Blockchain Application in Supply Chain Management
摘要
This chapter explains the transformative effect of blockchain technology on traditional supply chain systems, exclusively its ability to appease inadequacy, reduce the risk of fraud, and increase transparency. Blockchain technology, centered on Distributed Ledger Technology (DLT), offers a transparent, tamper-proof, and secure, way to maintain records across the supply chain. Its applications include increasing transparency and traceability, optimizing inventory and logistics, using smart contracts to automate transactions, and inhibiting faking for brand protection. Blockchain’s immutable and decentralized ledger two properties increase traceability by creating an invariable record of a product’s trip. Real-time visibility of inventory lists and statuses improves anticipating, request planning, and logistics management. This leads to decreased costs and increased efficiency in warehousing, transfer paths, and the use of better resources. Smart contracts simplify the automated, secure, and transparent implementation of predefined contractual terms, leading to increased efficiency, cost reduction, and support for contractual liabilities. Blockchain is like a secure digital finger on the products in the end-to-end supply chain. So, it can fight counterfeiting and certify product originality. Although, there are several challenges with blockchain technology such as cost, privacy, scalability, regulation and standardization, transparency, and visibility. In the future, blockchain with special attention to Artificial intelligence (AI) and Internet of Things (IoT), will improve the blockchain industry, and prospect hybrid blockchain models will appear in different sections of the craft. Through new policies, innovative research, and success over challenges, stakeholders can benefit from full blockchain potential in end-to-end supply chain management and create stable, strong, and flexible supply chain management.