Advances in Consumer Research
Issue 2 : 531-542
Original Article
Blockchain Technology in Supply Chain Management: Enhancing Efficiency and Transparency in Commerce
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1
PhD (Business Studies, MBA (Marketing, PGDM (Marketing) & B.Ed.
2
Deputy Registrar & Associate Professor, Department: Legal &Admin Affairs, Institute:COER University, Haridwar, Roorkee, Uttrakhand
3
Assistant Professor, Department: School of Construction, Institute: NICMAR University, Pune. Maharashtra
4
Assistant Professor, Department: Civil Engineering, Institute:Dr.Vishwanath Karad, MIT World Peace University , Kothrud, Pune, Maharashtra
5
Assistant Professor, Department: Management and Commerce, Jagannath University, Jhajjar, Haryana
6
Associate Professor, Department: Management and Commerce, Jagannath University, Haryana
Abstract

Consumer The application of blockchain technology has significantly improved transparency, efficiency, and security in supply chain management. According to this research, blockchain can be exploited to operationalize supply chain operations through decentralized ledgers, smart contact and cryptographic security. Four blockchain based algorithms namely, Proof of Work (PoW), Proof of Stake (PoS), Practical Byzantine Fault Tolerance (PBFT) and Directed Acyclic Graphs (DAG) are analysed in the study to explore the influence on transaction speed, scalability and security of transaction speed, scalability and security. Experimental results show that, while PBFT is the most efficient in terms of its transaction throughput achieving 5,200 TPS, PoW is the least with 15 TPS, however it is highly secure, whereas PBFT does not seem to be. 1,500 TPS balances the equation of Pos with regard to both security and efficiency and 10,000 TPS helps in scalability using the DAGs. When blockchain is implemented, clutter is reduced, there are 40% less fraud cases, a 30% increase in accuracy of logistics tracking and a 25% reduction in operational costs when compared with traditional supply chain systems. However, despite integration complexity and scalability limitation, blockchain enables supply chain optimization to be a transformative tool. Future research, for such models to be enhanced still, should focus on hybrid blockchain models and their security and efficiency as well.

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