BLOCKCHAIN IN SUPPLY CHAIN MANAGEMENT: REVOLUTIONIZING TRANSPARENCY AND EFFICIENCY

Abstract

This article explores the transformative potential of blockchain technology in supply chain management (SCM), addressing longstanding challenges such as lack of transparency, inefficiencies, and fraud risks. It examines the key advantages of blockchain in SCM, including enhanced transparency, traceability, efficiency, and security. The article discusses significant opportunities in food safety, pharmaceutical supply chains, and sustainable sourcing. Additionally, it highlights critical implementation challenges, such as scalability issues, integration complexities, regulatory uncertainties, and data privacy concerns. By analyzing real-world applications and ongoing research, this comprehensive overview provides insights into the current state and prospects of blockchain in SCM, emphasizing both its revolutionary potential and the hurdles that must be overcome for widespread adoption.