Beyond the Hype: A Proposed Model Based on Critical Analysis of Blockchain Technology’s Potential to Address Supply Chain Issues

Abstract

This paper explores the proposed solutions based on blockchain technology's potential to solve supply chain management issues. The problems include lack of traceability and transparency, scalability and cost issues, sustainability, efficiency, patchwork logistics, and bullwhip effect issues. In this paper, we have suggested some solutions with the help of blockchain technology. The solutions can solve multiple significant issues in supply chain management. Our blockchain-based solutions can provide a secure and visible record of all transactions and data along the supply chain, which can improve traceability and transparency, a decentralized and efficient method of data processing and exchange that can also increase scalability and reduce cost, a transparent and accountable way to track and verify sustainability-related data. Our method can enable more streamlined and automated tracking and data sharing, helping to reduce the risk of delays and inefficiencies while mitigating the risk of the bullwhip effect by providing real-time visibility and enabling better communication and collaboration between parties. The paper discusses the implications and challenges of implementing blockchain in supply chain management.