Blockchain Technology for Smart Contracts: Enhancing Trust, Transparency, and Efficiency in Supply Chain Management

Abstract

This chapter explores the application of blockchain technology in achieving secure and transparent supply chains. With globalization and increasing complexities in supply chain networks, ensuring the integrity and visibility of products throughout their lifecycle has become a critical challenge for organizations. Blockchain technology offers a promising solution by providing a decentralized and immutable ledger to record and verify transactions, making it an ideal platform for enhancing supply chain transparency and security. The chapter begins by examining the key challenges faced by modern supply chains, including counterfeiting, lack of traceability, inefficient record-keeping, and trust issues among stakeholders. It highlights how these challenges can be addressed through the implementation of blockchain technology, leveraging its key features such as transparency, immutability, and decentralized consensus.