Abstract:

Blockchain technology has emerged as a transformative force in supply chain management, offering unprecedented levels of innovation, transparency, and trust across global networks. By enabling decentralized and tamper-proof record-keeping, blockchain ensures that every transaction or movement of goods is immutably recorded and verifiable by all stakeholders in real-time. This eliminates the need for intermediaries and reduces the risk of fraud, delays, and data manipulation, thereby enhancing operational efficiency. Smart contracts automate processes such as payments and compliance checks, streamlining workflows and reducing administrative overhead, blockchain facilitates greater traceability of products from origin to destination, empowering consumers with verifiable information about product authenticity, ethical sourcing, and sustainability. Industries ranging from pharmaceuticals to agriculture are leveraging blockchain to combat counterfeiting, ensure regulatory compliance, and manage recalls more effectively. Despite challenges such as integration costs and interoperability issues, the strategic implementation of blockchain technology is revolutionizing supply chains by fostering a culture of accountability, resilience, and collaborative trust among all participants.