Securing Supply Chain - Blockchain: Leveraging ICC for Product Verification and Validation

This paper explores the importance of supply chain integrity in today's global business landscape, considering the substantial losses of over $500 billion annually attributed to counterfeit goods. It emphasizes the potential of emerging technologies like blockchain and QR codes in verifying and validating products. The International Chamber of Commerce (ICC), representing over 45-million-member companies, plays a crucial role in supply chain management, particularly in product verification using these technologies. The paper examines the ICC's efforts in standardization, policy advocacy, and industry collaborations related to supply chain management, focusing on publications, guidelines, initiatives, and activities for product verification. Real-world examples demonstrate the benefits of blockchain and QR codes, including enhanced transparency, traceability, and security against fraud. Industry reports highlight the financial implications of supply chain disruptions and counterfeit products, amounting to $4.2 trillion annually for businesses. Challenges and implications of implementing these technologies are also discussed, considering operational efficiency and sustainability in supply chains. In conclusion, the paper emphasizes the pivotal role of the ICC in supply chain management and suggests further research and practical applications for blockchain and QR codes in supply chains.