The Contribution of Blockchain-based Supply Chain Finance to Sustainability and Social Responsibility
Vasim Ahmad, Richa Goel, Lalit Goyal, Anita Venaik, Rakesh Kumar
Abstract
Supply chain finance (SCF) is a crucial component of global trade, as it enables companies to obtain financing and optimize working capital while also enhancing supply chain efficiencies. The rise of blockchain technology has introduced new opportunities to enhance the transparency and sustainability of SCF. Study explores the potential benefits of blockchain-based SCF in promoting sustainability and social responsibility. Specifically, this research study highlights how blockchain can increase transparency, traceability, and accountability in supply chains, which can lead to more ethical sourcing practices, reduced waste, and better management of environmental and social risks. Additionally, Small and medium-sized enterprises may have new chances to receive finance and compete on an even playing field with larger businesses with the help of blockchain-based SCF. Ultimately, this study argues that blockchain-based SCF has the potential to contribute to a more sustainable and socially responsible global trade system.