Implementation of the Blockchain System for Risk Management in Functioning and Supply Chain Management

This paper presents an examination of blockchain's potential to revolutionize the management of secure and effective supply chain finance. The paper will discuss the various challenges that businesses in the supply chain industry face, and how implementing blockchain technology could assist with an efficient and secure financial management system. The paper will analyse the primary usage of blockchain technology such as digital ledgers and cryptocurrency transactions. The paper will also examine the role of blockchain technology in reducing financial fraud, building trust between trading partners, and enabling firms to track and secure payments between trading partners. The paper will conclude with an analysis of the potential applications of blockchain technology to optimize the financial management system of supply chain businesses.