Blockchain Compliance in Supply Chain Regulations: A Comprehensive Overview

In the current paper, it provides a clear and comprehensive perspective concerning the role of blockchain systems technology and the manner in which regulatory concerns are promulgated in today’s supply chain. This paper draws on relevant literature, case analyses, and the views of practitioners to shed light on practical applications of blockchains for compliance issues in contemporary supply chains. Some of the prominent block-chain applications looked into are – tracing and tracking, smart contract, identity, and privacy in data. Therefore, in this study, the main outcomes of the comparative analysis and discussion of the case studies and the key findings on the usage of blockchain compliance solutions are outlined below. Although the blockchain technology is still in the process of infancy, it presents many prospects to increase the levels of transparency, efficiency, and trust in supply chain ecosystems; however, bearing problems such as scalability, interoperability, regulatory challenges, as well as security threats. Overcoming all these challenges while building a focus on these opportunities, stakeholders in the supply chain can harness blockchain’s transformative power to integrate through regulatory challenges, risks, and ethical and sustainable supply chain considerations.

I. Introduction

TFirst it gives an overview of the context of the study by highlighting the challenges faced by supply chains and the escalating obligations in ensuring regulatory compliance as supply chains continue to expand and become more complex globally. Given the supply chain coverage across continents and the involvement of many players within the networks, it is crucial to have compliance with regulatory measures in an effort to enhance the declaration of costs and duties in addition to upholding of ethics in supply chain networks. The traditional ways of managing compliance are insufficient to resolve these problems since they entice the problems of data partitioning, data obscurity, and fraud[1].