Utilizing Blockchain Technology for the US Supply Chain Management

Abstract

Blockchain technology is being gradually introduced into supply chain management, addressing long-standing problems and waste-related issues within the industry. This study aims to illustrate the various ways blockchain technology can improve the efficiency, traceability, security, and simplicity of supply chains. Blockchain technology offers a permanent, decentralized record-keeping system that fosters honesty and trust between participants; all important data is stored in an unalterable manner. Additionally, supply chain processes like payment processing and inventory management are automated by intelligent contracts, which significantly lowers both human error and regulatory expenses. Blockchain's capacity to encrypt this data ensures a high level of security by guaranteeing information availability in the event of sophisticated cyber assaults. This increase in security makes the supply chain less vulnerable to sabotage and extortion. Through the provision of an easily accessible and verifiable record of every trade, this innovation significantly streamlines administrative compliance. Furthermore, it provides a means of confirming that the technical support standards and material sources adhere to current standards, which in turn helps to enhance customer trust in a brand and promote brand identity for the product bearing the brand mark. The study shows how blockchain technology has improved the capabilities of US logistics companies. It also examines the effectiveness and transparency of supply chain management in the US, particularly in relation to blockchain technology.