Implementation of Blockchain Technology in Supply Chain Management

Abstract

Supply chain management is important in every industry in the current scenario because it starts with the procurement of raw materials and ends with the final product being delivered to the customer. The aim of this paper is to study how blockchain technology, which is a novel and upcoming technology, can be applied to supply chain management and improve upon its shortcomings, specially the intermediaries. This paper explains what blockchain technology is in essence and how certain aspects of it can be applied to supply chain management. Furthermore, a case study has been done in ONGC Petro additives Limited (OPaL), where the vehicle turnaround time was studied and the various factors affecting it were listed out. Then, the factors responsible for any delay in turnaround time and lack of efficiency in the current supply chain inside the industrial complex were identified, quantified and studied, and finally, the paper reflects how blockchain can be used to tackle these problems, which range from the presence of intermediaries to excessive paperwork being done. Not only can blockchain make the process more efficient, but it makes supply chain management more secure for all parties involved in the process. Furthermore, the paper explains how a culmination of supply chain and blockchain can be used in various industries and leads to a more efficient and secure way of doing business in the future.