Blockchain Technology for Secure Supply Chain Management: A Comprehensive Review

Abstract

Supply chain management (SCM) is a core corporate activity responsible for moving commodities and services from one point to another through various stakeholders. The traditional SCM is based on a centralized approach managed at the central headquarter, and all other sub-offices get instructions from the main office. Some major issues with present SCM systems are security, transactional transparency, traceability, stakeholder involvement, product counterfeiting, additional delays, fraud, and instabilities. Blockchain (BC) emerges as a technology that can manage the data and build trust efficiently and transparently. It can also aid in transaction authorization and verification in the supply chain or payments without a third party. To address the present SCM issues, BC technology is a feasible solution. Motivated by the aforementioned considerations, in this paper, we present a survey on the adoption of BC in SCM. This paper undertakes a comprehensive analysis of the literature on BC characteristics, implementations, and business consequences in various SCM. This Blockchain-centered study, in particular, discloses the research state and delineates future research directions by studying and analyzing 97 up-to-date publications highlighting BC's supply chain uses. Transparency and traceability, information sharing, product anticounterfeiting, and building trust are the major aspects propelling BC's implementation in SCM. Further, we analyzed various applications of SCM in which BC can be used as a probable technology to secure all transactions. Then, we have highlighted open issues and research challenges for adopting BC technology in SCM that open the doors for beginners eager to start work in this amazing area.

Securing Optical Networks Using Quantum-Secured Blockchain: An Overview

“…In addition, each node in the blockchain network has a copy of the ledger. Hence, if an eavesdropper wants to break the security of a blockchain, he/she has to solve a large mathematical problem of each node in the network at the same time, which is expensive and requires more computational power [ 31 ]. Hence, the security of blockchain technology is currently almost unbreakable.…”

“…This technique allows users to share information among nodes in the network that do not trust each other [ 12 ]. The attractive features of blockchain, such as transparency, privacy, and accountability [ 25 ], make it reliable for a variety of applications related to secure communication [ 9 , 26 ], smart contracts [ 27 ], healthcare [ 28 , 29 , 30 ], supply chain management [ 31 , 32 ], industries [ 33 ], and other financial services. Blockchain technology came to the mainstream with its most prominent application, namely the cryptocurrency Bitcoin [ 34 , 35 , 36 ].…”

Disruptive technologies in supply chain management such as artificial intelligence and blockchain

“…To Alarifi et al (2022, p. 05), "The application of blockchain in supply chain management offers opportunities to improve the traceability, transparency, and efficiency of the supply chain. By providing an immutable and shared record of information, the technology can help reduce the delays and errors that occur in communication and coordination between the different participants of the supply chain [11]." For example, AI can be used to predict future demand and plan production more efficiently, while blockchain can be used to track the origin of materials and products, ensuring compliance with quality and safety standards.…”

Blockchain and crypto forensics: Investigating crypto frauds

“…If the organization refuses to pay, the hacker may threaten to expose sensitive data to the public, such as client information. 83 The COVID-19 pandemic aided the rise in ransomware attacks on supply chains by generating millions of possible entry points as businesses shifted to remote working. 85 -Fraudulent supply chain financing uses BTCs to get suppliers to provide products or services by promising them low-interest loans.…”