IMPLEMENTATION OF BLOCKCHAIN TECHNOLOGY IN THE FINANCIAL SECURITY OF LOGISTICS PROCESSES OF BUSINESS ENTITIES

In recent years, the logistics industry has expanded worldwide as a large number of business organizations have realized the importance of logistics. It was determined that earlier cost control was emphasized in order to remain competitive, but recently green logistics has gained attention due to the awareness of the integration of the economy and society as a whole. The purpose of the article is to study the practice of implementing blockchain technology in the financial support of logistics processes of business entities. Thus, little attention has been paid to the application of blockchain to environmental logistics. Although blockchain is used in logistics, most studies focus on literature reviews and provide information for practitioners and academia. Therefore, this paper aims to bridge the gap by developing a blockchain-based framework for green logistics. It is emphasized that today green logistics is a useful concept to improve the sustainability of logistics operations, and its related policies and theoretical studies have been explored and investigated. Cost and risk are barriers to implementing blockchainbased green logistics. High cost is a burden for logistics companies. There are several types of costs, including device costs, training costs, operating costs, and maintenance costs. Instead of making large investments, companies may prefer not to use blockchain. In addition, high risk is another burden. How blockchain can be used is still being explored. As a result, the work of logistics companies is vulnerable to interruptions in the event of technical problems. However, the practical application of green logistics is hindered by real-time data exchange, which is common in the logistics industry. Blockchain technology is used to solve this problem and enable data sharing between relevant stakeholders. This document presents a blockchain-based green logistics reference framework to achieve sustainable logistics operations with the integration of the Internet of Things and Big Data. Finally, potential benefits and limitations are analyzed when implementing this framework.