Enhancing Supply Chain Management with Blockchain Technology

Abstract

In recent years, the market has changed significantly and become dynamic and demanding, which has brought the market into a highly competitive environment. The supply chain plays a crucial role in adapting the company to the dynamic environment as it relies heavily on collaboration, integration and flexibility. The applications related to the supply chain have attracted the attention of many business owners, and in order to improve the flow control of the supply chain, many special applications are being implemented. One of the most important new technological applications in the supply chain is blockchain technology, which has attracted the attention of many entrepreneurs due to its ability to quickly adapt to dynamic market conditions and business environment. Anyone reading this will learn about the impact of using blockchain technology in this field. The results of the research paper recommend companies to invest in blockchain technology to make the supply chain more transparent, flexible and secure. There is no doubt that blockchain technology plays an important role in building trust among supply chain stakeholders. Finally, the research also included some considerations about the positive effects and potential of blockchain in the area of collaboration and integration. Fast pace and changes related to BCT imposes a threat on many researchers investigating or performing a literature review on any of the Industry 4.0 technologies due to the accelerated speed of technology’s revolution and evolution in addition to the increasing overlap across the various fields among which the technology may serve. Internet of Things (IoT) & smart contracts are the foremost technologies in using BCT for SCM.