Main Article Content

Abstract

Blockchain technology has emerged as a transformative solution for supply chain management, addressing critical challenges such as transparency, traceability, and efficiency. Traditional supply chains are often constrained by limited visibility, vulnerability to fraud, and inefficiencies arising from reliance on intermediaries. Blockchain’s decentralized and immutable ledger offers unique advantages by enabling real-time, tamper-proof tracking of products and transactions across the entire supply chain network. This paper reviews blockchain’s foundational characteristics and explores its diverse applications within supply chain contexts, including the enhancement of product traceability, prevention of counterfeiting, and facilitation of ethical sourcing. Through case studies like Walmart’s Food Trust initiative for food safety and Maersk’s TradeLens platform for shipping documentation, the review demonstrates blockchain’s capacity to improve data accuracy, accountability, and operational speed. Despite its potential, blockchain faces notable challenges, including technical complexity, scalability limitations, data privacy concerns, and regulatory uncertainties. The high costs and energy demand further complicate adoption, particularly for smaller enterprises. Looking forward, the integration of blockchain with emerging technologies like the Internet of Things (IoT) and artificial intelligence (AI) holds promise for predictive analytics and automated insights, advancing supply chain resilience. Addressing scalability and interoperability through layer-two scaling solutions and standardized frameworks could pave the way for broader adoption. This paper concludes with a discussion on blockchain’s future role in fostering transparent, efficient, and sustainable supply chains, contingent upon collaborative efforts across technology stakeholders, industry participants, and policymakers.

Keywords

academic performance Supply Chain Management acculturation Accounting Manipulation Decentralized Ledger

Article Details

How to Cite
Abogro, M., & Korang , D. V. . (2024). Exploring the Potential of Blockchain Technology in Supply Chain Management: A Review. Convergence Chronicles, 5(5), 110–117. https://doi.org/10.53075/Ijmsirq/423533454

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