Blockchain Technology in Supply Chain Management: Opportunities and Challenges
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Abstract
Blockchain technology has garnered significant attention for its potential to revolutionize supply chain management by enhancing transparency, traceability, and efficiency across global supply networks. the opportunities and challenges associated with integrating blockchain technology into supply chain management practices. Blockchain offers a decentralized and immutable ledger system that enables secure and transparent transactions among supply chain participants. Through cryptographic hashing and consensus mechanisms, blockchain facilitates real-time visibility of transactions, from raw material sourcing to final product delivery. This transparency reduces inefficiencies, minimizes fraud, and enhances trust among stakeholders.
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