AU2021103825A4 - A vendor-management inventory system and its method there of - Google Patents
A vendor-management inventory system and its method there of Download PDFInfo
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- AU2021103825A4 AU2021103825A4 AU2021103825A AU2021103825A AU2021103825A4 AU 2021103825 A4 AU2021103825 A4 AU 2021103825A4 AU 2021103825 A AU2021103825 A AU 2021103825A AU 2021103825 A AU2021103825 A AU 2021103825A AU 2021103825 A4 AU2021103825 A4 AU 2021103825A4
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- 238000000034 method Methods 0.000 title claims abstract description 38
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- 238000012550 audit Methods 0.000 claims description 4
- 238000007405 data analysis Methods 0.000 claims description 4
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- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q10/00—Administration; Management
- G06Q10/08—Logistics, e.g. warehousing, loading or distribution; Inventory or stock management
- G06Q10/087—Inventory or stock management, e.g. order filling, procurement or balancing against orders
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- H—ELECTRICITY
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Abstract
The present invention generally relates to a vendor-management
inventory system and its method comprises maintaining inventory
information in a local database by employing an inter planetary file
module which is controlled by a shop, wherein shop maintains an updated
inventory track; allowing merchant to communicate its stock status to a
blockchain on a periodic by utilizing well-known off-chain storage; directly
accessing or allowing supplier to control the retailer inventory via the
blockchain by a local DB retailer; allowing vendor to identify a number of
needs and deploys, with specified terms, periods and additional
information, an intelligent deal with a fresh order to replenish the store;
and checking smart contract by the store and accepting for confirmation
of the transaction, wherein the seller supplies the merchant with the
merchandise and thereby all supply chain items are updated to keep track
of occurrences.
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a)
Description
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The present disclosure relates to a vendor-management inventory system and its method thereof to track the product movement in supply chain.
The fourth industrial revolution is distinguished by the convergence of several disruptive technologies, including IoT and blockchains. Supply Chain is in the middle of a significant technology revolution, like many other industries. Global Supply Chain networking is being redesigned and converted into near-complete digital ecosystems to an unprecedented extent and rate. Supply Chain digitalization provides for unparalleled speed and agility in business and the development of linked, reliable and secure networks. Supplier-managed inventory (SMI) is a management method for the supply chain to improve multi-company supply chain performance while developing a mutually advantageous connection between a supplier and retailers. SMI basic aim is that the supplier is entitled to monitor the inventory of products. Adopting SMI practices may bring major benefits for retailers, suppliers and the whole supply chain. The information sharing and complexity difficulties and opportunistic conduct among important supply chain actors are of special concern.
In the view of the forgoing discussion, it is clearly portrayed that there is a need to have a vendor-management inventory system and its method thereof.
The present disclosure seeks to provide an integrated internet of things with blockchains for vendor-management inventory system and its method thereof.
In an embodiment, a vendor-management inventory system is disclosed. The system includes an inter planetary file module for maintaining inventory information in a local database which is controlled by a shop, wherein shop maintains an updated inventory track. The system further includes an off-chain storage configured for allowing merchant to communicate its stock status to a blockchain on a periodic. The system further includes a local DB retailer for directly accessing or allowing supplier to control the retailer inventory via the blockchain, wherein the alternatives are consistent with vendor requests from the store, as in more conventional SMI settings.
In an embodiment, the merchant communicates its stock status to the blockchain on a periodic basis utilizing well-known off-chain storages.
In another embodiment, a method for vendor-management inventory system is disclosed. The method includes maintaining inventory information in a local database by employing an inter planetary file module which is controlled by a shop, wherein shop maintains an updated inventory track. The method further includes allowing merchant to communicate its stock status to a blockchain on a periodic by utilizing well-known off-chain storage. The method further includes directly accessing or allowing supplier to control the retailer inventory via the blockchain by a local DB retailer, wherein the alternatives are consistent with vendor requests from the store, as in more conventional SMI settings. The method further includes allowing vendor to identify a number of needs and deploys, with specified terms, periods and additional information, an intelligent deal with a fresh order to replenish the store. The method further includes checking smart contract by the store and accepting for confirmation of the transaction, wherein the seller supplies the merchant with the merchandise and thereby all supply chain items are updated to keep track ofoccurrences.
