The Adoption of Blockchain Technology in Supply Chains: An Investigation in Logistics

Blockchain in Supply Chain Management (SCM) is expected to become a more demanded technology in the next five years. The global blockchain supply chain market is projected to grow at a combined annual growth rate of 87%, from $ 45 million in 2018 to $ 3 billion by 2023. Blockchain will improve the business for all global supply chain stakeholders by providing enhanced traceability, facilitating digitization, and securing the chain of custody. This study provides a synthesis of the current challenges in global supply chain and trade operations, as well as the relevant capabilities and potential of blockchain. In addition, this study will present leading pilot initiatives to implement blockchain technology in supply chains and the logistics industry to meet various needs. By discussing the effects of blockchain on customs and government institutions; The difficulties in ensuring the wide distribution of blockchain technology in global supply chain management will be discussed.