Dynamics of Blockchain in Supply Chain Management

Abstract

Blockchain technology has gained widespread attention as a potential solution to the challenges faced by traditional supply chain systems. The use of blockchain technology in supply chain management offers numerous benefits, including increased transparency, security, and efficiency. This research paper aims to provide a comprehensive review of the current literature on the use of blockchain technology in supply chain management. The chapter provides an overview of the challenges faced by traditional supply chain systems, including issues related to transparency, trust, and data security. It then discusses the unique features of blockchain technology, including its decentralized and immutable nature, which make it an ideal solution for addressing these challenges. The literature review examines the potential applications of blockchain technology in supply chain management, such as tracking and tracing products, reducing fraud, and improving inventory management. The paper also provides an analysis of the current state of then industry, including case studies of companies that have successfully implemented blockchain technology in their supply chains. The study also highlights the potential benefits and challenges of using blockchain technology in supply chain management. The benefits include increased transparency, reduced costs, improved efficiency, and enhanced security. However, the challenges include issues related to scalability, interoperability, and regulatory compliance. Overall, this study provides valuable insights into the use of blockchain technology in supply chain management, highlighting its potential to transform the industry and offering recommendations for future research in this field.