Specifically, this research examines the role of smart contracts in supply chain management using three aspects of improvement, namely transparency, efficiency, and security. Smart contracts based on the block-chain and IoT allow instant and secure contracts execution between participants, tracking, efficient work, and small administrative burden. The paper reviews the strengths and weaknesses and assesses the effect of smart contracts assessing some sample benefits and challenges which include quality assurance, real time product tracing, payment, and compliance. Technologies involved include IoT sensors where environmental conditions along the product’s supply chain are continuously recorded, block-chain for enhancing the credibility of recorded data to all stakeholders. A comparison of smart contract compatibility across different ecosystems and possibilities of integrating decentralized finance (DeFi) defines the possibilities of their application in supply chains. According to the contingency aspects, smart contracts will embrace payments and dynamic pricing where information can be stipulated to make prompt and clear payment. The future work is as follows: increasing the compatibility between different block-chains, integrating the compliance with the laws, incorporating early warning systems forecasting the supply chain failures into the program. This research advances the literature on block-chain solutions and underscores the appropriateness of smart contracts to solve key supply chain issues while suggesting possibilities for the diffusion of the technology. The paper’s insights point to how smart contract technology and the application of IoT and block-chain to supply chain management provide great potential for organizations to transform and enhance operational reliability and supply chain stakeholders’ confidence within an increasingly globalizing area.
Smart contracts, block-chain, supply chain management, Internet of Things (IoT), transparency, automation, real-time tracking, payment automation, decentralized finance (DeFi)
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