Role of Blockchain Enabled Transparency in Risk Management and Sustainability of the Complex Global Supply Chains

Abstract

Lack of transparency in the global supply chains has emerged as a major risk for sustainability in the recent times. This is due to customer awareness about human rights and environmental issues and government legislations in the hosting countries to hold the organizations responsible for the actions of their globally scattered suppliers. This has caused the globalization organizations to make their supply chains transparent. Blockchain technology has been proposed as an efficient solution to not only make supply chains transparent, but also bring unprecedented changes to processes related to global supply chains and bring sustainable competitiveness for the organizations using it. This work finds the issues of supply chains for which global supply chains are using blockchain and what operational benefits they are getting. We also discuss why it is the future of supply chain management.