Blockchain's impact on solving supply chain management challenges

Blockchain is expected to remodel supply chain processes. Many companies have begun to invest in this technology with the assumption that it is a valuable innovation to enhance the productivity of the supply chain and supports trade activities by eliminating paper. Not only trade finance documents such as the letter of credit but also logistics activities' documentation, for instance, a bill of lading can be stored in a trusted environment. With regards to the global supply chain, blockchain can provide transparency by allowing tracking origin of the products through the integration of other technologies, i.e. IoT, RFID, barcodes. One of the biggest challenge, supply chain companies face today is the complexity of processes, lack of standardisation, compliance and poor communication in the ecosystem. An enormous number of companies are involved in global trade and suffer risks involving interoperability, dependability, lack of automation, sustainability and fraud resulting in high costs, and unsatisfied customers. This thesis presents proof of the utilisation of blockchain technology in supply chain practices to overcome the challenges faced in the global trade environment. Multiple case study research is followed for the need to analyse how blockchain can help solve problems such as transparency, and collaboration among supply chain companies. This thesis highlights how blockchain capabilities' help find a solution to hereinabove mentioned issues. Blockchain technology solutions can transform global trade by providing industrialisation through participation in order to benefit fully on a full scale. This innovation will prepare the supply chain with the capacity to contribute regulators and customers with a new dimension of reliability and traceability in a secure network.