Blockchain Solutions for Decentralized Supply Chain Management: Challenges and Innovations

Abstract

The article investigates how blockchain technology can be integrated into supply chain management (SCM) implementation. It brings to attention critical constraints impoverishing the traditional SCM methods such as unproductive nature, absence of ideas or information sharing, and centrally controlled decision making. The contemporary perspective uses the blockchain, specifically the Ethereum and Solana platforms, in attempts to enhance transparency, traceability, and efficiency. The use of smart contracts on Ethereum makes processes faster, thereby decreasing opportunities for loss and errors caused by waiting time during the transactions, but the transacting people face some limitations like expensive fees and slow speeds. Whereas Solana has the ability to quickly process transactions with lower fees, allowing for better use of real time applications in SCM, the platform supports a transaction throughput of 65000 TPS. Both platforms are discussed in the article while Solana is claimed to be better at cut-throat time factor, high volumes and the Proof of History mechanism helps in performance on cost efficiency and speed. The research goes on to suggest that Solana's transactions definitely have a potential of optimizing SCM by improving on the transparency factor, costs involved and collaboration among stakeholders.