Advances in Blockchain and IoT Integration for Real-Time Supply Chain Visibility and Procurement Transparency

The global supply chain landscape is rapidly evolving, driven by the increasing demand for real-time visibility, enhanced transparency, and efficient decision-making. Traditional supply chain systems often face challenges such as data inconsistencies, fraud, inefficiencies, and a lack of coordination across various stakeholders. Recent advancements in Blockchain and Internet of Things (IoT) technologies offer promising solutions to address these challenges by providing secure, transparent, and real-time data flows. This explores the integration of Blockchain and IoT technologies to improve supply chain visibility and procurement transparency. Blockchain, with its decentralized, immutable ledger, provides a secure platform for recording transactions, ensuring the integrity and traceability of supply chain data. IoT, on the other hand, enables the continuous collection of real-time data through connected devices, such as sensors and RFID tags, which monitor inventory levels, product conditions, and the movement of goods across the supply chain. The integration of Blockchain and IoT enhances these benefits by allowing real-time updates on the Blockchain ledger, creating a tamper-proof, transparent record of transactions and product movement. This discusses key use cases for the integration of Blockchain and IoT, such as product authentication, anti-counterfeiting, and secure sharing of data between suppliers, logistics providers, and consumers. Furthermore, it highlights the impacts on procurement transparency, including fair trade practices, fraud reduction, and dynamic pricing models. Challenges related to technology adoption, including infrastructure costs, data security, and interoperability, are also addressed. This concludes by exploring future trends, such as the integration of AI and 5G technologies, to further enhance Blockchain and IoT integration for supply chain optimization.