Strengthening Omnichannel Retail Supply Chain with Blockchain Technology

The last few decades have seen the transformation of the modern supply chain from a simple (inflexible, linear, and reactive) to a complex (flexible, multi-echelon, and proactive) supply chain. The supply chain encompasses a global network of third-party service providers (Logistic, IT, Customer support, Warehousing), practicing numerous procedures and policies. The complex management of retailers, buyers’ and suppliers’ relations are susceptible to quite a few challenges (transparency, trust, security). Blockchain is an advanced technology with features like distributed notes, storage mechanism, consensus algorithm, decentralized structure, smart contracting, and asymmetric encryption, which helps to ensure supply chain network prominence, security, trust, and transparency. Blockchain technology turbocharges the profitability and efficiency of the supply chain. The level of security like physical management is complemented by process enhancements and technological leverages. Blockchain provides shared ledgers with error-free decentralized digital records, while every participating member act as a catalyst, by maintaining his data set for the transaction. Digitalization eliminates the need for traditional third-party verification; participants may self-verify the transactions. The information once entered is inconvertible and can never be obliterated. Transacted data is stored in time-stamped blocks and serves as the data structure. Blockchain technology serves flawlessly with features like storage mechanism and storage nodes, smart contract, consensus algorithm, and asymmetric encryption. Blockchain technology is successfully implemented in various sectors like finance, banking, IoT, and forex transactions. Current research focuses on providing abridged details of blockchain and serves to introduce its innumerable applications emphasizing the potential to transform supply chain provenance, business process reengineering, to security enhancement for the success of omnichannel retail supply chain.