A REVIEW OF BLOCKCHAIN TECHNOLOGY'S IMPACT ON MODERN SUPPLY CHAIN MANAGEMENT IN THE AUTOMOTIVE INDUSTRY

Abstract

Blockchain technology has emerged as a transformative force in various industries, including supply chain management within the automotive sector. This review examines the impact of blockchain on the automotive supply chain by analyzing 183 articles, focusing on its ability to enhance transparency, traceability, and efficiency. By providing a decentralized and immutable ledger, blockchain ensures real-time tracking of parts and components, thereby reducing the risk of counterfeit products and ensuring compliance with regulatory standards. The automation of transactions through smart contracts streamlines processes, reduces the need for intermediaries, and leads to substantial cost savings and faster delivery times. However, the implementation of blockchain also presents challenges such as scalability, interoperability with existing systems, high costs, and regulatory concerns. Addressing these challenges through future research and pilot projects is essential for unlocking the full potential of blockchain technology in revolutionizing supply chain management in the automotive industry. This review synthesizes current literature to provide a comprehensive understanding of both the benefits and challenges associated with blockchain implementation, highlighting its transformative potential and the necessary steps for successful adoption.