A Blockchain Technology Application In Supply Chain Management: Hindrances & Prospects

Year : 2024 | Volume : 14 | Issue : 02 | Page : 16 22
    By

    Baku A.R.,

  • E.C. Amadi,

  • U.F. Eze,

  • G.A. Chukwudebe,

  • C. Etus,

  1. Lecturer, Department of Information Technology, Federal University of Technology, Owerri, Nigeria
  2. Lecturer, Department of Information Technology, Federal University of Technology, Owerri, Nigeria
  3. Professor, Department of Information Technology, Federal University of Technology, Owerri, Nigeria
  4. Professor, Department of Information Technology, Federal University of Technology, Owerri, Nigeria
  5. Lecturer, Department of Information Technology, Federal University of Technology, Owerri, Nigeria

Abstract

Traditional supply chain management faces limitations in transparency, traceability, and security. Blockchain technology, characterized by its unchangeable and secure attributes, presents promising remedies for these issues. It has emerged as a transformative advancement with the capacity to overhaul supply chain management. This study emphasizes on the potential of blockchain to transform existing supply chain practices while acknowledging the challenges hindering its widespread adoption. It further explores the applications of blockchain technology in supply chain management, review the existing literatures and identifies key factors mitigating its acceptability, and analyses its prospects. The researchers utilize a mixed-methods strategy, incorporating literature review, case study examination, and interviews with experts. A systematic literature review approach was equally adopted to gather insights from both academic and practitioner literature, and comprehensively reviewed existing academic literature, industry reports, and white papers to understand the current state of knowledge on blockchain technology in supply chain management. The research identifies applications of blockchain technology across diverse supply chains, including food safety, pharmaceuticals, and luxury goods. However, challenges like scalability, interoperability, cost, and regulatory uncertainties remain. Although there are obstacles, blockchain technology has considerable potential to transform supply chain management by improving transparency, traceability, and security. It is recommended that Supply chain practitioners should adopt the potential prospect for an improved Supply chain management.

Keywords: Blockchain, supply chain management, traceability, transparency, security

[This article belongs to Current Trends in Information Technology ]

How to cite this article:
Baku A.R., E.C. Amadi, U.F. Eze, G.A. Chukwudebe, C. Etus. A Blockchain Technology Application In Supply Chain Management: Hindrances & Prospects. Current Trends in Information Technology. 2024; 14(02):16-22.
How to cite this URL:
Baku A.R., E.C. Amadi, U.F. Eze, G.A. Chukwudebe, C. Etus. A Blockchain Technology Application In Supply Chain Management: Hindrances & Prospects. Current Trends in Information Technology. 2024; 14(02):16-22. Available from: https://journals.stmjournals.com/ctit/article=2024/view=152875


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Regular Issue Subscription Review Article
Volume 14
Issue 02
Received 22/04/2024
Accepted 14/05/2024
Published 03/07/2024
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