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Blockchain-Enabled Supply Chain Management for Revolutionizing Transparency, Security, and Efficiency
Abstract
Blockchain technology holds immense potential for revolutionizing supply chain management by enhancing transparency, security, and efficiency. The key areas of focus encompass goods provenance tracking, traceability enhancement, fraud reduction, and efficiency augmentation. This chapter explores the core attributes of blockchain—decentralization, immutability, and transparency—and their application in supply chains. However, challenges include interoperability issues, data privacy concerns, and security risks like 51% attacks. Costs of implementation are also significant. Additionally, the project addresses pivotal concerns such as interoperability, data privacy, security, and the costs associated with adopting blockchain solutions. Ultimately, the project concludes that integrating blockchain technology into supply chain management has the potential to streamline operations, foster trust between stakeholders, and elevate overall efficiency and resilience within the supply chain ecosystem.
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