Blockchain for Supply Chain Management: Benefits and Challenges in Achieving Transparency and Efficiency
Keywords:
Blockchain, Supply Chain Management, Transparency, Traceability, Decentralization, Fraud PreventionAbstract
Blockchain technology, often associated with cryptocurrencies, has found promising applications in supply chain management (SCM). By providing a decentralized, secure, and transparent way to track the movement of goods from origin to destination, blockchain has the potential to transform traditional supply chain practices. This paper explores the benefits of implementing blockchain in SCM, such as enhanced transparency, traceability, and reduced fraud. Additionally, it examines the challenges associated with its adoption, including scalability, integration with existing systems, regulatory concerns, and the need for industry-wide standardization. The paper concludes with a discussion of the future potential of blockchain in supply chains and its role in reshaping the global logistics ecosystem.
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