The Role of Blockchain Technology in Enhancing Biotech Supply Chain Transparency and Efficiency

Abstract

The results show that there is a methodological and contextual gap in supply chain management's use of blockchain technology. According to a preliminary empirical analysis, supply chain management was profoundly changed by blockchain technology, which improved efficiency, traceability, and transparency. Blockchain's decentralized structure and immutable ledger provide a strong foundation for tackling issues with traditional supply chains, such fraud, mistakes, and inefficiencies. Operations were simplified and expenses were decreased by the technology's capacity to automate procedures using smart contracts. However, barriers to widespread adoption were identified, including high initial costs, scaling issues, and the need for industry-wide standards. The study emphasized the need of continued research in overcoming these challenges and improving blockchain applications in supply chain management. Another way to look of a Blockchain described as a set of knowledges, tools, and practices used to discourse specific challenges or use cases. Businesses that utilize Blockchain technology desire to growth supply chain trust and information transparency while also enhancing interoperability among networked supply chain exchange partners. Blockchain technology can assistance with a diversity of well-known supply chain anxieties. As a result, it has stimulated a lot of interest among researchers, enterprises, and software developers directing to ferocity IoT with other technologies. At the moment, supply networks are unstable as a result of continuing digitalization. As value-creating networks grow, the value chain advances an indispensable source of competitive advantage. Simultaneously, initiatives are being made to combine Blockchain technology with Internet of things explanations, resulting in new associations, unique supply chain construction, and new forms of collaboration and value generation.