Blockchain for Supply Chain Optimization in Industrial Engineering: Enhancing Transparency, Security, and Efficiency in Manufacturing Networks

Abstract

Blockchain is applying solutions to notable issues that are pertinent to supply chain management including authenticity, security, and speed. This paper discusses how blockchain can facilitate identification of products in real-time, reducing fraud, handling secure data and carrying out automated transactions due to the blockchain ledger. First, it eliminates information asymmetry, increases trust among supply chain link partners and reduces supply chain interventions hence increasing performance in aspects like traceability, compliance, risk management and cost optimization. It has been analysed and identified that there are also some barriers such as high cost for implementation, integration issues, the scalability problem and the issue of regulation that make organizations adopt it. Therefore, technological readiness and IT infrastructure is considered as a moderating factor predicting the efficiency of blockchain usage in the described activity. From a conceptual standpoint, this study contributes to understanding how blockchain might be leveraged for a more robust, automated, and efficient supply chain and better supply chain decision making, resource management, and competitive advantage in the contemporary industrial marketplace.

Keywords: Blockchain, Supply Chain Management, Transparency, Security, Efficiency, Traceability, Fraud Prevention, Smart Contracts, Technological Readiness, Data Integrity, Cost Optimization, Risk Management, Digital Transformation