Publications

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2024 College of Economics and Management RESEARCH INVENTION JOURNAL OF SCIENTIFIC AND EXPERIMENTAL SCIENCES

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

Aleke Jude Uchechukwu1 and Echegu Darlington Arinze2

ABSTRACTBlockchain technology was a disruptive force that had the potential to revolutionise existing processes in supplychain management. This study examined the crucial role of blockchain technology in improving the transparencyand efficiency of supply chains. Blockchain used its decentralised and irreversible ledger system to address the issuesof opacity, inefficiency, and lack of trust that were present in contemporary supply chains. This research conductedan extensive analysis of literature, case studies, and practical implementations to investigate how blockchaintechnology promoted transparency and improved efficiency in supply chain operations. Furthermore, it tackled thedifficulties and possibilities linked to the use of blockchain, such as scalability, interoperability, regulatorycompliance, and cost-efficiency. This study intended to enhance stakeholders' comprehension of the revolutionarycapacity of blockchain technology in establishing future supply chains that are more transparent, robust, and efficientby presenting crucial insights and suggestions.Keywords: Blockchain, Supply chain management, Transparency, Efficiency, Decentralisation.