Supply Chain Strategies Supported By Blockchain Technology: Open Problems and Challenges

Abstract

The most prevalent issue in the supply chain ecosystem is introducing transparency to the system. Another issue is fostering trust among various stakeholders to support successful process execution. Depending on the domain and the stakeholders, the supply chain process may change. Thus, solving the issue is challenging. Blockchain technology, sometimes referred to as distributed ledger technology, is beneficial in many ways in a variety of industries, including finance and healthcare. Blockchain based model can resolve the issues of traditional supply chain ecosystem. It creates a decentralized and transparent system where every decision is taken with the help of consensus of the associated stakeholders. This supports an immutable ledger so unauthorized modification is not supported. In this article, we address the issues that the supply chain ecosystem faces as well as the benefits of blockchain technology in resolving these issues. As well as some of the remaining challenges and opportunities, other aspects of blockchain technology are explored that will enable it flourish in future supply chains.