Application of Blockchain Technology in Supply Chain Management: A New Way to Transparency and Traceability

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MAGAZINE №2(85) April 2018

AUTHOR Kornienko P.A. - Graduate student, National Research University Higher School of Economics (Moscow, Russia)

CATEGORY Information technologies in logistics and SCM Modern concepts and technologies in logistics and SCM

ABSTRACT

 Today Blockchain technology is one of the breakthrough innovations that changes modern business and can bring it to a new level. Supply chain management (SCM) is one of the areas where this technology can manifest itself in the best possible light. Blockchain is designed to solve one of the most pressing issues of the SCM – ensuring the necessary level of transparency of the chain for all its participants. Every day, business increasingly faces the problem of counterfeiting, complicated document management or the problem of low-quality raw materials, in particular, in food industry. All these problems are a direct consequence of the lack of transparency required by the various scammers and attackers. Blockchain is a distributed and reliable data storage technology designed to solve the problems mentioned above. In this system, all participants have the same rights and access to information, and the system itself works through smart contracts that provide trust between participants. This paper examines the works of various authors and identifies the benefits of Blockchain technology and its application in SCM. In addition, successful examples of the use of this technology in business will be considered.

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