Blockchain-Enabled Supply Chain Transparency: Transforming Global Business Operations and Reducing Fraud
DOI:
https://doi.org/10.31529/sjms.v11i1.1101Keywords:
Blockchain technology, Supply chain transparency, Fraud reduction, Ethical business practices, Cross-border operations, Global supply chains, Secure transactionsAbstract
This article explores the role of blockchain technology in enhancing supply chain transparency, mitigating fraud, and ensuring ethical practices in global business operations. It also investigates blockchain's relevance in revolutionizing supply chains in relation to transparency, fraud reduction, and traceability. It combines theoretical models, case study reports, and industrial cases with the experimental studies that verify the potential of a blockchain as designed. This research has shown that the blockchain, a decentralized and immutable ledger, is an asset in making significant improvements when it comes to supply chain visibility, the veracity of goods, and trust minimization. Blockchain guarantees too by providing clear and expert justification for a series of transactions is all about transparency and facilitating trust between its parties as it's simplifying business procedures. All of this research suggest that if blockchains can be implemented in supply chains then it is possible that supply chains could become more effective, securer and more transparent: benefitting a range of stakeholders including producers and consumers. The ability of blockchain to eliminate fraud and enhance accountability may prove to be a disruptive factor in the future of worldwide business practices.
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