In an embodiment, supplier participate and is authorized to update or modify the product status, wherein vendor manages stock by offering substitute orders or by placing intelligent blockchain contracts.
In an embodiment, occurrences are location, transit conditions, delivery timings, and temperature.
In an embodiment, retailer interacts with the distributor through contracts using the blockchain and through intelligent contracts.
In an embodiment, delivery companies are configured to deliver quality in accordance with certain specifications and to communicate with the blockchain in order to update product information.
In an embodiment, every actor/company has their own keys and access, based on their role, to the relevant transactions, wherein the needed actor is having verifiable and reliable access to every function/operation in the intelligent contract.
In an embodiment, a set of proprietary functions are implemented to collect traceability information during the audit and execute data analysis.
In an embodiment, steps to collect traceability information comprises utilizing constructor function by vendor to implement a smart contract with an order which includes a set of items with a variety of features; recording the specifics of each product and information on traceability, such as locations throughout time using intelligent contract records; and updating information by the vendor or distributor in accordance with the appropriate update option, wherein every time the smart contract information is updated, a trigger function is used as an alarm, is updated, wherein the store is able to verify information on the command content in real time using the receiving/retrieving features provided by the smart contract.
An object of the present disclosure is to develop an autonomous model that adopts IoT to track the product movement in supply chain.
Another object of the present disclosure is to monitor the correctness of product delivery and movement in supply chain.
Another object of the present disclosure is to verify the product in supply chain through blockchain mechanism.
Yet another object of the present invention is to deliver an expeditious and cost-effective method for vendor-management inventory system.
To further clarify advantages and features of the present disclosure, a more particular description of the invention will be rendered by reference to specific embodiments thereof, which is illustrated in the appended drawings. It is appreciated that these drawings depict only typical embodiments of the invention and are therefore not to be considered limiting of its scope. The invention will be described and explained with additional specificity and detail with the accompanying drawings.
These and other features, aspects, and advantages of the present disclosure will become better understood when the following detailed description is read with reference to the accompanying drawings in which like characters represent like parts throughout the drawings, wherein:
Figure 1 illustrates a block diagram of a vendor-management inventory system in accordance with an embodiment of the present disclosure; Figure 2 illustrates a flow chart of a method for vendor management inventory system in accordance with an embodiment of the present disclosure; Figure 3 illustrates a setup of the vendor-retailer connection with blockchain in accordance with an embodiment of the present disclosure; and Figure 4 illustrates a flowchart of blockchain supply chain in accordance with an embodiment of the present disclosure.
Further, skilled artisans will appreciate that elements in the drawings are illustrated for simplicity and may not have necessarily been drawn to scale. For example, the flow charts illustrate the method in terms of the most prominent steps involved to help to improve understanding of aspects of the present disclosure. Furthermore, in terms of the construction of the device, one or more components of the device may have been represented in the drawings by conventional symbols, and the drawings may show only those specific details that are pertinent to understanding the embodiments of the present disclosure so as not to obscure the drawings with details that will be readily apparent to those of ordinary skill in the art having benefit of the description herein.
For the purpose of promoting an understanding of the principles of the invention, reference will now be made to the embodiment illustrated in the drawings and specific language will be used to describe the same. It will nevertheless be understood that no limitation of the scope of the invention is thereby intended, such alterations and further modifications in the illustrated system, and such further applications of the principles of the invention as illustrated therein being contemplated as would normally occur to one skilled in the art to which the invention relates.
It will be understood by those skilled in the art that the foregoing general description and the following detailed description are exemplary and explanatory of the invention and are not intended to be restrictive thereof.
Reference throughout this specification to "an aspect", "another aspect" or similar language means that a particular feature, structure, or characteristic described in connection with the embodiment is included in at least one embodiment of the present disclosure. Thus, appearances of the phrase "in an embodiment", "in another embodiment" and similar language throughout this specification may, but do not necessarily, all refer to the same embodiment.
