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Core Insights - The article emphasizes the unique value of blockchain technology in product traceability within complex global supply chains, enhancing transparency and trust among consumers and businesses. Group 1: Blockchain Technology in Product Traceability - Blockchain serves as a distributed database, creating a shared, immutable digital ledger that enhances trust and transparency in product sourcing and verification [1][2] - The technology allows for real-time updates and access to information across the supply chain, significantly improving traceability efficiency and reducing reliance on paper documentation [2][3] - Consumers can verify product origins and processes through unique digital identities generated by blockchain, increasing their trust in the products they purchase [2][3] Group 2: Supply Chain Management Optimization - Blockchain traceability aids businesses in internal management by providing insights into material flow, identifying bottlenecks, and predicting potential risks, thus enabling more accurate decision-making [3][4] - In cross-border trade, blockchain's role is crucial for synchronizing information and financial flows among various entities involved in the supply chain [3][4] - A comprehensive financial service platform for small and medium-sized enterprises in cross-border trade integrates blockchain to enhance service efficiency and transparency [3][4] Group 3: Advantages of the Financial Service Platform - The platform offers full lifecycle services for enterprises, from exhibition services to payment settlements and cross-border services, leveraging blockchain for reliable trade documentation [4][5] - Smart contracts are utilized to automate processes, improving transparency and efficiency in financial transactions [5] - The platform enhances financing for foreign trade enterprises by providing reliable data through blockchain, addressing challenges in securing funding [5] Group 4: Future Prospects and Challenges - Despite the promising outlook for blockchain traceability, challenges remain, such as ensuring data authenticity before it is recorded on the blockchain and balancing transparency with privacy [6] - The application of blockchain is expected to expand beyond product traceability to broader supply chain collaboration and sustainability tracking as technology matures [6] - Integration with IoT, big data, and AI will further enhance blockchain's capabilities in providing intelligent and automated supply chain management solutions [6]