Decentralized Ledger Technology for EPCIS 2.0: Utilizing NFTs for Enhanced Product Traceability

After the release of version 2.0 of the Electronic Product Code Information Services (EPCIS), the standard consolidated as one of the most prominent standards for supply chain traceability in many industries. In this work, we introduce an innovative framework that integrates the EPCIS 2.0 standards with Hyperledger Fabric Decentralized Ledger Technology (DLT) to significantly improve product security and traceability within supply chains. By designating each product as a Non-Fungible Token (NFT), we establish a direct link between EPCIS events and NFT operations, enabling precise traceability and enhanced security. Our method maps standard events to token operations and the implementation of a traceability module employing hash mapping to manage product lifecycle information efficiently. In addition, we present algorithms designed to prevent counterfeiting by verifying product originality through EPCIS event data analysis. We evaluate the model considering relevant criteria, like performance on capturing and querying traceability information using Hyperledger Caliper, and show that our traceability query improves query time significantly without much overhead in capturing.