Blockchain Technology in Supply Chain Management: A Review of Business Applications and Future Directions

Abstract

Blockchain technology has the potential to revolutionize supply chain management (SCM) by increasing transparency, improving efficiency, and reducing costs. This paper reviews the business applications of blockchain technology in SCM and identifies future directions for its use. We explore the current applications of blockchain technology in SCM, including tracking and tracing of goods, verification of product authenticity, and automating supply chain processes. Then, we examine the benefits and challenges of implementing blockchain technology in SCM and discuss the potential impact on various stakeholders, including suppliers, manufacturers, distributors, retailers, and consumers. Following, we identify future directions for research and development in blockchain technology for SCM, including the integration of AI and ML, the use of smart contracts, and the development of new blockchain-based business models.