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Improving supply chain reliability with blockchain technology
The present study aims to develop a mechanism for improving supply chain reliability
using blockchain technology. The objectives of the study are (1) to evaluate
23 countries on their ease of doing business based on blockchain technology; (2)
to look at the structure of blockchain technology; and (3) to create a blockchainbased
mechanism for reliability improvement in supply chains. To understand how
blockchain and supply chains are integrated, we have conducted a systematic review
of the latest supply chain trends. The results show that supply chain actors crave
improved visibility and traceability of goods moving through the supply chain. We
show how blockchain technology could contribute to this. We use the Blockchain
& Cryptocurrencies Regulation Index methodology to obtain empirical data. Supply
chain weak points are identified, and blockchain-based means to fix them are
highlighted. Findings show that blockchain is a game-changer that improves the
exchange of data between network participants, making them transparent, accessible,
immutable, and secure. Blockchain was also found to have a positive impact on
supply chain collaboration. However, this technology also comes with certain political
and legal risks that need to be overcome.