Abstract for: Security and Stability: Blockchain Applications for Enhancing Cybersecurity and Building Supply Chain Resilience
The ongoing Coronavirus disease (COVID-19), caused by the SARS-CoV-2 virus, has created significant challenges for global supply chains and revived the discussion about supply chain resilience. This is in addition to the distributive impact of cyber-attacks, which has increased significantly during the pandemic. There has been an increasing focus on supply chain resiliency by leveraging emerging technologies such as Blockchain. World Economic Forum predicts that by 2027 10% of global GDP will be stored on blockchain technology. Blockchain is no longer a niche technology used only for virtual currency, but rather a critical component of business ecosystems, identity systems, inter-organizational and enterprise systems related to finance and supply transactions. Any centralized system is always at risk of getting compromised. Blockchain technology reduces this centralization to a great extent and has excellent potential to radically change our socio-economical systems by guaranteeing secure transactions between untrusted entities, reducing their cost, and simplifying many processes. Thus, Blockchain technology are suitable to foster supply chain resiliency as it promotes transparency, guards against embezzlement risks, and expands productivity and efficiency. The use of blockchain-based crypto currencies and smart contract applications to enhance supply chain resiliency and operational perseverance along with identifying the barriers and enablers of blockchain adoption for sustainable supply chain performance are investigated with a system dynamics approach.