International Journal For Multidisciplinary Research

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Blockchain-Driven Transformation in Supply Chains: Enhancing Transparency, Security, and Efficiency

Author(s) Deepika Nathany
Country United States
Abstract Blockchain technology, popularized by Bitcoin cryptocurrency, is exemplified as an open source, decentralized, distributed database for storing transaction information. It offers a decentralized, secure and transparent method for tracking transactions and goods across supply chains. This technology eliminates the need for centralized intermediaries, enabling direct transactions between parties through linked ledgers. blockchain's ability to provide an immutable and tamper-proof ledger system makes it a valuable tool for enhancing supply chain efficiency (Saberi et al., 2019). The transparency and security of blockchain make it an attractive solution for improving supply chain traceability and efficiency. In spite of its immense potential, the adoption of blockchain technology in supply chain remains limited due to a lack of extensive research on the subject. The adoption of blockchain in SCM is driven by its ability to reduce fraud, improve efficiency, and streamline compliance processes through smart contracts (Kshetri, 2018). Challenges such as scalability, interoperability with existing systems, regulatory compliance, and high implementation costs hinder widespread adoption (Hald & Kinra, 2019).
This article explores the utilization of the Unified Theory of Acceptance and Use of Technology (UTAUT) and innovation adoption concepts to develop a conceptual model for blockchain-based supply chain traceability(Queiroz et al., 2019). Additional research should focus on public and private blockchain functionalities. This hybrid blockchain model should explore empirical case studies to validate its effectiveness in SCM and establishing regulatory standards to govern its implementation (Casino et al., 2019). The article concludes with implications of blockchain for supply chain transparency and efficiency.
Field Engineering
Published In Volume 2, Issue 2, March-April 2020
Published On 2020-04-04
DOI https://doi.org/10.36948/ijfmr.2020.v02i02.40771
Short DOI https://doi.org/
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E-ISSN 2582-2160
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