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 (SCM), particularly in global retail operations where complexity, scale, and the need for trust are high. It is essentially a decentralized and distributed digital ledger that records transactions in a secure, immutable, and transparent manner. In the context of retail supply chains, blockchain plays a crucial role in enhancing efficiency, reducing fraud, and improving coordination among various stakeholders such as suppliers, manufacturers, distributors, and retailers. One of the most significant contributions of blockchain technology to SCM is enhanced transparency. In traditional supply chains, information is often siloed, fragmented, and controlled by individual entities, making it difficult to obtain a complete and accurate view of the entire process. Blockchain eliminates this issue by providing a shared ledger that all authorized participants can access in real time. Each transaction or movement of goods is recorded as a block and linked to previous
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