BLOCKCHAIN IN SUPPLY CHAIN MANAGEMENT: A SYSTEMATIC REVIEW: EVALUATING THE IMPLEMENTATION, CHALLENGES, AND FUTURE PROSPECTS OF BLOCKCHAIN TECHNOLOGY IN SUPPLY CHAINS

Abstract

This study presents a comprehensive analysis of the implementation, challenges, and future prospects of blockchain technology in supply chain management (SCM). Amidst the evolving landscape of global supply chains, the integration of blockchain technology has emerged as a pivotal innovation, offering transformative potential in enhancing transparency, efficiency, and security. The advent of blockchain technology has revolutionized traditional supply chain systems, introducing new paradigms of operation and management. This study explores the historical evolution of SCM systems and the comparative effectiveness of blockchain-based models against traditional systems. The primary aim is to systematically review and synthesize current research on blockchain in SCM, focusing on its implementation, inherent challenges, and future development prospects. The paper delves into various aspects of blockchain in SCM, including its current state of implementation across industries, the challenges and solutions in adoption, comparative performance analysis with non-blockchain systems, emerging trends, stakeholder perspectives, and geographical variations in adoption. Strategic implications for businesses, pathways for effective implementation, and policy recommendations are also thoroughly examined.The study identifies blockchain's significant impact on enhancing supply chain transparency and efficiency. Key challenges include technological barriers, regulatory uncertainties, and the need for stakeholder collaboration. The research highlights the strategic advantage of blockchain in supply chains, particularly in terms of cost reduction, operational effectiveness, and environmental sustainability. The study concludes with a call for a multi-faceted approach to blockchain integration in SCM, emphasizing collaborative efforts, educational advancements, infrastructural support, and policy development. Recommendations are geared towards leveraging blockchain's potential for competitive advantage and sustainable supply chain practices.
 Keywords: Blockchain, Supply Chain Management, Technology Adoption, Strategic Implications, Innovation, Sustainability.