Automating supply chain management with blockchain technology.
1 Business Analytics, Trine University, USA.
2 Digital Business Management (2022), University of Portsmouth, UK.
Review Article
World Journal of Advanced Research and Reviews, 2024, 22(03), 1568–1574
Publication history:
Received on 18 May 2024; revised on 25 June 2024; accepted on 27 June 2024
Abstract:
Supply chain management (SCM) plays an important role in organizations by creating efficiency and cost advantages in operating supply chain activities across industries. It will also be important to know that traditional SCM systems have various inherent problems, including not having enough information about the system, complicated tracking of products, and the fact that fraudulent activities easily compromise most systems. The modern solution for SCM seems to be based on blockchain technology that provides an operational walls-built ledger, significantly increasing transparency and traceability rates within the supply chain processes. Consequently, this paper considers the role of SCM in incorporating blockchain technology to address potential issues such as scalability and conformity to legal frameworks. Examples from Walmart's food supply chain management and Maersk and IBM's TradeLens give a concrete realization of blockchain's benefits in supply chain clarity and functioning. Future trends of blockchain for SCM, particularly multichain and integration with other emerging technologies, reveal that the field is set to expand toward offering increased resolution and reliability to the supply chain.
Keywords:
Blockchain Technology; Supply Chain Management; Transparency; Traceability; Security
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0