Enhancing Supply Chain Regulatory Compliance with Blockchain and Lasso Regression Integration

Adopting lasso regression besides blockchain gives the best solution in improving the regulatory compliance in supply chains. For this integration, the feature of blockchain technology which applies for secure, transparency and unchangeable record keeping is used, For lasso regression the variable selection and predictive model are used. Thus, blockchain offers supply chain participants an opportunity to perform all transactions in a decentralized manner and maintain an unalterable, open record of all the transactions that occur in the supply chain. At the same time, the lasso regression models are used to predict compliance risks based on the data obtained and choosing the features that might be useful for this analysis from a vast set of possibilities. Smart contracts are the other strategies used in performing compliance checks in real-time and reporting instances that indicate non-compliance so that the necessary intervention is done. This system does not only administers and optimizes the press compliance procedure but also improves prediction rate and reduces the risk of encountering new compliance issues. Further, the changes are made continuously in the model and the feedbacks from the stakeholders add to the fact that the system is fit to adapt to the changes in the regulatory environment and supply chain industry. In doing so, it also enhances the visibility, relevancy, reliability, and effectiveness of the regulation compliance enhancing better trust and operation in the overall supply chain.