Question
Analyse the role of Blockchain technology in SCM. How does it enhance transparency and traceability in global retail operations?
Answer :
Word Count : 526
Blockchain technology plays an important role in Supply Chain Management (SCM) by creating a secure, decentralized, and shared digital record of transactions and product movements. In retail supply chains, where goods pass through manufacturers, suppliers, distributors, logistics providers, warehouses, retailers, and customers, blockchain can improve the flow of information and reduce uncertainty. It allows authorized participants to access the same verified information, thereby improving coordination and trust among supply-chain partners. One of the major roles of blockchain in SCM is improving transparency. Traditional retail supply chains often involve separate databases maintained by different organizations. This can make it difficult to determine whether information about a product is accurate or complete. Blockchain records transactions in a distributed ledger that cannot easily be altered without detection. Each transaction is linked to previous records, _________ ____ _________ __________ _____ ___.
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Blockchain technology plays an important role in Supply Chain Management (SCM) by creating a secure, decentralized, and shared digital record of transactions and product movements. In retail supply chains, where goods pass through manufacturers, suppliers, distributors, logistics providers, warehouses, retailers, and customers, blockchain can improve the flow of information and reduce uncertainty. It allows authorized participants to access the same verified information, thereby improving coordination and trust among supply-chain partners. One of the major roles of blockchain in SCM is improving transparency. Traditional retail supply chains often involve separate databases maintained by different organizations. This can make it difficult to determine whether information about a product is accurate or complete. Blockchain records transactions in a distributed ledger that cannot easily be altered without detection. Each transaction is linked to previous records, _________ ____ _________ __________ _____ ___.
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