Question 1

What is blockchain technology?

Accepted Answer

Blockchain technology is a decentralised digital ledger system that records transactions across multiple computers, ensuring that the data is secure, transparent, and cannot be altered retroactively.

Question 2

How does blockchain enhance supply chain operations?

Accepted Answer

Blockchain enhances supply chain operations by providing greater transparency, improving traceability of products, reducing fraud, and streamlining processes through smart contracts that automate tasks.

Question 3

What are the main challenges of implementing blockchain in supply chains?

Accepted Answer

The main challenges of implementing blockchain in supply chains include technical hurdles such as scalability and integration with existing systems, as well as regulatory hurdles related to compliance and data privacy.

Question 4

How does blockchain compare to traditional supply chain systems?

Accepted Answer

Blockchain offers advantages over traditional supply chain systems by enhancing transparency, improving traceability, and reducing costs through automation. However, it also presents disadvantages such as complexity and the need for widespread adoption.

Question 5

What future trends can we expect in blockchain technology for supply chains?

Accepted Answer

Future trends in blockchain technology for supply chains include increased adoption of smart contracts, integration with the Internet of Things (IoT), and advancements in interoperability between different blockchain platforms to enhance collaboration.