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Digital Transformation in Supply Chain Management: Leveraging Blockchain for Transparency and Sustainability
Subject area: Science,Engineering and Technology · Area of research: Supply Chain Management
Abstract
Digital transformation is reshaping supply chain management (SCM), with blockchain technology emerging as a pivotal tool for enhancing transparency and promoting sustainability. This paper uses its immutable, decentralized ledger to explore blockchain's potential to address key SCM challenges, such as traceability, ethical sourcing, and operational inefficiencies. The discussion highlights blockchain's role in fostering transparency through real-time tracking and secure data sharing while enabling sustainable practices by reducing waste and ensuring responsible sourcing. Despite its advantages, barriers such as cost, scalability, regulatory concerns, and resistance to change hinder widespread adoption. The paper examines emerging trends like Artificial Intelligence (AI) and the Internet of Things (IoT) as complementary technologies that amplify blockchain's capabilities. Recommendations are provided for businesses, policymakers, and technologists to overcome implementation challenges and unlock blockchain's transformative potential. Stakeholders can build resilient, transparent, and sustainable supply chains by addressing these issues collaboratively.
Keywords
Blockchain, Supply Chain Management, Transparency, Sustainability, Digital Transformation, Emerging Technologies
How to cite this paper
@article{1706268,
author = {Olufunmilayo Ogunwole, Ekene Cynthia Onukwulu, Micah Oghale Joel, Chikezie Paul-Mikki Ewim, Ejuma Martha Adaga},
title = {Digital Transformation in Supply Chain Management: Leveraging Blockchain for Transparency and Sustainability},
journal = {Iconic Research And Engineering Journals},
year = {2024},
volume = {8},
number = {3},
pages = {848-857},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1706268.pdf},
abstract = {Digital transformation is reshaping supply chain management (SCM), with blockchain technology emerging as a pivotal tool for enhancing transparency and promoting sustainability. This paper uses its immutable, decentralized ledger to explore blockchain's potential to address key SCM challenges, such as traceability, ethical sourcing, and operational inefficiencies. The discussion highlights blockchain's role in fostering transparency through real-time tracking and secure data sharing while enabling sustainable practices by reducing waste and ensuring responsible sourcing. Despite its advantages, barriers such as cost, scalability, regulatory concerns, and resistance to change hinder widespread adoption. The paper examines emerging trends like Artificial Intelligence (AI) and the Internet of Things (IoT) as complementary technologies that amplify blockchain's capabilities. Recommendations are provided for businesses, policymakers, and technologists to overcome implementation challenges and unlock blockchain's transformative potential. Stakeholders can build resilient, transparent, and sustainable supply chains by addressing these issues collaboratively.},
keywords = {Blockchain, Supply Chain Management, Transparency, Sustainability, Digital Transformation, Emerging Technologies},
month = {September},
}