Augmenting Cryptocurrency in Smart Supply Chain

Abstract Blockchain has been successfully used in many applications for international asset transfers and domestic payments. In these cases, payment processes are more liquidated and automated leading to the paradigm shift in the payment industry. The advancement of Blockchain technology (BCT) tends to replace conventional payment methods in supply chain that may involve payment terms. However, when BCT is applied, some payment conditions can be met by adopting smart contracts; while other scenarios such as a payment in arrears have yet been addressed. For example, no payment solution is available for anticipated funds associated with contractual dues. To improve the flexibility, we propose a new architecture based on smart contracts to lubricate the payments, and we evaluate the effectiveness of the architecture. The system has its great theoretic and practical significance since it creates the new technical thread that enterprises would be able to fully utilize future resources in current businesses.