An Investigative Analysis of Blockchain in the Supply Chain Management

Abstract

At the outset, supply chain technology is evolving rapidly with new technologies and provide promising opportunities. Implementation of blockchain technology in the supply chain has the capacity to increase efficiency and transparency of the supply chain while decreasing administrative costs. By using blockchain technology for supply chain, vendors can track various details of orders like location, date, price, quality, certification and some other inventory details like quantity of stock further needed etc. more effectively. This data through blockchain will improve visibility and compliance over any contract that is outsourced for manufacturing because now every vendor involved will have access to the block, it improves traceability during acquiring raw material for supply chain, which will lead to reduction in losses from the gray market by reducing the selling of counterfeit products, and will strengthen an organization’s position as a pioneer to manufacture ethically.