Implementing Blockchain Technology for Optimized Supply Chain and Enhanced Sustainability
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Abstract
Supply chain efficiency, transparency, and sustainability can be enhanced using blockchain technology. Blockchain enables a company to accurately track raw material origin to finished products, which ensures standard quality and sustainability. Furthermore, blockchain improves partnerships between supply chain stakeholders by providing a confident, common platform for sharing data. The influence of implementing blockchain technology on supply chain sustainability includes reduced wastage, increased resource transparency, monitoring of social standards, and reduced operational costs. The challenges of blockchain implementation include scalability, incorporation with present systems, lack of expertise, safety and confidentiality, and regulatory uncertainty. Companies can tackle these challenges through collaborative approaches and technical improvements. In general, blockchain technology significantly enhances supply chain sustainability and efficiency, which provides opportunities for creative business solutions.