BLOCKCHAIN TECHNOLOGY IN SUPPLY CHAIN MANAGEMENT: ENHANCING TRANSPARENCY, SECURITY, AND EFFICIENCY

Abstract

Supply chain management (SCM) is a critical component of global commerce, involving the coordination of goods, information, and finances across a network of suppliers, manufacturers, and distributors. Traditional supply chain systems often suffer from inefficiencies, lack of transparency, and security vulnerabilities. Blockchain technology, with its decentralized and immutable ledger, offers a transformative approach to addressing these challenges. This paper explores the integration of blockchain technology into SCM, analyzing its potential to enhance transparency, security, and efficiency. Through case studies and simulation models, we evaluate the impact of blockchain on various supply chain operations, including tracking, verification, and payment processes. The findings suggest that while blockchain offers substantial benefits, its implementation requires careful consideration of scalability, cost, and integration with existing systems.