Blockchain‐based secure information sharing for supply chain management: Optimization assisted data sanitization process

Currently, the furious competitiveness in global markets and speedy improvements in information technology lead to shorter product life cycles, lesser transportation capabilities, and increased demands as well. In most business scenarios, the supply chain network is becoming one of the most vital focusing areas. In the supply chain network, blockchain technology is a promising solution for secure information sharing. However, it is a bit critical in maintaining security at each level of the blockchain and hence the public–private–key cryptography is more commonly preferred. This study intends to construct a new privacy preservation model in the field of supply chain networks based on blockchain technology by undergoing three major phases, namely, (a) data sanitization, (b) key generation, and (c) restoration. Further, the sensitive fields in the original data are selected during the data sanitization phase, and in the key generation phase; the optimal key is generated to hide the selected sensitive fields. The hidden data with the secured key is transferred from the source (manufacturer) to destination (vendor) in the supply chain network via the blockchain. The restoration process takes place in the receiver side with the help of the same key. Among all these data flow methods, the optimal key selection is the critical issue that needs to be overridden to make the data transmission secured. As a novelty, a new optimization algorithm referred to as Whale with New Crosspoint-based Update (WNU), which is the advanced version of Whale Optimization Algorithm (WOA), is developed here to select the optimal key. Finally, the proposed WNU model is analyzed in terms of Hiding Failure (HF) rate, Information Preservation (IP) Rate, and False Rule generation (FR), and Degree of Modification (DM). The proposed secured information sharing in supply chain management (SCM) with blockchain technology will be validated by comparing it over the traditional models in terms of security as well.