SCM is a massive industry that serves as the backbone of all others.

Traditional SC systems, on the

significant overheads in terms of mistake handling, expenses, administration, and fraud control.

The fragility of international supply chains is increasing due to disruption risks that directly or
indirectly endanger the stability and security of society. While there are many other forms of risks
associated with supply chain disruptions, cyberattacks have recently attracted the attention of the
scientific community. Cyber-attacks, such as organisations engaged in counterfeiting, theft, fraud,
data manipulation, or falsification, demonstrate the supply chain's susceptibility.

Over the past decades, our knowledge and awareness of supply chain risk management (SCRM) have
been extended; with the advent of digitalization and data analytics, companies have acquired
significant capabilities for providing complete solutions in SCRM. Digitalization as a part of the
Industry 4.0 revolution can enable real-time SCRM and enhance collaboration, communication, and
trust among supply chain parties because of real-time information sharing and improving the
integration of systems and processes.

In this vein, as a potential solution to mitigate the above-mentioned issues, academic institutions
and practitioners have recently conducted several theoretical and practical projects with blockchain
technology for preserving the integrity of data and systems, transparency, safety, and security

Blockchain is a technology with unique combination of features such as decentralized structure,

distributed notes and storage mechanism, consensus algorithm, smart contracting, and asymmetric
encryption to ensure network security, transparency and visibility. Blockchain has immense potential
to transform supply chain (SC) functions, from SC provenance, business process reengineering to
security enhancement. More and more studies exploring the use of blockchain in SCs have appeared
in recent years. Although some reviews analysed the current applications of blockchain in the supply
chain, there is still a need for clarity about whether blockchain and emerging technologies can
manage and predict disruptions and lead to more resilience and robustness of the supply chain, and
about how these technologies can play a crucial role in privacy and security challenges, the
implementation of smart contracts, monitoring counterfeiting, and tracking and tracing to ensure
food safety and security.

Benefits of blockchain in SCs

Benefits of blockchain in SCs
Data management o Allows data from many SCs to be
calibrated.
o Increases the data's security.
o All information is captured in real time.
Improves transparency o Aids in the tracking of an item's state
during a process.
o Data analysis tasks are automated.
o End-to-end transparency via a hierarchy
of permission levels
Improves response time o Creates a dynamic and real time SC
with better utilization of its resources
Smart contract management o Individualized and customised contracts
can be developed for each function and
coordinated with one another, assisting
in the design of business processes.
 o Enhances visibility and eliminates the
need for a middleman
Operational efficiency o Improves end to end speed of SC
process
o Identifies bugs and issues in the
beginning to make the process robust
Disintermediation o This results in a continuous flow of
transactions.
o Improves speed
o Increases trust among process
stakeholders
Immutability o All alterations require consensus.
o All transactions are kept secure.
Intellectual property Management o Protecting and registering intellectual
property

Blockchain's Supply Chain Applicability

Transactions that are transparent and well-controlled:
There is no middleman with blockchain (e.g., a bank). Because the ledger is updated automatically, it
allows for speedier and more transparent settlements. Payment conditions, including transaction
visibility, can be pre-programmed automatically so that only authorised participants can see it.
Preapproved transaction fees :
When using Swift to make cross-border payments, the commission is taken only after the transaction
is completed — or, to be more precise, after the transaction has passed through a number of
intermediary institutions.
Auditability:
No one can tamper with, remove, or hide any information added to the blockchain because it is
immediately visible to authorised parties.
Reliable
Blockchain does not have a single point of failure due to its distributed nature. Furthermore, all
blockchain transactions are immutable and irreversible, reducing the danger of fraud even further.

Bibliography
Blockchain in Supply Chain Management: Key Use Cases and Benefits. (2019). infopulse.

Niloofar Etemadi , Yari Borbon-Galvez , Fernanda Strozzi and Tahereh Etemadi. (2021). Supply Chain
Disruption Risk Management with Blockchain:A Dynamic Literature Review. Belgium: MDPI.

Niloofar Etemadi, Y. B.-G. (2021). Supply Chain Disruption Risk Management with Blockchain:A
Dynamic Literature Review. Belgium: MDPI.

Pankaj Duttaa, T.-M. C. (2020). Blockchain technology in supply chain operations:

Applications,challenges and research opportunities. Transportation Research Part E , 34.