Blockchain-Based Supply Chain Management (BC-SCM): Challenges, Benefits & Solutions

Abstract

BC has emerged as a promising solution for SCM due to its potential to increase transparency, efficiency, and security. This paper provides an overview of BC-SCM, including its benefits, challenges, and solutions. The benefits of BC-SCM include improved traceability, reduced fraud and errors, and enhanced supply chain collaboration. However, the adoption of BC-SCM faces several challenges, including scalability, interoperability, data privacy, regulatory compliance, cultural barriers, and adoption resistance. To overcome these challenges, organizations can implement technical solutions, such as exploring different blockchain platforms and data privacy solutions, and non-technical solutions, such as building trust among stakeholders and providing incentives for adoption. This paper provides an insight into the various challenges and solutions related to BC-SCM, and emphasizes the need for a holistic approach that addresses both technical/ non-technical factors. Overall, the adoption of BC-SCM has the potential to transform the supply chain industry & provide a more secure, efficient, and transparent supply chain ecosystem.