Transforming Supply Chain Management: Leveraging Blockchain Technology for Enhanced Security, Transparency, and Efficiency

Abstract

“Supply chain management" has the potential to be transformed by adding secure blockchain technology to address challenges with existing international trade and logistics networks. According to this study, blockchain usage has grown dramatically across a wide range of businesses, with better data accuracy, operational efficiency, and transparency standing out. The adoption process is not without challenges, particularly in terms of initial expenditures, scalability, and the need for stakeholder adaption. The paper indicates that industry cooperation for standards, prioritizing scalability, investing in training, conducting extensive cost-benefit evaluations, and continual monitoring are all methods to overcome these concerns.  The development of blockchain solutions specifically for SMEs, longitudinal studies that assess the long-term effects, the investigation of potential synergies with developing technologies, as well as the wider socioeconomic and environmental ramifications, should constitute the main areas of future research. Blockchain has the capability to transform supply chain management while establishing a more transparent, secure, and productive global trade ecosystem by addressing these issues.