Blockchain Technology in Supply Chain Management Enhancing Transparency and Efficiency

¹ Associate Professor, Department of Computer Science and Engineering, School of Computing, Vel Tech Rangarajan Dr.Sagunthala R&D Institute of Science and Technology, Chennai, Tamil Nadu, India
² Associate Professor, Department of CSIT, Koneru Lakshmaiah Education Foundation, Vaddeswaram, Guntur District, Andhra Pradesh, India
³ Assistant Professor, Department of Computer Science and Engineering, CVR College of Engineering, 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 Professor, Department of EEE, New Prince Shri Bhavani College of Engineering and Technology, Chennai, Tamil Nadu, India

drrajaj@veltech.edu.in
dr.aashishsinha@gmail.com
sindhu1209@gmail.com
sabitha.mynepalli@gmail.com
szrashidcce@yahoo.com
senthilkumar@newprinceshribhavani.com

Abstract

Blockchain technology, as a growing innovation, offers a viable solution to enhance transparency, traceability, and efficiency in global supply chains. While blockchain has great potential, several challenges remain, including scalability, integration with legacy systems, standardization, energy consumption, privacy concerns, and regulatory uncertainty. This enrollment of data is hoped to tackle these problems of dilemmas, whislt subsequent improved effective equates being more reasonable in terms of deploying blockchain applications. With the goal of offering a bridge to most projects still unsure whether to adopt Blockchain technology or to continue under what we call "Blockchain in the cloud" approach, this study introduces effective solutions on how to integrate Blockchain with current systems through innovative hybrid systems, standardized user protocols, and new consensus protocols that optimize cost of implementation and environmental impact. The other aspect of the research undertakes to design clear regulatory frameworks and change management systems that can aid in the adoption of blockchain technology for traditional supply chain stakeholders. By utilizing real-world case studies and the simplification of smart contract deployment, this work illustrates the practical benefits blockchain can provide in enhancing supply chain operations. In conclusion, the goal of this study is to pioneer a sustainable, secure, and efficient blockchain ecosystem that promotes trust, transparency, and collaboration among supply chain partners, ensuring the future viability of the technology.