Paper Key : IRJ************860
Author: Mistry Nilay,Devanshi Modi
Date Published: 03 Apr 2025
Abstract
In the increasingly interconnected global marketplace, modern supply chains have grown more complex, involving various stakeholders, from manufacturers and suppliers to distributors and retailers. This complexity brings with it significant challenges, including inefficiencies, fraud, and difficulties in ensuring transparency and product traceability. Traditional supply chain management methods often depend on centralized record-keeping systems that are susceptible to manipulation, human errors, and delays. With rising consumer demand for transparency in product origins, ethical sourcing, and sustainable practices, there is a growing need for more secure and reliable systems.Blockchain technology, originally developed for cryptocurrencies like Bitcoin, has emerged as a potential solution to many of these challenges. Blockchain functions as a decentralized, distributed ledger that records transactions securely, immutably, and transparently. Each transaction is added to a "block" in the chain after being verified, creating a permanent and tamper-proof record of a products journey across the supply chain. This technology offers substantial benefits in terms of enhancing efficiency, accuracy, and security within supply chain operations.By integrating blockchain, stakeholders can gain real-time visibility into the movement of goods, tracing products from their point of origin to the final consumer. Blockchain also helps reduce the risk of fraud by leveraging smart contracts, which automatically execute agreements based on pre-defined conditions without the need for intermediaries. Furthermore, its immutable record-keeping ensures that data cannot be altered or tampered with, fostering trust and promoting accountability among supply chain participants.This research aims to explore how blockchain technology can be integrated into current supply chain management systems and assess its ability to solve key issues such as fraud, inefficiency, and lack of transparency. The study also seeks to understand the challenges businesses may face in adopting blockchain and to offer practical recommendations for its implementation.
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