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The Impact of Blockchain Technology on Improving Transparency and Efficiency in Supply Chain Management

Author: Aleke Jude Uchechukwu1 and Echegu Darlington Arinze2
Publisher: RESEARCH INVENTION JOURNAL OF SCIENTIFIC AND EXPERIMENTAL SCIENCES
Published: 2024
Section: College of Economics and Management

Abstract

                                    ABSTRACT
Blockchain technology was a disruptive force that had the potential to revolutionise existing processes in supply
chain management. This study examined the crucial role of blockchain technology in improving the transparency
and efficiency of supply chains. Blockchain used its decentralised and irreversible ledger system to address the issues
of opacity, inefficiency, and lack of trust that were present in contemporary supply chains. This research conducted
an extensive analysis of literature, case studies, and practical implementations to investigate how blockchain
technology promoted transparency and improved efficiency in supply chain operations. Furthermore, it tackled the
difficulties and possibilities linked to the use of blockchain, such as scalability, interoperability, regulatory
compliance, and cost-efficiency. This study intended to enhance stakeholders' comprehension of the revolutionary
capacity of blockchain technology in establishing future supply chains that are more transparent, robust, and efficient
by presenting crucial insights and suggestions.
Keywords: Blockchain, Supply chain management, Transparency, Efficiency, Decentralisation.