<p>The adoption of blockchain in the field of Supply Chain Management (SCM) has gained substantial growth in mitigating security and privacy challenges for the successful transportation of products between various stakeholders. In this paper, a blockchain-based and Internet of Things (IoT)-enabled lightweight authentication protocol is proposed to overcome various challenges associated with traditional SCM like delay in delivery, uncertainty, and different cyber attacks. The novelty of the proposed work is established on the basis of both formal and informal security analysis, implemented over blockchain-based application on a Hyperledger Composer @ 0.20 based on Hyperledger Fabric. Formal security analysis is performed using the Burrows-Abadi-Needham (BAN) logic as well as using the Automated Validation of Internet Security Protocols and Applications (AVISPA). Here, informal security analysis shows that the offered scheme is free from various cyber-attacks like (spoofing attacks, malicious tampering of the product, password sniffing attacks, denial of service attacks, direct attacks, compromised server attacks, insider attacks, man-in-the-middle attacks, and replay attacks) and maintain security features (perfect mutual authentication, anonymity, and untraceability). The results of this investigation surface optimized values of various performance parameters like execution time (<InlineEquation ID="IEq1"> <EquationSource Format="TEX">\(\sim\)</EquationSource> </InlineEquation>10 milliseconds) and communication overhead (<InlineEquation ID="IEq2"> <EquationSource Format="TEX">\(\sim\)</EquationSource> </InlineEquation>2848 bits). The performance analysis of the offered system shows a significant improvement over other recent literature.</p>