Boosting Supply Chain Transparency with Blockchain and Smart Contracts

Abstract

This research has developed the theoretical framework that outlines the application of blockchain and smart contracts for enhancing supply chain transparency. The framework here builds in the concept of decentralization and immutability of the blockchain technology to improve accountability, auditability and responsiveness within supply chains. The framework helps to acquire real-time visibility over different processes, control fraud, increase the accuracy of the data, and optimize several procedures as much as possible by implementing the mentioned smart contacts. When the framework is adopted, the various advantages include the efficiency gain in the processing of different transactions and the increased accuracy in the data handling capacity as well as enhanced compliance to the set standard regulatory compliances. Despite this, questions like scalability of the concept, compatibility issues and synergism of the players in the value web remain problematic. In a broader perspective, this study adds to the current literature on the integration of blockchain technology in managing supply chain and offers all-important pointers to the practising managers.