BEYOND INTEROPERABILITY: REALIZING THE FULL POTENTIAL OF INTERTWINED SUPPLY NETWORKS WITH IOT AND BLOCKCHAIN

Abstract

The rise of the Internet of Things (IoT) and blockchain technology has ushered in a new era of supply chain management, offering unprecedented opportunities to enhance transparency, traceability, and trust within complex supply networks. This paper explores the practicability of leveraging these emerging technologies to create a seamless, interconnected system that can address the challenges faced by traditional supply chain paradigms. The landscape of modern supply chain management has undergone a profound transformation, driven by the rapid advancements in digital technologies. Integrating IoT sensors and blockchain-based platforms can revolutionize the way supply chain data is collected, shared, and verified. While the benefits of these technologies are widely recognized, the practical implementation and seamless integration within existing supply chain systems remain a crucial challenge. Key findings from the literature review highlight the pivotal role of blockchain in addressing the limitations of centralized supply chain systems, such as the lack of transparency and trust. The application of IoT and blockchain in supply chain management promises real-time monitoring, end-to-end visibility, and secure data sharing among all stakeholders. By combining these technologies, organizations can create a decentralized, trustless, and tamper-evident system that can enhance supply chain resilience and responsiveness. The challenges of establishing co-opetition among supply chain actors, integrating IoT systems for data quality, and reforming regulatory and legal frameworks must be addressed to fully realize the benefits of this integrated approach.