Using Blockchain for Effective Risk Management in Supply Chain: A Qualitative Study

This study was based on three distinct areas of study, which are Supply Chain Management (SCM), Risk Management and Blockchain Technology. This study analyses and explorers the possibility of using Blockchain for Effective Risk Management in Supply Chain of today's company by doing a qualitative study. In this exploratory study, experts were identified in the field of analysis and they were interviewed and probed further for their opinions and better understanding the field of study. Accordingly, three research questions were identified to build a skeleton for the study to hang on and then further according to the scope each expert was interviewed separately. Finally, a thematic analysis in the guise of descriptive analysis was done, in which the overlaps of different experts were reviewed. The findings revealed that blockchain could be a suitable technology for effective risk management. However, not all companies are ready to adopt blockchain and there is a need to create awareness. All the respondents generally stated that blockchain brings transparency, traceability, and immutability, which reduces risk. Companies should firstly have a willingness to adopt and accept blockchain and sort out any issues. This study contributes to both theory and practice by interlocking risk management and supply chain and the subsequent involvement of blockchain to mitigate risk effectively. Keywords: Blockchain, Supply chain, Risk management, Effective risk, Supply chain analysis, Transparency, Traceability, Compliance, Standards, Immutability
Introduction Supply chain management (SCM) refers to the management of the flow of goods, services, and information. It is directly linked to risk management to reduce any impending risks and [...]