Blockchain for enterprise supply chain management: Enhancing visibility, traceability and security

Abstract

The emergence of centralized and disintermediated systems is driving a sea change in supply chain management and thus requires a core adaptation in the tracking and verification of goods and services. Contemporary supply chains are shifting their focus towards customers, focusing on the satisfaction of consumers by offering quality products and services on time. Advanced technologies' integration is becoming indispensable for companies willing to be competitive and responsive to market demand. Decentralizing the supply chain allows organizations to avoid dependence on traditional intermediaries, and it enables various participants to be treated as peers in a network using distributed ledger technology. This transformation enhances transparency and trust, bolsters security and efficiency, and reduces fraud and economic losses. Implementation will, however, require proper understanding in both blockchain technology and its application in operating supply chains, to which 20th-century practices are seriously insufficient to meet today's needs of the global digital world.