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Blockchain technology in supply chain management: transparency, security, and efficiency challenges
1 College of Business, Westcliff University, Irvine, CA 92614, USA.
2 Bangladesh University of Professionals, Mirpur Cantonment, Dhaka-1216, Bangladesh.
2 Bangladesh University of Professionals, Mirpur Cantonment, Dhaka-1216, Bangladesh.
Review
International Journal of Science and Research Archive, 2023, 10(01), 1186-1196.
Article DOI: 10.30574/ijsra.2023.10.1.0792
Publication history:
Received on 14 September 2023; revised on 27 October 2023; accepted on 30 October 2023
Abstract:
Supply chain management (SCM) is a core corporate activity responsible for moving commodities and services from one point to another through a variety of stakeholders. The traditional SCM is based on a centralized approach managed at the central headquarters, with all other sub-offices receiving instructions from the main office. Some major issues with current SCM systems include security, transactional transparency, traceability, stakeholder involvement, product counterfeiting, additional delays, fraud, and instabilities. Blockchain (BC) emerges as a technology capable of efficiently and transparently managing data and building trust. It can facilitate transaction authorization and verification in supply chains or payments without relying on a third party. This review shows the integration of blockchain technology (BCT) within SCM, addressing traditional SCM limitations such as centralization, lack of transparency, and susceptibility to cyber-attacks. Blockchain's key attributes—immutability, security, decentralization, transparency, tamper-resistance, and disintermediation—offer significant improvements in SCM processes by enhancing traceability, security, and efficiency. This paper shows various blockchain implementations in different industries, highlighting practical advantages and addressing future research opportunities, such as blockchain interoperability, Blockchain as a Service (BaaS), and next-generation decentralized ledger technologies like Hashgraph.
Keywords:
Blockchain Technology (BCT); Supply Chain Management (SCM); Immutability; Transparency; Decentralization; Security; Blockchain as a Service (BaaS); Hashgraph; Interoperability; Cybersecurity
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Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
