The Impact of Blockchain Technology on Improving Transparency and Efficiency in Supply Chain Management

Aleke Jude Uchechukwu and Echegu Darlington Arinze

Faculty of Economics Kampala International University Uganda

Corresponding Author: jude.aleke@kiu.ac.ug

https://orcid.org/0009-0009-6807-9484

ABSTRACT

Blockchain technology was a disruptive force that had the potential to revolutionise existing processes in supply chain management. This study examined the crucial role of blockchain technology in improving the transparency and efficiency of supply chains. Blockchain used its decentralised and irreversible ledger system to address the issues of opacity, inefficiency, and lack of trust that were present in contemporary supply chains. This research conducted an extensive analysis of literature, case studies, and practical implementations to investigate how blockchain technology promoted transparency and improved efficiency in supply chain operations. Furthermore, it tackled the difficulties and possibilities linked to the use of blockchain, such as scalability, interoperability, regulatory compliance, and cost-efficiency. This study intended to enhance stakeholders’ comprehension of the revolutionary capacity of blockchain technology in establishing future supply chains that are more transparent, robust, and efficient by presenting crucial insights and suggestions.

Keywords: Blockchain, Supply chain management, Transparency, Efficiency, Decentralisation.

CITE AS: Aleke Jude Uchechukwu, And Echegu Darlington Arinze (2024). The Impact of Blockchain Technology on Improving Transparency and Efficiency in Supply Chain Management. RESEARCH INVENTION JOURNAL OF SCIENTIFIC AND EXPERIMENTAL SCIENCES 3(2):30-33.