Blockchain as a tool to enhance transparency and product tracking in supply chains: A review

In the context of global trade and complex production methods, managing product supply chains (SCs) has become increasingly intricate. The increasing complexity and global interconnectedness of modern SCs have exacerbated the challenges associated with fraud, counterfeiting, inefficiency, lack of transparency, security, and product authenticity. This comprehensive review analyzes blockchain technology as a revolutionary solution to these ongoing challenges, focusing on its impact on transparency and product tracking. Through reviewing the current literature, the research underscores blockchain's ability to provide a decentralized, immutable, and transparent transaction ledger accessible to all stakeholders, thereby improving operational transparency. The findings indicate that blockchain enhances product tracking across various sectors, including food and agriculture, pharmaceuticals, energy, logistics, fashion, and healthcare. Furthermore, the technology's real-time product tracking capabilities minimize operational inefficiencies and promote accountability throughout the SC. The research concludes that blockchain is not merely an emerging phenomenon, but a fundamental technology poised to fundamentally transform international SCs. With the increasing adoption of blockchain technology and the development of policies that support it, it is expected to play a more important role in ensuring sustainable, secure and resilient SC systems globally.