Blockchain Technology in Supply Chain Management in the United States
DOI:
https://doi.org/10.47672/ajce.2248Keywords:
Block chain, Technology, Supply Chain ManagementAbstract
Purpose: The aim of the study was to assess the block-chain technology in supply chain management in the United States.
Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries.
Findings: Blockchain technology has revolutionized supply chain management by enhancing transparency, security, and efficiency. One key benefit is its ability to provide an immutable ledger of transactions, ensuring that all parties have access to the same information, thereby reducing the risk of fraud and errors. This transparency extends to tracing the provenance of goods, which is crucial for industries like food and pharmaceuticals, where verifying the source and journey of products can ensure safety and compliance with regulations. Additionally, blockchain facilitates better coordination among supply chain participants by automating processes through smart contracts, reducing delays and improving overall operational efficiency. Despite these advantages, challenges such as scalability, integration with existing systems, and regulatory uncertainties remain, necessitating further innovation and collaboration among stakeholders to fully harness blockchain's potential in supply chain management.
Implications to Theory, Practice and Policy: Technology acceptance model, resource-based view and institutional theory may be used to anchor future studies on assessing the block-chain technology in supply chain management in the United States. In the realm of practical implementation, organizations are encouraged to initiate pilot projects aimed at testing Blockchain applications in targeted supply chain processes. In the policy domain, collaboration with policymakers is vital to develop clear and supportive regulatory frameworks for Blockchain adoption in supply chains.
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