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Blockchain technology as an enabler of transparency and efficiency in sustainable supply chains
1 Independent Researcher, Procurement & Supply Chain Consultants LLC, Dallas, Texas, USA.
2 Independent Researcher, Supply Chain Senior Analyst, Elanco US Inc., USA.
3 Independent Researcher and Operations Manager, Amazon Fulfillment, Kansas, USA.
4 Independent researcher, Philip Morris International, South Africa.
5 Ecobank Nigeria Limited, Nigeria.
6 Manderson Graduate School of Business, Operations Management, University of Alabama, Tuscaloosa, USA.
7 Department of Computer Science, College of Business and Technology, Western Illinois University, Illinois, USA.
Research Article
International Journal of Science and Research Archive, 2024, 12(02), 1779–1789.
Article DOI: 10.30574/ijsra.2024.12.2.1454
Publication history:
Received on 25 June 2024; revised on 06 August 2024; accepted on 08 August 2024
Abstract:
Blockchain technology, known for its decentralized and immutable ledger, presents a promising solution to the challenges of ensuring transparency and efficiency in sustainable supply chains. This abstract explores how blockchain can enhance traceability, verify authenticity, and foster stakeholder trust by providing an unalterable record of transactions accessible by all parties involved. Additionally, blockchain improves supply chain efficiency through streamlined processes, accurate data, and reduced fraud and errors, enabled by its secure and automated systems. Case studies in the food, fashion, and pharmaceutical industries demonstrate blockchain's practical applications, showcasing its role in ensuring food safety, ethical sourcing, and counterfeit prevention. Despite its potential, challenges such as integration with existing systems, scalability, regulatory compliance, and data privacy must be addressed. As these obstacles are overcome, blockchain is poised to become a key component in the management of sustainable supply chains, offering substantial benefits in transparency and operational efficiency.
Keywords:
Blockchain Transparency; Sustainable Supply Chains; Smart Contracts; Data Accuracy; Fraud Reduction; Supply Chain Management
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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
