Blockchain-Driven Supply Chain Management and Open Innovation

Abstract

Advanced networking systems among consumers, goods, and value imposing major challenges for industries. Which comprises a change in consumers’ outlooks and forces on producing low-cost merchandise, arrangement, and supply chain. These changes demand advancements concerning businesses to adapt to modern system by encouraging and embracing advanced and innovative solutions for the challenges. Which highlights the overall modification of industries which is described as ‘industries 4.0′, which enforces the need for digital technologies, networking in industries, and associated practices. The blockchain technological domain is strongly incorporated by industries over the years. The usefulness of blockchain is not only accepted for the monetary sector but at the same time proven highly effective for supply chain management as well. Blockchain is an advanced technological domain that refines overall efficacy, transparency, and unambiguity. Currently, logistics and supply change are highly persuaded by the innovativeness, latest technological aspects, change in processes, and competitively that enhance challenges, which demands change and applying technological aspects for the modern supply chain as a multilevel system.

Keywords: Blockchain, BCSCM, Innovation, Open innovation, Supply chain

JEL Classification: M1, M15