The role of blockchain in supply chain transparency: going beyond finance

Initially recognised for revolutionising the financial sector, blockchain technology is now reshaping industries far beyond finance. One area where blockchain is profoundly impacting is supply chain management, where transparency and trust are critical. With the increasing complexity of global supply chains, issues such as fraud, counterfeiting and unethical sourcing have become major concerns. Blockchain offers a solution by providing an immutable, decentralised ledger that enhances transparency, accountability and efficiency. 

Challenges in traditional supply chains

Traditional supply chains involve numerous stakeholders, including manufacturers, suppliers, logistics providers and retailers - all operating in siloed systems. This lack of interconnectedness often leads to inefficiencies and reduced visibility, making it difficult to track a product’s journey from raw material to finished goods. Some of the key challenges include:

·      fraud and counterfeiting - in industries such as p…