The terms "comprises", "comprising", or any other variations thereof, are intended to cover a non-exclusive inclusion, such that a process or method that comprises a list of steps does not include only those steps but may include other steps not expressly listed or inherent to such process or method. Similarly, one or more devices or sub-systems or elements or structures or components proceeded by "comprises...a" does not, without more constraints, preclude the existence of other devices or other sub-systems or other elements or other structures or other components or additional devices or additional sub-systems or additional elements or additional structures or additional components.
Unless otherwise defined, all technical and scientific terms used herein have the same meaning as commonly understood by one of ordinary skill in the art to which this invention belongs. The system, methods, and examples provided herein are illustrative only and not intended to be limiting.
Embodiments of the present disclosure will be described below in detail with reference to the accompanying drawings.
Referring to Figure 1, illustrates a block diagram of a vendor management inventory system is illustrated in accordance with an embodiment of the present disclosure. The system 100 includes an inter planetary file module 102 for maintaining inventory information in a local database which is controlled by a shop. The shop maintains an updated inventory track.
In an embodiment, an off-chain storage 104 is configured with the inter planetary file module 102 for allowing merchant to communicate its stock status to a blockchain 106 on a periodic.
In an embodiment, a local DB retailer 108 is connected off-chain storage 104 for directly accessing or allowing supplier to control the retailer inventory via the blockchain 106, wherein the alternatives are consistent with vendor requests from the store, as in more conventional SMI settings.
In an embodiment, the merchant communicates its stock status to the blockchain 106 on a periodic basis utilizing well-known off-chain storage 104.
The blockchain 106 is a distributed data structure in which non trusting individuals can reliably communicate with one another without the need for a trustworthy authority. The concept of Smart Contracts, which allow calculations within the blockchain 106, thus functioning as a Decentralized mechanism, is a relatively new component of the blockchain 106. Smart agreements among mutually distrustful people can be deemed agreements which are enforced by blockchain 106 consensus process without reliance on trustworthy third parties. For the resolution of numerous supply chain management difficulties, the above properties of blockchain 106 agreements might be exploited extensively. In supply chain operations, for example, blockchain-enabled apps will boost traceability, especially in secure areas such as pharmaceuticals and food supply.
Figure 2 illustrates a flow chart of a method for vendor management inventory system in accordance with an embodiment of the present disclosure. At step 202, the method 200 includes includes maintaining inventory information in a local database by employing an inter planetary file module 102 which is controlled by a shop, wherein shop maintains an updated inventory track.
At step 204, the method 200 includes allowing merchant to communicate its stock status to a blockchain 106 on a periodic by utilizing well-known off-chain storage 104.
At step 206, the method 200 includes directly accessing or allowing supplier to control the retailer inventory via the blockchain 106 by a local DB retailer 108, wherein the alternatives are consistent with vendor requests from the store, as in more conventional SMI settings.
At step 208, the method 200 includes allowing vendor to identify a number of needs and deploys, with specified terms, periods and additional information, an intelligent deal with a fresh order to replenish the store.
At step 210, the method 200 includes checking smart contract by the store and accepting for confirmation of the transaction, wherein the seller supplies the merchant with the merchandise and thereby all supply chain items are updated to keep track of occurrences.
In an embodiment, supplier participate and is authorized to update or modify the product status, wherein vendor manages stock by offering substitute orders or by placing intelligent blockchain contracts.
In an embodiment, occurrences are location, transit conditions, delivery timings, and temperature.
In an embodiment, retailer interacts with the distributor through contracts using the blockchain 106 and through intelligent contracts.
In an embodiment, delivery companies are configured to deliver quality in accordance with certain specifications and to communicate with the blockchain 106 in order to update product information.
In an embodiment, every actor/company has their own keys and access, based on their role, to the relevant transactions, wherein the needed actor is having verifiable and reliable access to every function/operation in the intelligent contract.
In an embodiment, a set of proprietary functions are implemented to collect traceability information during the audit and execute data analysis.
In an embodiment, steps to collect traceability information comprises utilizing constructor function by vendor to implement a smart contract with an order which includes a set of items with a variety of features; recording the specifics of each product and information on traceability, such as locations throughout time using intelligent contract records; and updating information by the vendor or distributor in accordance with the appropriate update option, wherein every time the smart contract information is updated, a trigger function is used as an alarm, is updated, wherein the store is able to verify information on the command content in real time using the receiving/retrieving features provided by the smart contract.
