Revolutionizing Supply Chain Management with Blockchain


Abstract

Blockchain has shown promise to transform supply chains due to its unique combination of features such as decentralized networks, security, smart contracts, and auditability. Numerous supply chains have examined and implemented blockchain to ease global supply chain issues such as lack of traceability and reliability and poor information management. Blockchain can address sustainability concerns such as data manipulation and fabrication, poor environmental safety, and product provenance. Despite the potential, several barriers for blockchain adoption exist. This chapter provides an overview of blockchain and its underlying features. We highlight the potential application of blockchain for supply chain management and sustainability and propose a framework that can guide successful adoption of this technology. We introduce a few use cases from different industries that adopted blockchain for their supply chain operations. This chapter presents several blockchain barriers that impede successful adoption of this technology.



Benefits of using blockchain in supply chains

SCM is an enormous sector and is the main skeleton of every industry (Hughes et al., 2019). However, traditional SC systems are not versatile and transparent enough to accommodate the growing needs and demands of the future leading to huge overheads in terms of error handling, costs, administration and fraud management.


It has the potential to transform SCM through its features of transparency, authenticity, trust and security, reduction of cost, disintermediation, efficient operations and reduced waste

Use Cases of Blockchain Technology in Supply Chain


  • Automotive Parts Tracking: Car manufacturers are utilizing blockchain to track the origin and history of automotive parts. By recording information about the manufacturing, sourcing, and assembly of components on a blockchain, manufacturers can enhance quality control and safety. This is particularly critical in the automotive industry, where the reliability of parts is paramount.
  • Supply Chain Finance: Blockchain technology is being utilized to streamline supply chain finance. Smart contracts on the blockchain can automate payment processes, releasing funds when predefined conditions, such as successful delivery, are met. This reduces delays and disputes, allowing for faster and more efficient transactions between suppliers and buyers.

Conclusion

To sum it up, we’ve explored blockchain for supply chain management. Blockchain enables real-time tracking of products, and smart contracts to facilitate agreements, proof of authenticity, and better financing. When used properly, it brings more transparency, accountability, and efficiency to supply chains.
As consumers demand more sustainability and ethical sourcing, blockchain is becoming more important for supply chains. By using blockchain, companies can reduce losses from fraud and waste. They can also meet changing consumer expectations.

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