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Blockchain in global supply chains: A comparative review of USA and African practices
1 Independent Researcher, Indiana U.S.
2 City Power, Johannesburg, USA.
3 Independent Researcher. Nashville Tennessee, USA.
4 Anambra State Polytechnic, Mgbakwu, Nigeria.
5 Havenhill Synergy, Nigeria.
Review
International Journal of Science and Research Archive, 2024, 11(01), 2093–2100.
Article DOI: 10.30574/ijsra.2024.11.1.0278
Publication history:
Received on 02 January 2024; revised on 08 February 2024; accepted on 10 February 2024
Abstract:
In the contemporary landscape of international trade, the adoption of blockchain technology in global supply chains has garnered significant attention. This comparative review delves into the practices of the United States and African countries, examining the implementation, challenges, and potential benefits of blockchain in enhancing supply chain efficiency. The United States, as a global economic powerhouse, has been at the forefront of integrating blockchain into its supply chain processes. The American approach emphasizes transparency, traceability, and accountability. Blockchain technology provides a decentralized and immutable ledger, enabling seamless tracking of goods from their origin to the end consumer. The use of smart contracts automates and streamlines contractual agreements, reducing paperwork and minimizing delays. While the adoption in the USA is relatively widespread, challenges include the need for standardized protocols, regulatory frameworks, and overcoming resistance to change within established systems. In contrast, the African continent presents a diverse and evolving landscape in the adoption of blockchain within supply chains. Several African nations have recognized the potential of blockchain to address longstanding issues such as counterfeit goods, fraud, and inefficiencies in logistics. Blockchain offers a decentralized solution that can empower local producers and facilitate international trade. However, challenges in Africa include limited technological infrastructure, varying levels of regulatory frameworks, and the need for capacity building. Collaborative efforts between governments, private sectors, and international organizations are essential to overcoming these obstacles. Both the USA and African countries stand to benefit from blockchain adoption in global supply chains. Increased transparency reduces the risk of fraud and enhances trust between stakeholders. The immutable nature of blockchain records ensures data integrity, contributing to the overall resilience of the supply chain. However, successful implementation requires a nuanced understanding of local contexts, regulatory frameworks, and technological capacities. This comparative review serves as a foundation for future research and policy development, shedding light on the dynamic landscape of blockchain adoption in global supply chains across diverse socio-economic environments.
Keywords:
Blockchain; Global supply; USA; Africa; Review
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
