The Application of Blockchain Technology to Optimize Supply Chain Transactions

Modern supply chains must adapt and innovate to remain agile in this ever-changing market. In the existing literature, many supply chain management methodologies have been proposed to achieve efficiency, while few technologies have actually been discussed. This research paper aims to explain how supply chains can benefit from incorporating blockchain technology to optimize their daily business transactions. It is through smart contracts within blockchains that supply chain transactions can become efficient and robust by providing trust, transparency, and accountability for the network. The approach follows an in-depth multi-analysis that evaluates the stakeholders involved, along with the driving and restraining forces, followed by the the strengths, weaknesses, opportunities, and threats of implementing blockchain technology in supply chain networks. With these conclusions and further research, the authors have developed a detailed framework (validated by three field experts) that serves as a guide for management practitioners and researchers considering the implementation of blockchain technology to optimize supply chain transactions.