Supply chain management is essential for the smooth flow of goods from manufacturers to end consumers. However, traditional systems are plagued with issues like opacity, inefficiency, and lack of real-time visibility. Blockchain technology has emerged as a revolutionary solution, providing unparalleled transparency and traceability in the entire supply chain. Transparency is essential for a reliable and efficient supply chain. Businesses and consumers alike require visibility into the product journey, from raw materials to finished goods on store shelves. Traditional models fail to provide real-time information, which is where blockchain technology comes into play. Blockchain is a distributed ledger system that records and verifies transactions, providing an immutable record of all activities in the supply chain. It also helps to reduce costs, optimize processes, and enhance customer experience. According to TechBullion, blockchain technology is revolutionizing the supply chain, providing enhanced transparency and traceability.

The Business Research Company's Artificial Intelligence In Supply Chain Global Market Report 2023 states that the market is expected to reach $15 billion by 2027 at a CAGR of 45%. The market is currently worth $2.29 billion and is projected to reach $3.39 billion in 2023. The growth of the market is driven by the increasing internet penetration, which has enabled businesses to use AI in their supply chain operations. Statistics Canada reported that internet usage among individuals aged 15 and older increased from 92% in 2020 to 95% in 2022.

In the last decade, manufacturers and suppliers have transitioned from traditional methods to embrace innovative technologies and data-driven strategies. This shift has been driven by several key developments, such as the rise of artificial intelligence and augmented reality. The result is a supply chain ecosystem that is better equipped to meet the demands of a rapidly changing world. According to Richard Lebovitz, CEO of LeanDNA, a purpose-built analytics platform for factory inventory optimization, these changes have enabled manufacturers to become more efficient and cost-effective.