Blockchain in supply chain accounting: Enhancing transparency and efficiency

Blockchain in supply chain accounting: Enhancing transparency and efficiency

25-06-24 | Motunrayo Oluremi Ibiyemi & David Olanrewaju Olutimehin
Blockchain technology is being integrated into supply chain accounting to enhance transparency and efficiency. This paper explores how blockchain's features—decentralization, immutability, and transparency—can address challenges in traditional supply chain accounting, such as data silos, inefficiencies, and lack of real-time information. It discusses the theoretical underpinnings of blockchain's adoption, practical implications for businesses, and the operational changes required. Despite its potential, the paper identifies research gaps and calls for empirical studies to validate blockchain's benefits. It concludes that blockchain has the potential to revolutionize supply chain accounting by improving accuracy, reducing fraud, and enhancing decision-making. The paper also highlights the need for continuous innovation and stakeholder collaboration to fully realize blockchain's potential in supply chain accounting. Blockchain's ability to provide verifiable traceability is crucial in an era where sustainability and ethical practices are increasingly important. The paper provides a comprehensive overview of existing knowledge on the subject, enriched by theoretical discussions and implications of blockchain technology in supply chain accounting. It navigates through the landscape of blockchain basics, its applicability and benefits in SCA, practical implications for its implementation, and the future directions this integration might take. The paper also discusses the practical implications of integrating blockchain into supply chain accounting, including operational changes, benefits to stakeholders, and challenges that must be addressed. Despite these challenges, the pioneering adoption of blockchain technology across various industries highlights its potential to transform supply chain accounting fundamentally. The paper concludes that blockchain has the potential to revolutionize supply chain accounting by improving transparency, efficiency, and trust among stakeholders. It emphasizes the need for continuous innovation and collaboration to fully realize blockchain's potential in enhancing supply chain accounting practices.Blockchain technology is being integrated into supply chain accounting to enhance transparency and efficiency. This paper explores how blockchain's features—decentralization, immutability, and transparency—can address challenges in traditional supply chain accounting, such as data silos, inefficiencies, and lack of real-time information. It discusses the theoretical underpinnings of blockchain's adoption, practical implications for businesses, and the operational changes required. Despite its potential, the paper identifies research gaps and calls for empirical studies to validate blockchain's benefits. It concludes that blockchain has the potential to revolutionize supply chain accounting by improving accuracy, reducing fraud, and enhancing decision-making. The paper also highlights the need for continuous innovation and stakeholder collaboration to fully realize blockchain's potential in supply chain accounting. Blockchain's ability to provide verifiable traceability is crucial in an era where sustainability and ethical practices are increasingly important. The paper provides a comprehensive overview of existing knowledge on the subject, enriched by theoretical discussions and implications of blockchain technology in supply chain accounting. It navigates through the landscape of blockchain basics, its applicability and benefits in SCA, practical implications for its implementation, and the future directions this integration might take. The paper also discusses the practical implications of integrating blockchain into supply chain accounting, including operational changes, benefits to stakeholders, and challenges that must be addressed. Despite these challenges, the pioneering adoption of blockchain technology across various industries highlights its potential to transform supply chain accounting fundamentally. The paper concludes that blockchain has the potential to revolutionize supply chain accounting by improving transparency, efficiency, and trust among stakeholders. It emphasizes the need for continuous innovation and collaboration to fully realize blockchain's potential in enhancing supply chain accounting practices.
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