Blockchain Technology in Supply Chain Management: Current Applications and Future Prospects

Abstract

Supply chain is one of the use cases where blockchain itself has proven to be a powerful technology enabling increased transparency plus traceability and security. However, as acknowledged by many that consider it today one of the major technical challenges that issues related to scalability, high cost and data privacy paper investigates what benefits will lead to implementation of supply chain as well its architecture. Examples presented include e-commerce and logistics in which fraud can be reduced while operational efficiency improved through use of blockchain technology. Research also described solutions sharding and Layer 2 handling the scalability issue without specifying security or presenting another area of research needed information. It found the use of blockchain technology in supply chain management to be highly beneficial, though Technical and regulatory challenges to successful adoption impel industry stakeholders to address them, which, apart from being far from answered without common articulated goals through standardization efforts aimed at fostering innovation capable driving transformative changes across global supply chains empowered by realizing full potential offered through DLTs like blockchains.