Exploring the Potential of Block Chain Technology in Supply Chain Management

Blockchain technology in supply chain management is a fast-growing issue that might transform global data and product flows. Blockchain technology has multiple rippling effects, but this research focuses on supply chain efficiency and transaction processing time. The study shows that blockchain adop...

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Bibliographic Details
Published in:	2024 Ninth International Conference on Science Technology Engineering and Mathematics (ICONSTEM) pp. 1 - 5
Main Authors:	Vinh, Luu The, Arora, Madhu, M, Parveen Roja, Singh, Saurabh, Kushwaha, Shubham, Rane, Ameya Madhukar
Format:	Conference Proceeding
Language:	English
Published:	IEEE 04-04-2024
Subjects:	ANOVA Analysis Blockchain Technology Correlation Cost-Benefit Analysis Data transparency Ecosystems Industries Operational Efficiency Regulatory Considerations Supply chain management Supply chains Transaction Processing Time (TPT) Transforms Transparency
Online Access:	Get full text
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Summary:	Blockchain technology in supply chain management is a fast-growing issue that might transform global data and product flows. Blockchain technology has multiple rippling effects, but this research focuses on supply chain efficiency and transaction processing time. The study shows that blockchain adoption has objectively revolutionary implications on TPT using in-depth ANOVA and correlation analysis. Blockchain technology reduced TPT significantly, proving its potential to improve supply chain efficiency. The correlation study also shows a positive association between greater TPT and blockchain adoption, supporting the idea that blockchain improves supply chain performance. These results imply blockchain technology might improve supply chain operations, minimize mistakes, and increase transparency. These technologies are needed to address supply chain concerns including data transparency, counterfeiting, and inefficiencies. This study adds to the blockchain in supply chain management literature and provides academics and industry experts with valuable insights. As the global supply chain ecosystem becomes more efficient and transparent, the study recommends long-term impact assessments, integration with emerging technologies, regulatory considerations, and industry-specific analyses.
DOI:	10.1109/ICONSTEM60960.2024.10568832