Re-imagining Supply Chain Management through Blockchain Technology for Sustainable Practices
DOI:
https://doi.org/10.24203/fsstvw20Keywords:
Blockchain Technology, Supply Chain Management, Sustainable PracticesAbstract
Introduction: Blockchain technology has emerged as a transformative tool with the potential to revolutionize various industries, including supply chain management. By leveraging blockchain technology, organizations can enhance transparency, traceability, and efficiency in their supply chains while also promoting sustainability practices. This research aims to explore the integration of blockchain technology into supply chain management to drive sustainable initiatives and address environmental and social challenges.
Methodology : The research design for this comprehensive review adopts a systematic and structured approach to gather, analyze, and synthesize existing literature on the application of blockchain technology in sustainable supply chains. A qualitative research design is employed to provide in-depth insights into the principles, features, and practical implementations of blockchain in the context of sustainable supply chain management.
Result: Blockchain technology is a decentralized and distribute ledger system that enables secure and transparent transactions across a network of computers. In the context of supply chain management, blockchain can be utilized to create an immutable record of transactions, product movements, and data exchanges. This transparency helps to build trust among stakeholders and ensures the authenticity and integrity of information shared within the supply chain. Sustainability has become a critical focus for businesses looking to reduce their environmental impact, improve social responsibility, and meet regulatory requirements. By integrating blockchain technology into supply chain management practices, organizations can enhance sustainability efforts in several ways: Blockchain enables end-to-end traceability by recording every transaction and movement of products along the supply chain; this transparency allows companies to track the origin of raw materials, monitor production processes, and verify ethical sourcing practices; blockchain can optimize resource utilization by streamlining inventory management, reducing waste, and improving operational efficiency; smart contracts embedded in blockchain networks can automate processes such as inventory tracking, order fulfillment, and payment settlements; Blockchain enhances supply chain resilience by mitigating risks associated with disruptions, fraud, and counterfeit products, and the decentralized nature of blockchain ensures that data is secure and tamper-proof, reducing vulnerabilities in the supply chain ecosystem.
In conclusion, the integration of blockchain technology into supply chain management holds immense potential for enhancing sustainability practices. By leveraging blockchain’s transparency, traceability, and efficiency capabilities, organizations can drive positive environmental and social impact while also improving operational performance within their supply chains.
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