Figure 3 illustrates a setup of the vendor-retailer connection with blockchain in accordance with an embodiment of the present disclosure. Despite its benefits, complexity becomes a barrier to verifying sources, keeping monitoring and visibility of products while traveling through supply chains. The IoT adoption might encourage all these moving forces which tend to monitor and track the activity of the objects moving through the chains. This optimisation will make it possible to optimize activities, including production, storage and transport. Furthermore, the transparency of supply networks may be maintained through blockchains, increasing the efficiency of the blockchain 106 when used in conjunction with IoT.
The blockchain 106 allows a complete range of capabilities and configurations to strengthen SMI within the framework of participatory SMI, where agreed terms and conditions are also met between a retailer and a vendor. In addition, a safe and verifiable refill strategy may be developed with intelligent contracts and IoT technology to prevent traditional SMI difficulties. The information saved on the blockchain 106 may also be examined using machine learning and analysis, which gives many supply chain stakeholders extra benefits. In the light of the aforementioned, we suggest a new SMI architecture based on the blockchain 106.
The overview of the blockchain 106 architecture based upon SMI may be shown in Figure 3.
Vendor: Manages stock by offering substitute orders or by placing intelligent blockchain contracts.
Retailer: Retailer interacts with the distributor through contracts using a blockchain 106 and through intelligent contracts.
Delivery companies: Their major task is to deliver quality in accordance with certain specifications. They can also communicate with the blockchain 106 in order to update product information. We presume that every actor/company has their own keys and access, based on their role, to the relevant transactions. Therefore, the needed actor will have verifiable and reliable access to every function/operation in the intelligent contract.
Thus, in the event of a direct vendor-retailer link, a conventional approach is given as:
• The shop maintains an updated inventory track. Two major possibilities exist in this regard: the merchant communicates its stock status to the blockchain 106 on a periodic basis utilizing well-known off chain storage 104, like InterPlanetary File System 102 for maintaining the inventory information in a local database.
• The supplier controls the retailer inventory via the blockchain 106 or access directly to the local DB retailer 108. These alternatives are consistent with vendor requests from the store, as in more conventional SMI settings.
• The vendor identifies a number of needs and deploys, with specified terms, periods and additional information, an intelligent deal with a fresh order to replenish the store. Other parties, such as suppliers, may participate and be authorized to update or modify the product status.
• The smart contract is checked by the store and accepted for confirmation of the transaction.
• The seller supplies the merchant with the merchandise. All supply chain items will be updated to keep track of occurrences, such as location, transit conditions, delivery timings, temperature, and so on.
Figure 4 illustrates a flowchart of blockchain supply chain in accordance with an embodiment of the present disclosure. Tests are performed on the viability of the architecture utilizing a local, private blockchain 106. Only individuals with particular responsibilities can retrieve and/or modify content. In order to collect traceability information during the audit and execute data analysis, we have also implemented a set of proprietary functions to improve the efficiency of the system.
The vendor uses the constructor function to implement a smart contract with an order which includes a set of items with a variety of features. The intelligent contract records the specifics of each product and information on traceability, such as locations throughout time. This information is updated by the vendor or distributor in accordance with the appropriate update option. Furthermore, every time the smart contract information is updated, a trigger() function, which can be used as an alarm, is updated. The store will therefore be able to verify information on the command content in real time using the receiving/retrieving features provided by the smart contract. Figure 4 provides a summary of certain tasks/functions performed by each participant in the smart contract. The transactions tested on our private blockchain 106 take milliseconds in order, hence our technique allows SMI interactions in real-time.
The system is an autonomous model that adopts IoT to track the product movement in supply chain. The system monitors the correctness of product delivery and movement in supply chain. The system verifies the product in supply chain through blockchain mechanism. The system improves the product visibility in supply chain via blockchain mechanism. The system optimizes the operations in various supply chain management through a distributed controller. The system maintains adequate transparency in supply chain through blockchain 106. The system increases the efficacy of supply chain when IoT is integrated with blockchain 106.
