Revolutionizing supply chain finance with blockchain: a comprehensive analysis of smart contracts and beyond

Abstract

The distinctive attributes of blockchain technology, including decentralization, traceability, tamper resistance, transparency, security, and privacy, have paved the way for remarkable achievements across various domains, encompassing financial transactions, healthcare systems, agricultural intelligence, and energy upgrades. Notably, within the domain of blockchain-based supply chain finance, it has emerged as a potent solution to longstanding challenges, ranging from inaccurate risk assessment to information asymmetry and the mismatch between supply and demand service offerings. It has furnished the conventional supply chain ecosystem with a reliable and robust mechanism. This study addresses the multifaceted role and impactful applications of blockchain technology, elucidates the technical underpinnings of its implementation, and sheds light on the prevailing challenges that demand resolution within the sphere of supply chain finance. Furthermore, this paper also presents insights and prospects from an enterprise perspective, offering valuable guidance to future scholars venturing into this domain.