Paper Details

Name: Prakash Divakaran, Vandana Mishra Chaturvedi
Country: India

Year: 2023
Volume: Volume-10, Issue-1 (January-June)
Page Number: 18-25

To solve issues of trust and traceability in the supply chain, blockchain technology has emerged as a game-changer. Lack of transparency, counterfeiting, inefficient procedures, and trust deficiencies are only some of the problems plaguing the conventional supply chain systems. Blockchain's unique set of capabilities may completely revamp SCM, making it more efficient, transparent, and secure. In this study, we investigate how blockchain technology might improve transparency and trust in supply chains. Decentralization, transparency, immutability, and consensus procedures are introduced as the first building blocks of the blockchain. The rest of the article digs into the particular uses of blockchain in supply chain management, demonstrating its capacity to increase transparency, decrease fraud, boost productivity, and cultivate trust among all parties involved. Scalability, interoperability, data privacy, and regulatory compliance are just few of the issues that are discussed in this article as major obstacles to deploying blockchain-based supply chain solutions. It delves into the different blockchain frameworks and platforms that are already in use for practical supply chain applications. Food traceability, pharmaceutical supply chains, high-end items, and sustainable sourcing are just few of the application cases for blockchain in supply chain management that are investigated in this study. These examples illustrate the practical applications of blockchain technology, such as improved visibility, real-time tracking, product identification, and the elimination of counterfeit items. The study also discusses the benefits and drawbacks of using blockchain technology to increase transparency and trust in the supply chain. Current initiatives to solve scalability problems, include IoT devices, and build industry-wide standards for blockchain implementation are discussed.
Keywords — Traceability and Visibility, globalized economy, Technological, supply chains, Digital Security and Privacy, Digital Environment, Technology Privacy.