BLOCKCHAIN TECHNOLOGY IN SUPPLY CHAIN MANAGEMENT: TRANSPARENCY AND TRACEABILITY SYSTEM EFFECTIVENESS
Abstract
Blockchain technology has emerged as a transformative force in supply chain management, offering unprecedented levels of transparency, traceability, and trust. This research paper examines the effectiveness of blockchain-based transparency and traceability systems in modern supply chains through comprehensive analysis of recent implementations, market data, and case studies from 2020-2023. The study reveals that blockchain adoption in supply chain management has grown exponentially, with the global market reaching USD 1.17 billion in 2022 and projected to reach USD 33.25 billion by 2033, exhibiting a CAGR of 39.7%. Key findings demonstrate that blockchain implementation reduces product traceability time from days to seconds, enhances food safety protocols, and significantly improves supply chain transparency. However, challenges including scalability, interoperability, regulatory uncertainty, and high implementation costs continue to limit widespread adoption. The research provides empirical evidence from real-world implementations, particularly analyzing the WalmartIBM Food Trust case study, which achieved product traceability in 2.2 seconds compared to traditional methods requiring 6+ days. The paper concludes that while blockchain technology offers substantial benefits for supply chain transparency and traceability, successful implementation requires strategic planning, stakeholder collaboration, and addressing technical and organizational barriers.
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