# Leveraging the Internet of Things and Blockchain Technology in Supply Chain Management
## 1 Introduction
Global connectivity will contribute further to new economic opportunities and business growth that may generate an additional USD 14 trillion in the global economy by 2030 [17]. Various researchers identified supply chains and logistics as essential areas for deploying IoT [18; 19]. IoT can improve supply chain competitiveness through more effective tracking of the flow of materials, leading to improvements in the effectiveness and efficiencies of critical processes and timetables [20]. Within multi-exchange party supply chains, IoT can help to facilitate the sharing of more precise and timely information related to production, quality assurance, distribution and logistics [21; 22; 23]. [PERSON] and [PERSON] [24] posited an integrated solution for a Just-in-Time (JIT) production line where RFID tags act to trigger an alert when a specific station is empty. This warning signal notifies the supplier to replenish and deliver the stock directly to the specific station. Moreover, the use of IoT applications inside the production plant can increase the visibility of parts and processes, and by extension, using IoT devices along the supply chain can help to boost productivity, reduce operational costs, and enhance customer satisfaction [25]. Despite the growing potential to apply IoT in supply chains, there are numerous challenges ahead. For instance, IoT-related technical issues experienced when operating at the ecosystem level, such as security, authenticity, confidentiality, and privacy of all stakeholders [26]. From an IoT vulnerability perspective, practitioners and scholars consider security to be the most critical issue [27; 28; 29]. Existing security solutions are not well suited because current IoT devices may consume significant amounts of energy and may have significant processing overhead [30]. Moreover, problems such as counterfeiting, physical tampering, hacking, and data theft might raise trust concerns among supply chain exchange partners [31]. [PERSON] et al. [26] (p. 42) therefore conclude that \"IoT must be secure against external attacks, in the perception layer, secure the aggregation of data in the network layer and offer specific guarantees that only authorized entities can access and modify data in the application layer\". Necessary safeguards must be developed to leverage the value and enhance the trust of connected IoT devices in supply chains. For instance, Blockchain technology now offers several potential solutionsto address known issues related to IoT. A Blockchain is a distributed network for orchestrating transactions, value, and assets between peers, without the assistance of intermediaries [32]. It is also commonly referred to as a 'ledger' that records transactions [33]. Another way to view a particular Blockchain is as a configuration of multiple technologies, tools and methods that address specific problems or use cases [8]. With the adopting of Blockchain technology, companies aim to enhance information transparency and improve trust in their supply chains while supporting the interoperability among the networked supply chain exchange partners. Blockchain technology has the potential to address several known supply chain issues [34]. As a result, it has gained considerable attention from scholars, firms, and technology developers who seek to combine IoT with other technologies [35; 36]. Currently, supply chains are undergoing an evolutionary change through continued digitization. They are evolving into value-creating networks where the value chain itself turns into a vital source of competitive advantage. At the same time, developments are in progress to integrate Blockchain technology with IoT solutions, leading to novel structures of modern supply chains, new partnerships, as well as new ways of collaboration and value creation across supply networks [37]. In this paper, we explore how companies can leverage IoT in combination with Blockchain technology to streamline their supply chains and value-creating networks.