Blockchain Technology: Transforming Supply Chains and Beyond for a New Era of Transparency and Efficiency

Abstract

This paper examines the burgeoning role of blockchain technology in supply chain management (SCM), including its emerging influence in the agriculture and allied sectors, where it promises to enhance traceability, sustainability and efficiency from farm to table. It presents a synthesis of current research, demonstrating how blockchain can significantly transform SCM functions across various industrial applications, from shipping to healthcare and assesses blockchain's potential to augment visibility and streamline business processes. The opportunities, societal impacts, state-of-the-art technologies, challenges and future research directions are critically analysed. The paper further contemplates blockchain's feasibility in creating a secure, decentralized environment for transactions, addressing its scalability and security challenges and envisions the technological trajectory for blockchain integration in SCM.