Validation of a Supply Chain Innovation System Based on Blockchain Technology

Technologies play a pivotal role in achieving competitive advantage and operational efficiency. This paper explores the transformative potential of blockchain technology within the context of supply chain operations. While the theoretical promise of blockchain as a secure, transparent, and decentralized transaction recording system is undeniable, practical adoption in supply chain systems remains ensnared in skepticism and caution. In the dynamic field of global supply chain management, the adoption of cutting-edge technologies is critical for securing a competitive edge and enhancing operational efficiencies. This paper delves into the revolutionary impact of blockchain technology on supply chain operations, acknowledging its theoretical benefits as a secure, transparent, and decentralized system for recording transactions. However, it also notes the cautious approach towards its practical implementation within supply chains due to prevailing skepticism. This investigation aims to unravel the efficacy of blockchain in enhancing security, efficiency, accuracy, and cost-effectiveness within supply chain systems. By bridging theoretical aspirations with practical realities, this study sheds light on both the advantages and constraints of incorporating blockchain into supply chain management. The application of a blockchain-based system in this research demonstrates significant enhancements in supply chain processes and supplier selection within a decentralized framework. Key performance indicators underscore the system's robustness and utility. Furthermore, the deployment of smart contracts, facilitating automatic verification of data modifications and access rights, underscores the platform's capability in handling diverse operations. Despite ongoing concerns regarding blockchain's performance and scalability, this study observes a positive trend towards overcoming these challenges. the findings contribute to the growing body of knowledge on blockchain technology, marking a significant leap forward in its application within the realm of supply chain management.