A Comprehensive Review of Blockchain Technology for Secure Supply Chain Management

PROJECT TITLE :

Blockchain Technology for Secure Supply Chain Management: A Comprehensive Review

ABSTRACT:

Supply chain management, also known as SCM, is an integral part of a company's operations and is responsible for the flow of goods and services from one location to another through a number of different stakeholders. The conventional supply chain management method is based on a centralized approach that is managed at the central headquarter, and all of the other sub-offices get their instructions from the main office. Security, transactional transparency, traceability, stakeholder involvement, product counterfeiting, additional delays, fraud, and instabilities are some of the major problems that exist with present-day supply chain management (SCM) systems. Blockchain (BC) is an emerging technology that has the potential to manage data and build trust in a way that is both efficient and transparent. Additionally, it can help in the authorization and verification of transactions within the supply chain, as well as payments made without the involvement of a third party. The implementation of BC technology is a workable solution to the problems that currently exist with SCM. In this piece of work, which is motivated by the considerations mentioned above, we present the results of a survey on the implementation of BC in SCM. In this paper, we conduct an in-depth analysis of the research that has been done on the characteristics, implementations, and business consequences of BC in the context of various SCM. This particular study, which focuses on Blockchain technology, reveals the current state of research and outlines potential future research directions by reading and analyzing 97 recent publications that focus on the applications of BC within supply chains. The most important factors driving BC's implementation in SCM are trust building, anti-counterfeiting measures for products, information sharing, transparency and traceability, and information sharing. In addition, we analyzed various applications of SCM in which Blockchain technology has the potential to be utilized as a possible means of securing all transactions. Then, we have highlighted open issues and research challenges for adopting BC technology in SCM. These challenges open the doors for beginners who are eager to start working in this incredible area.

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