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 is emerging as an important tool in Supply Chain Management (SCM), particularly in global retail operations where products pass through multiple suppliers, manufacturers, distributors, logistics providers, warehouses and retailers. Blockchain is a decentralised digital ledger that records transactions in a secure, chronological and tamper-resistant manner. In retail supply chains, it can improve the visibility, transparency, traceability and reliability of information shared among different supply chain partners. The role of blockchain in SCM begins with creating a common and trustworthy record of transactions. Traditionally, supply chain information is maintained separately by different organisations. This can create information gaps, duplication, delays and disputes. Blockchain allows authorised participants to access a shared ledger in which transactions are recorded and verified. Once information is added to the blockchain, it becomes extremely difficult to alter
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