Blockchain Technology: Transforming Supply Chain Management

Abstract

Reimagining traditional industries has become more dependent on the integration of new technologies in the quickly changing digital landscape of today. Among these incredible advancements, blockchain technology stands out as a disruptive force that can revolutionize a few industries, including supply chain management. Originally recognized as the underlying technology powering Bitcoin and other cryptocurrencies, blockchain has overcome its initial use case to provide a decentralized and transparent framework It also promises to be able to nest. Supply chain management is a multifaceted network that involves various stakeholders, including manufacturers, suppliers, retailers, and customers. Its long-term goal is to address business challenges such as inefficiency, lack of transparency, fraud, and forgery. These problems erode stakeholder trust in addition to impeding operational efficiency. Because the technology is decentralized, it provides an immutable and immutable ledger that makes it possible to efficiently record and verify transactions and data exchanges in real time, which presents a compelling solution to these problems.