1 The Ohio State University, Fisher College of Business, Columbus, OH, USA.
2 University of Washington, Information Systems, Seattle, WA, USA.
3 University of Virginia Darden School of Business, Charlottesville, VA, USA.
4 Sahara Group, Lagos, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 23(02), 039–056
Article DOI: 10.30574/wjarr.2024.23.2.2262
Received on 11 June 2024; revised on 25 July 2024; accepted on 27 July 2024
Blockchain technology and smart contracts are emerging as transformative tools for enhancing transparency and efficiency in supply chain management and vendor relations. Traditional supply chains often face challenges such as inefficiencies, lack of transparency, and susceptibility to fraud (Kouhizadeh & Sarkis, 2018). Blockchain, a decentralized ledger technology, coupled with smart contracts, which are self-executing contracts with the terms directly written into code, offers promising solutions to these challenges (Wang, Han, & Beynon-Davies, 2019). This paper explores the application of blockchain and smart contracts in these domains, examining their potential to provide immutable records, streamline processes, and mitigate risks (Casado-Vara et al., 2018). Through a comprehensive analysis of current literature and case studies, we identify key benefits including improved transparency, enhanced efficiency, and better risk management (Christidis & Devetsikiotis, 2016; Tian, 2016). Our findings suggest that blockchain and smart contracts can significantly improve supply chain transparency and vendor management, though their implementation requires careful consideration of technical, regulatory, and organizational factors (Saberi et al., 2019). Notable case studies, such as Walmart’s blockchain pilot for food safety and De Beers' diamond tracking initiative, illustrate the practical benefits and challenges of adopting these technologies in real-world scenarios (Casino, Dasaklis, & Patsakis, 2019; Kshetri, 2018). Despite the promising outlook, further research is needed to address scalability, interoperability, and regulatory compliance issues to fully realize the potential of blockchain and smart contracts in supply chain management (Hughes et al., 2019).
Blockchain; Smart Contracts; Supply Chain Management; Transparency; Vendor Management
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Praveen Kumar, Divya Choubey, Olamide Raimat Amosu and Yewande Mariam Ogunsuji. Blockchain and smart contracts for supply chain transparency and vendor management. World Journal of Advanced Research and Reviews, 2024, 23(2), 039-056. Article DOI: https://doi.org/10.30574/wjarr.2024.23.2.2262