- Blockchain technology is offering a solution to the complex interactions within supply chains, providing a more efficient, secure, and transparent mechanism for data sharing and exchange.
- Researchers are extensively exploring blockchain’s application in supply chains, aiming to improve management capabilities, system efficiency, data transparency, and traceability.
The intricate intertwining of cash, goods, information, and product flows within a supply chain poses significant challenges. The traditional coordination mechanism, led by a single chain leader, struggles to effectively coordinate all parties involved in the complex network of the supply chain. As the number of nodes within supply chains increases, network structures become more convoluted, which can distort information delivery, compromise trust, and impair supply chain efficiency.
Enter blockchain technology: a breakthrough solution offering more streamlined, secure, and transparent interactions among all supply chain participants. Blockchain facilitates data sharing and information exchange while ensuring privacy and security. Implementing blockchain technology in supply chain collaborations can enhance efficiency, lower transaction costs, and boost the supply chain’s stability and reliability.
The decentralized nature of blockchain technology is particularly suited to multi-party collaboration scenarios. It addresses the management capability insufficiency, improves overall system efficiency, and enhances data transparency and traceability of core supply chain enterprises. Numerous studies have sought to leverage blockchain in supply chain contexts. For instance, researchers have proposed blockchain systems for agricultural supply chains and supply chain frameworks based on consortium blockchains, and they have explored blockchain’s potential in managing manufacturing supply chains.
In specific industries like pharmaceuticals, the application of blockchain technology has demonstrated its efficacy in augmenting transparency and trust. For example, studies have proposed blockchain-based product-ownership management systems to thwart counterfeits in supply chains and recommended a management model based on the Gcoin blockchain to transform drug supply chains from inspection and testing to network-based regulation.
In essence, most research is focused on utilizing blockchain technology to authenticate the information shared by multiple participants in various business processes within supply chains. This includes categorizing consumers based on their transaction data for providing individualized services and constructing blockchain-based frameworks for supply-chain information management in precast construction.
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When it comes to supply chain traceability, blockchains play a pivotal role in ensuring transparency, distributed data source management, and incentives to stimulate the circular economy. Numerous studies have delved into the benefits of blockchain technology in achieving the United Nations’ Sustainable Development Goals and improving sustainability along supply chains.
On the trust mechanism front, blockchains enable value exchange between two or more enterprises without a central intermediary. The technology has significant effects on stakeholders in supply chains and influences the business models of operations and supply chains.
Lastly, blockchain-based tokens hold significant potential in supply chain applications, enhancing transparency, traceability, and improving global supply chains and business management efficiency.
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