How Smart Contracts Are Transforming Supply Chain Management
In today's globalized economy, supply chains are complex, involving multiple stakeholders, regions, and processes. Traditional supply chain systems often face challenges such as lack of transparency, inefficiencies, and delays. However, the advent of smart contracts is revolutionizing supply chain management by offering automated, transparent, and secure solutions. What Is a Smart Contract in Blockchain? A smart contract is a self-executing contract with the terms of the agreement directly written into code. These contracts run on blockchain technology, ensuring that once conditions are met, actions are automatically executed without the need for intermediaries . In the context of supply chains, smart contracts can automate various processes, from inventory management to payment settlements, enhancing efficiency and reducing human errors. The Role of Smart Contracts in Supply Chain Management 1. Enhanced Transparency and Traceability Smart contracts provide a transparent and immut...