The potential of Smart Contracts in Blockchain-based Supply Chain Management for Automation and Sustainable Manufacturing: An In-depth Analysis and Perspectives

Smart contracts have emerged as a groundbreaking solution in supply chain management, offering immense potential for the industry. The field takes a significant leap forward by integrating smart contracts with blockchain technology, automation, and sustainable manufacturing practices. To contribute to the comprehensive understanding of this integration, this study conducts a critical review and analysis and an expert meeting with senior executives to explore the intricate relationship between Blockchain, smart contracts, automation, and sustainable manufacturing. Through this examination, the study provided emerging scope and in-depth insights on the development of blockchain-enabled smart contract solutions. The findings of this study hold great value for practitioners and researchers alike, as they provide actionable insights and recommendations to foster sustainability and fully harness the transformative potential of Blockchain and smart contracts in the manufacturing sector.

I. Introduction

Smart contracts have emerged as a ground-breaking solution in supply chain management. These contracts are coded with predefined conditions and terms, enabling them to execute automatically [1]. The smart contract is a crucial feature of blockchain technology and can automate and enforce compliance with predefined rules and agreements. These contracts provide a transparent and tamper-proof method for ensuring responsible behaviour across the supply chain. By automating the execution and verification of contractual obligations, organizations can enhance trust and accountability among supply chain actors [2]. In parallel, blockchain-based supply chain management has garnered significant attention due to its ability to promulgate blockchain technology's immutability and decentralized nature [1], [3]. By utilizing this technology, supply chains can enhance transparency, traceability, and security. It addresses critical challenges such as counterfeiting, product provenance, and trust issues plaguing traditional supply chain systems [4], [5], [6], [7], [8], [9], [10], [11], [12], [13].