Blockchain in supply chain management: A review of efficiency, transparency, and innovation

Osato Itohan Oriekhoe 1, Oluwaseun  Peter Oyeyemi 2, Binaebi Gloria Bello 3, Ganiyu Bolawale Omotoye 4, Andrew Ifesinachi Daraojimba 5, * and Adedayo Adefemi 6

1 Independent Researcher, UK.
2 Marketing Department British American Tobacco, Nigeria.
3 Kings International School, Port-Harcourt, Rivers State, Nigeria.
4 Independent Researcher, Lagos.
5 Department of Information Management, Ahmadu Bello University, Zaria, Nigeria.
6 Chervon Nigeria Limited, Nigeria.
 
Review
International Journal of Science and Research Archive, 2024, 11(01), 173–181.
Article DOI: 10.30574/ijsra.2024.11.1.0028
 
Publication history: 
Received on 21 November 2023; revised on 09 January 2024; accepted on 11 January 2024
 
Abstract: 
As global supply chains become increasingly complex, traditional systems face challenges in ensuring efficiency, transparency, and innovation. Block chain technology has emerged as a transformative force in addressing these issues, offering a decentralized and secure framework for supply chain management. This paper presents a comprehensive review of the impact of block chain on supply chains, focusing on its potential to enhance efficiency, transparency, and foster innovation. The efficiency gains facilitated by block chain in supply chain management are examined through the elimination of intermediaries, reduction of paperwork, and real-time visibility into the entire process. These improvements result in streamlined operations, reduced costs, and enhanced responsiveness to market dynamics. Moreover, block chain’s decentralized nature ensures data integrity, mitigating the risk of fraud and errors in the supply chain. Transparency is a critical aspect of modern supply chains, and block chain provides an immutable and transparent ledger that enables end-to-end visibility. The technology ensures traceability and accountability, allowing stakeholders to access real-time information about the origin, movement, and status of products. This transparency not only enhances trust among supply chain participants but also facilitates compliance with regulatory requirements. The role of block chain in fostering innovation within supply chains is explored, emphasizing its potential to enable new business models, collaborative ecosystems, and the integration of emerging technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI). The paper highlights case studies and pilot projects where block chain has been successfully applied to drive innovation in supply chain processes. Challenges and considerations related to the implementation of block chain in supply chain management are also discussed, including interoperability, scalability, and regulatory issues. The paper concludes by outlining future research directions and emphasizing the need for industry-wide collaboration to unlock the full potential of block chain in revolutionizing supply chain management. Overall, this review contributes to the understanding of how block chain can serve as a catalyst for efficiency, transparency, and innovation in contemporary supply chains
 
Keywords: 
Block chain; Supply Chain Management; Innovation; Decentralization; Data Integrity; Real-time Visibility; Fraud Mitigation
 
Full text article in PDF: 
 
Copyright information: 

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