1 Independent Researcher, New Jersey, USA.
2 Reeks Corporate Services, Lagos, Nigeria.
3 Independent Researcher, Finland.
4 Department of Business Administration, Texas A&M University-Commerce, Texas USA.
5 Etihuku Pty Ltd, Midrand, Gauteng, South Africa.
6 University of Potomac, Virginia Campus, USA.
7 Independent Researcher, UK.
Review Article
World Journal of Advanced Research and Reviews, 2024, 24(02), 1017-1038
Received on 01 October 2024; revised on 09 November 2024; accepted on 11 November 2024
This review paper explores the efficacy of blockchain technology in enhancing product authenticity and traceability within supply chains. With the complexity of global supply chains increasing, the risk of counterfeit products and inefficiencies in tracking origins is escalating. This paper synthesizes existing literature to outline the current landscape of blockchain applications in supply chains, focusing on the decentralized and immutable capabilities of the technology that promise to revolutionize traditional practices.
The core of the review involves a comprehensive analysis of documented implementations of blockchain in various industries, assessing their impact on enhancing transparency, reducing fraud, and improving overall supply chain integrity. We critically examine case studies and existing research to identify patterns of success and common challenges faced by organizations adopting blockchain solutions.
Findings highlight that blockchain technology not only supports better traceability and authentication processes but also fosters a more transparent environment for transactions, significantly deterring the proliferation of counterfeit goods. Additionally, the review points out the technological and organizational hurdles in adopting blockchain, such as the need for standardization and the resistance to change in legacy systems.
The paper concludes that blockchain technology holds substantial promise for addressing critical issues in supply chain management. However, achieving its full potential requires overcoming significant adoption challenges and fostering collaborative efforts for standardization across industries. This review calls for ongoing research into scalable blockchain applications and strategic partnerships to drive the technology's integration into mainstream supply chain operations.
Blockchain technology; Supply chain management; Product traceability; Product authenticity; Smart contracts; Internet of Things (IoT)
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Adedamola Sobowale, Richard Okon, Godwin Nzeako, Stephane Jean Christophe Zouo, Jeremiah Olamijuwon, Bamidele Michael Omowole and Amarachi Queen Olufemi-Phillips. Ensuring product authenticity and traceability with blockchain in supply chains. World Journal of Advanced Research and Reviews, 2024, 24(2), 1017-1038. Article DOI: https://doi.org/10.30574/wjarr.2024.24.2.3413