Blockchain Technology for Secure Supply Chain Management A Comprehensive Review

¹ Assistant Professor, Department of Computer Science and Engineering, Guru Nanak Institutions Technical Campus (Autonomous), Ibrahimpatanam, Hyderabad, R.R.Dist, Telangana, India
² Assistant Professor, Department of Electronics and Communication Engineering, Neil Gogte Institute of Technology, Hyderabad, Telangana, India
³ Assistant Professor, Department of Computer Science and Engineering (DS), CVR College of Engineering, Hyderabad, Telangana, India
⁴ Department of Computer Science and Engineering, MLR Institute of Technology, Hyderabad, Telangana, India
⁵ Department of Electronic and Telecommunication Engineering, International Islamic University Chittagong, Chittagong, Bangladesh
⁶ Assistant Professor, Department of MECH, New Prince Shri Bhavani College of Engineering and Technology, Chennai, Tamil Nadu, India

amar.adala@gmail.com
surendher.g@gmail.com
harishankar805@gmail.com
msrinivasarao700@gmail.com
szrashidcce@yahoo.com
aravindh.mech@npsbcet.edu.in

Abstract

Global supply chain management can become transparent, secure, efficient and reliable by utilizing blockchain technology. However, as promising as this technology is, many issues still hinder the adoption of blockchain, such as scalability, energy consumption, regulatory barriers, integration with old systems, or data privacy. This study aims to address these challenges by introducing novel approaches to scalable blockchain architectures, lightweight consensus algorithms, and secure privacy protocols. This study also seeks to fill the gaps of standardization by creating sectoral blockchain frameworks that allow for easy integration with existing systems. The research ensures the legal operation of blockchain applications, which can promote the popularity of the blockchain field and the role of regulatory compliance frameworks. In addition, the research addresses stakeholder resistance by advocating for cost-effective, straightforward solutions and awareness programs. By instilling trust in the crypto ecosystem through these trust-enhancing mechanisms and security measures, we can thus empower blockchain technology to become the go-to solution for supply chain management, streamlining processes across industries all over the globe. With this study, we strive to form a future-ready, green, and globally acknowledged blockchain eco-system to tackle the challenges of the contemporary world in the field of supply chain while promoting mass adoption of blockchain in industries.