The drawings and the forgoing description give examples of embodiments. Those skilled in the art will appreciate that one or more of the described elements may well be combined into a single functional element. Alternatively, certain elements may be split into multiple functional elements. Elements from one embodiment may be added to another embodiment. For example, orders of processes described herein may be changed and are not limited to the manner described herein. Moreover, the actions of any flow diagram need not be implemented in the order shown; nor do all of the acts necessarily need to be performed. Also, those acts that are not dependent on other acts may be performed in parallel with the other acts. The scope of embodiments is by no means limited by these specific examples. Numerous variations, whether explicitly given in the specification or not, such as differences in structure, dimension, and use of material, are possible. The scope of embodiments is at least as broad as given by the following claims.
Benefits, other advantages, and solutions to problems have been described above with regard to specific embodiments. However, the benefits, advantages, solutions to problems, and any component(s) that may cause any benefit, advantage, or solution to occur or become more pronounced are not to be construed as a critical, required, or essential feature or component of any or all the claims
Claims (10)
1. A method for vendor-management inventory system, the method comprises: maintaining inventory information in a local database by employing an inter planetary file module which is controlled by a shop, wherein shop maintains an updated inventory track; allowing merchant to communicate its stock status to a blockchain on a periodic by utilizing well-known off-chain storage; directly accessing or allowing supplier to control the retailer inventory via the blockchain by a local DB retailer, wherein the alternatives are consistent with vendor requests from the store, as in more conventional SMI settings; allowing vendor to identify a number of needs and deploys, with specified terms, periods and additional information, an intelligent deal with a fresh order to replenish the store; and checking smart contract by the store and accepting for confirmation of the transaction, wherein the seller supplies the merchant with the merchandise and thereby all supply chain items are updated to keep track of occurrences.
2. The method as claimed in claim 1, wherein supplier participate and is authorized to update or modify the product status, wherein vendor manages stock by offering substitute orders or by placing intelligent blockchain contracts.
3. The method as claimed in claim 1, wherein occurrences are location, transit conditions, delivery timings, and temperature.
4. The method as claimed in claim 1, wherein retailer interacts with the distributor through contracts using the blockchain and through intelligentcontracts.
5. The method as claimed in claim 1, wherein delivery companies are configured to deliver quality in accordance with certain specifications and to communicate with the blockchain in order to update product information.
6. The method as claimed in claim 1, wherein every actor/company has their own keys and access, based on their role, to the relevant transactions, wherein the needed actor is having verifiable and reliable access to every function/operation in the intelligent contract.
7. The method as claimed in claim 1, wherein a set of proprietary functions are implemented to collect traceability information during the audit and execute data analysis.
8. The method as claimed in claim 1, wherein steps to collect traceability information comprises:
utilizing constructor function by vendor to implement a smart contract with an order which includes a set of items with a variety of features; recording the specifics of each product and information on traceability, such as locations throughout time using intelligent contract records; and updating information by the vendor or distributor in accordance with the appropriate update option, wherein every time the smart contract information is updated, a trigger function is used as an alarm, is updated, wherein the store is able to verify information on the command content in real time using the receiving/retrieving features provided by the smart contract.
9. A vendor-management inventory system, the system comprises: an inter planetary file module for maintaining inventory information in a local database which is controlled by a shop, wherein shop maintains an updated inventory track; an off-chain storage configured for allowing merchant to communicate its stock status to a blockchain on a periodic; and a local DB retailer for directly accessing or allowing supplier to control the retailer inventory via the blockchain, wherein the alternatives are consistent with vendor requests from the store, as in more conventional SMI settings.
10. The system as claimed in claim 9, wherein the merchant communicates its stock status to the blockchain on a periodic basis utilizing well-known off-chain storages.
Figure 3
Priority Applications (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| AU2021103825A AU2021103825A4 (en) | 2021-07-02 | 2021-07-02 | A vendor-management inventory system and its method there of |
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| AU2021103825A AU2021103825A4 (en) | 2021-07-02 | 2021-07-02 | A vendor-management inventory system and its method there of |
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