Blockchain and AI in Reducing Inventory Fraud and Errors

Abstract

This paper examines the integration of Blockchain and Artificial Intelligence (AI) in enhancing inventory management. It highlights how these technologies synergistically improve accuracy and efficiency, significantly reducing fraud and errors. The study explores Blockchain's secure ledger and AI's predictive analytics, emphasizing their practical applications in various industries. Challenges such as technical complexities and ethical considerations, including data privacy and regulatory compliance, are also addressed. The paper concludes by discussing the implications for businesses and researchers, underscoring the transformative impact of these technologies in inventory management and the necessity for ongoing innovation and ethical vigilance

Addressing Challenges: Adopting Blockchain Technology in the Pharmaceutical Industry for Enhanced Sustainability

“…To address this, collaborative industry efforts, government incentives, and technological solutions, like blockchain-as-a-service, can help offset costs. Furthermore, artificial intelligence (AI) can assist in ensuring that blockchain applications comply with existing regulations by monitoring transactions and flagging those that might violate regulatory standards [149]. A phased implementation approach allows companies to prioritize key areas and demonstrate blockchain's value gradually, managing expenses more effectively.…”