Blockchain Technology in Supply Chain Management
DOI:
https://doi.org/10.47941/jts.2148Keywords:
Blockchain Technology, Supply Chain Management, Transparency, Traceability, Smart ContractsAbstract
Purpose: The general objective of the study was to investigate blockchain technology in supply chain management.
Methodology: The study adopted a desktop research methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library.
Findings: The findings reveal that there exists a contextual and methodological gap relating to blockchain technology in supply chain management. Preliminary empirical review revealed that blockchain technology significantly transformed supply chain management by enhancing transparency, traceability, and efficiency. The immutable ledger and decentralized nature of blockchain provided a robust framework for addressing traditional supply chain challenges, such as fraud, errors, and inefficiencies. The technology’s ability to automate processes through smart contracts streamlined operations and reduced costs. However, challenges such as high initial investments, scalability issues, and the need for industry-wide standards were identified as barriers to widespread adoption. The study emphasized the importance of continued research to address these challenges and refine blockchain applications in supply chain management.
Unique Contribution to Theory, Practice and Policy: The Theory of Transaction Cost Economics, Resource-Based View (RBV) of the Firm and Agency Theory may be used to anchor future studies on blockchain technology in supply chain management. The study recommended expanding theoretical frameworks to better incorporate blockchain technology's unique aspects into supply chain theories. Practically, organizations were advised to conduct pilot projects and phased rollouts to evaluate blockchain's impact before large-scale implementation, and to invest in training for effective technology management. Policy recommendations included the development of regulatory frameworks and industry standards to facilitate blockchain adoption. Collaboration among industry stakeholders was encouraged to address integration challenges and standardize solutions. Further research into specific applications and the integration of blockchain with other technologies was suggested, alongside investment in education and training programs for supply chain professionals.
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