Question
Analyse the role of Blockchain technology in SCM. How does it enhance transparency and traceability in global retail operations?
Answer :
Word Count : 609
Blockchain technology plays a significant role in Supply Chain Management (SCM) by improving transparency, traceability, security, and efficiency in global retail operations. In retail supply chains, products move through multiple stages such as manufacturers, suppliers, warehouses, distributors, transporters, and retailers. Managing such a complex network becomes difficult because of lack of visibility, fraud, delays, counterfeit products, and inaccurate records. Blockchain technology helps in solving these issues through a decentralized and secure digital ledger system. Blockchain is a distributed database in which information is stored in blocks connected in chronological order. Each transaction is verified by network participants and cannot be changed easily once recorded. This feature increases trust among all members of the supply chain. In retail SCM, every transaction such _________ ____ __________ ______ _____ _________ _________.
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Blockchain technology plays a significant role in Supply Chain Management (SCM) by improving transparency, traceability, security, and efficiency in global retail operations. In retail supply chains, products move through multiple stages such as manufacturers, suppliers, warehouses, distributors, transporters, and retailers. Managing such a complex network becomes difficult because of lack of visibility, fraud, delays, counterfeit products, and inaccurate records. Blockchain technology helps in solving these issues through a decentralized and secure digital ledger system. Blockchain is a distributed database in which information is stored in blocks connected in chronological order. Each transaction is verified by network participants and cannot be changed easily once recorded. This feature increases trust among all members of the supply chain. In retail SCM, every transaction such _________ ____ __________ ______ _____ _________ _________.
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