How can blockchain improve supply chain management?

Blockchain can significantly enhance supply chain management by improving transparency, traceability, and accountability.

Transparency is a key feature of blockchain technology, as it allows all participants in the supply chain to access the same immutable ledger of transactions. This shared visibility helps ensure that all parties are on the same page, reducing the potential for misunderstandings and disputes.

Traceability is another critical benefit, as blockchain allows for the real-time tracking of goods at every stage of the supply chain. Each transaction is recorded on the blockchain, providing a complete history of the product's journey from the manufacturer to the end consumer. This capability is particularly valuable in industries where verifying the origin and handling of a product is essential, such as food safety or pharmaceuticals.

Accountability is enhanced because the transparency and immutability of blockchain records make it easier to identify where issues arise in the supply chain. If a product is found to be faulty or not up to standards, organizations can trace back through the blockchain to determine where the problem occurred and which party was responsible.

While other options may address certain aspects of supply chain management, they do not encapsulate the comprehensive benefits of blockchain as effectively as the correct answer. For instance, increasing manual oversight could potentially slow down processes rather than improve them, while