Blockchain-Based Smart Contracts for Sustainable Supply Chain Practices

Abstract

This research examines the possibility of smart contracts in the blockchain concerning the improvement of sustainable supply chain management. Blockchain is a practical solution for increasing supply chain transparency and solving the most important problems, including the use of traceability for fraud prevention and compliance. The study uses a consecutive approach which involves case studies, analytical work, and simulation to assess the effects of blockchain on sustainability dimensions. As highlighted in the findings above, there were significant reductions in the time taken to achieve traceability, in fraud, as well as an improvement in ethical sourcing compliance. If applied, smart contracts strategically anchored on the blockchain technology can be deemed as a sustainable solution to supply chain issues. To build on the existing knowledge, further studies should investigate strategies used to mitigate failure threats that hinder the reaping of benefits from the technology.