract reviews, cost breakdown, policies, relocation of the budget, ethical standards, quality of the parts, and audit criteria are all included in this list of requirements. The decrease of supplier costs: It's as if they create an atmosphere where the purchasing team takes the lead in cutting supplier costs. They are expected to accomplish their annual reduction goals on a daily basis. A regular evaluation is required to determine when they can afford to buy it and how much they can afford to pay. Recognize dangers that may exist: As a result, they can identify supply-chain risks, devise a strategy, and lead the entire team in mitigating their effects on Suzuki. SWOT analysis of car manufacturing: Strengths  Industrial evolution  Constant product innovation  Facilitate the country's development Weakness:  Unofficial laws  Dealing power impact  Turnover of representatives because of absence of preparing Opportunities:  Eco-friendly vehicles  Change way of life and shopper development  Extend markets Threats:  Rise contest  Idle economy  Instable fuel costs

Timeline for an outline strategy: Project design Projecting final testing employee training Raw material complete market analysis Final results Review report 29-Jan-22 3-Feb-22 8-Feb-22 13-Feb-2218-Feb-2223-Feb-2228-Feb-225-Mar-2210-Mar-22 Timetable Companies using blockchain: A large number of automobile manufacturers are successfully utilising blockchain. To ensure that cobalt is sourced ethically, Ford is establishing a blockchain test on IBM's platform. Using this tool, Ford is able to track the supply chain of cobalt for lithium-ion batteries, and it intends to ensure that no child-minded cobalt is supplied. One of the most prominent companies employing blockchain tracking systems to prevent odometer fraud is Volkswagen. This fraud has extended throughout the automobile manufacturing business. To ensure that dishonest automobile sellers can't tamper with the odometer and deceive buyers, Blockchain helps and assures that the odometer cannot be tampered with and helps buyers save money.

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Hyundai has also announced a new collaborative agreement with IBM to gain early access to blockchain technologies and cloud-based AI. A new supply chain finance ecosystem is being developed by IBM using open source Hyperledger technology. By automating the current manual procedure, the company expects to save both money and time for its consumers. Recommendations and conclusion: Suzuki's current plan to implement a blockchain strategy has numerous advantages. Increasingly, blockchain is being used in the automobile manufacturing industry to eliminate fraud and keep track of the full record. It aids businesses in developing effective systems for storing data on the many components needed during the manufacturing process. Because of the shaky track record, companies often find themselves short on inventory. The use of blockchain by automobile manufacturers has allowed them to better manage their data regarding the possession or requirement of various car parts. Before employing this method, firms can use it to prevent data from being hacked or altered in a way that causes financial harm to many parties. It has helped organisations keep correct records, save them, and use them for the benefit of the company after determining that only a small number of employees are capable of using the technology. In light of the successful application of this technology by other companies and how other industries are benefiting from it, Suzuki has decided to use it and keep its efficiency levels high. In order to remain competitive in the automobile industry, Suzuki must use this technology as well as other technologies. References: Berg, C., Davidson, S., & Potts, J. (2019). Blockchain Technology as Economic Infrastructure: Revisiting the Electronic Markets Hypothesis. Frontiers in Blockchain , 2 . https://doi.org/10.3389/fbloc.2019.00022

Cocco, L., Pinna, A., & Marchesi, M. (2017). Banking on Blockchain: Costs Savings Thanks to the Blockchain Technology. Future Internet , 9 (3), 25. https://doi.org/10.3390/fi9030025 Gross, M. S., & Miller, R. C. (2019). Ethical Implementation of the Learning Healthcare System with Blockchain Technology. Blockchain in Healthcare Today , 2 . https://doi.org/10.30953/bhty.v2.113 Ishmaev, G. (2017). Blockchain Technology as an Institution of Property. Metaphilosophy , 48 (5), 666–686. https://doi.org/10.1111/meta.12277 Leible, S., Schlager, S., Schubotz, M., & Gipp, B. (2019). A Review on Blockchain Technology and Blockchain Projects Fostering Open Science. Frontiers in Blockchain , 2 . https://doi.org/10.3389/fbloc.2019.00016 Mir, W. A. (2017). Necessity and Implementation of BlockChain Technology. International Journal of Scientific Research and Management , 5 (7). https://doi.org/10.18535/ijsrm/v5i7.61 Mueller, P. (2018). Application of blockchain technology. It - Information Technology , 60 (5-6), 249–251. https://doi.org/10.1515/itit-2018-0035

Blockchain technology has been an innovation in the world of technology

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