The Potential of Blockchain Technology in the Efficiency of Global Supply Chains

Abstract

The supply chain is a network of interconnected companies and individuals working together in sequential steps to create products and deliver them to customers. Cross-border transactions make the network more complex. It cannot be stressed enough how important it is to have uninterrupted supply chain operations. The world we live in changes constantly, so it is important to adapt to changing requirements and new challenges. Integrating technology like the blockchain system, which is considered more efficient and secure, can help support supply chains. Blockchain, also known as distributed ledger tech, allows participants to securely settle transactions, archive transactions, and transfer assets at a low cost. Blockchain is not only an innovative internet infrastructure that uses distributed applications but also a new supply chain network that may open up new opportunities for business. This emerging technology is undergoing a lot of research and revolution.