The Role of Smart Contracts in Revolutionizing Supply Chain Finance with Blockchain

Abstract

Focusing on revolution of Supply Chain Finance (SCF) through the help of smart contracts and blockchain technology, this work aims to identify the potential of this field. Global supply chain finance management using smart contracts can help in improving efficiency, transparency and security of the key process, thus minimizing transaction time and cost. I choose both qualitative and quantitative data collection methods as a research approach to elicit information about the benefits and difficulties of blockchain implementation in SCF. The results also highlighted that considerable performances such as speed, cost, and accuracy of the transactions are enhanced when undertaken through smart contracts and the impact of applying smart contract in supply chain. The results have highlighted the need for additional research in terms of scalability and the regulation of polycentric platforms.