Abstract
The Fourth Industrial Revolution and digital transformation are reviewed in this chapter. Supply chain organizations must change. Most corporate functions will alter, especially R&D, production, logistics management, and purchasing. Supply chain management is the second theoretical background. The authors discuss its importance, how companies compete globally, and how the Fourth Industrial Revolution affects supply chain management dynamics. The writers address supply chain issues like information technology, knowledge sharing, and blockchain-based collaboration. The current analysis highlights blockchain as a future IT-based solution that addresses complete supply chain stakeholder collaboration. Thus, the research begins with an analysis of blockchain technology, continues with an observation of how it works, and concludes with an assessment of supply chain management blockchain opportunities and barriers. The chapter finishes with an informative discussion and predictions about blockchain technology in supply chain management.
TopObjectives And Research Hypotheses Of The Chapter
The objectives of the chapter are as follows:
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Define and present the 4th industrial revolution and digital transformation;
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To present modern challenges and opportunities in the management of supply chains brought about by digital transformation;
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Accurately present blockchain technology and related concepts;
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Explore opportunities and obstacles in implementing blockchain technology in supply chains;
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Through case analysis, examine the state of use of blockchain technology and expectations in the future development of global supply chains.
Since we used mixed research methods and a predominantly qualitative approach to research and data acquisition, we asked ourselves the following research questions in our Chapter:
RQ1- What potential do the 4th industrial revolution and digital transformation bring to supply chains?
RQ2- What is the role of blockchain technology in the digital transformation of supply chains, and what expected opportunities and obstacles does it bring?
RQ3- What are the actual consequences (advantages and challenges) of introducing blockchain technology in the observed cases of (un)successful practices?
Key Terms in this Chapter
Supply Chain Management: The coordination and management of activities involved in the flow of goods, services, information, and finances across multiple organizations that form a network to deliver products or services to end consumers. It includes processes such as procurement, production, inventory management, logistics, and customer satisfaction.
Fourth Industrial Revolution: The current phase of technological advancement characterized by the integration of digital technologies into various aspects of society, including manufacturing, communication, and automation, leading to significant transformations in industries and business models.
Smart Contracts: Self-executing contracts that automatically execute and enforce predefined terms and conditions once the specified conditions are met. Smart contracts are coded on blockchain platforms and enable secure and efficient execution of transactions between supply chain stakeholders, ensuring transparency and eliminating the need for intermediaries.
Digital Transformation: The process of using digital technologies to fundamentally change and improve business operations, customer experiences, and organizational culture. It involves leveraging technologies like artificial intelligence, cloud computing, and data analytics to drive innovation and enhance efficiency.
Blockchain Technology: A decentralized and distributed digital ledger technology that enables secure and transparent recording of transactions across multiple computers or nodes in a network. It ensures immutability, traceability, and consensus among participants, eliminating the need for intermediaries and providing a trusted platform for executing and verifying transactions.
Traceability: The ability to track and record the origin, movement, and history of products or transactions throughout the supply chain. Blockchain technology facilitates traceability by maintaining an immutable record of transactions, providing visibility and transparency to stakeholders.