What is the role of blockchain in enabling secure and transparent supply chains?
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Summary
10 papers analyzed
These studies suggest that blockchain technology enhances supply chain management by improving transparency, traceability, security, efficiency, and sustainability.
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Introduction
Blockchain technology, a decentralized and distributed digital ledger, has emerged as a promising solution for enhancing the security and transparency of supply chains. This technology offers various features such as immutability, traceability, and smart contracts, which can address many of the challenges faced in traditional supply chain management.
Key Insights
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Transparency and Traceability:
- Blockchain enhances transparency and traceability in supply chains by providing a decentralized and immutable record of transactions, which helps in tracking the movement of goods and verifying their authenticity .
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Security and Fraud Prevention:
- The decentralized nature of blockchain reduces the risk of fraud and tampering by eliminating the need for a trusted intermediary and ensuring that all transactions are securely recorded and verified .
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Efficiency and Cost Reduction:
- Blockchain can improve supply chain efficiency by streamlining processes, reducing transaction costs, and enabling real-time tracking and smart contracts, which automate and validate transactions without the need for intermediaries .
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Sustainability:
- Blockchain technology contributes to supply chain sustainability by enhancing transparency and accountability, which helps in meeting environmental, social, and governance goals. It also supports the circular economy by improving resource management and reducing waste .
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Trust and Collaboration:
- By providing a secure and transparent platform for information sharing, blockchain fosters trust and collaboration among supply chain stakeholders, reducing information asymmetry and opportunistic behavior .
Conclusion
Blockchain technology plays a crucial role in enabling secure and transparent supply chains by enhancing transparency, traceability, and security. It reduces fraud, improves efficiency, and supports sustainability goals. By fostering trust and collaboration among stakeholders, blockchain has the potential to revolutionize supply chain management.
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