Question
Analyse the role of Blockchain technology in SCM. How does it enhance transparency and traceability in global retail operations?
Answer :
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Blockchain technology has emerged as a transformative tool in supply chain management, particularly in the context of global retail operations where complexity, scale, and multiple intermediaries often create inefficiencies and opacity. It is essentially a decentralized and distributed digital ledger that records transactions across multiple nodes in a secure, immutable, and transparent manner. Its application in SCM significantly alters how information is recorded, shared, and verified among various stakeholders such as suppliers, manufacturers, distributors, and retailers. One of the most critical roles of blockchain in SCM is enhancing transparency. In traditional supply chains, information is often siloed within organizations, leading to information asymmetry and mistrust among participants. Blockchain enables all authorized participants to access a single, shared version of truth. Every transaction or movement of goods is recorded in real-time and cannot be altered once validated. This ensures that all parties have visibility into the flow of goods, payments, and information. For global retail operations, where goods move across borders and involve multiple regulatory frameworks, such
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