Integration of Blockchain Technology into Supply Network for Resilient and Efficient Acquisition

Abstract

In the modern acquisition, it is unrealistic to consider single entities as producing and delivering a product independently. Acquisitions usually take place through supply networks. Resiliency, efficiency, and effectiveness of supply networks directly contribute to the acquisition system’s resiliency, efficiency, and effectiveness. All the involved firms form a part of a supply network essential to producing the product or service. The decision-makers have to look for new methodologies for supply chain management. Blockchain technology introduces new methods of decentralization and delegation of services, which can transform supply chains and result in a more resilient, efficient, and effective supply chain. This research aims to review and analyze the selected current blockchain technology adoptions to enhance the resiliency of supply network management by facilitating collaboration and communication among suppliers and support the decision-making process. In the first part of this study, we discuss the limitations and challenges of the supply chain system that can be addressed by integrating blockchain technology. In the final part, we analyze multiple blockchain-based supply chain use cases to identify how the main features of blockchain are suited best for supply network management.