Application of Blockchain in Supply Chain Management: A Review

Abstract

Purpose: This study aims to probe the systematic literature about blockchain in the supply chain management context and suggests an agenda for future research. The aim is to investigate the recent trends in blockchain and its application in the supply chain.

Design/ Methodology/ Approach: To help build a deep understanding of the blockchain developments that led to the transformation of the supply chain, we have conducted a systematic and extensive literature review to address the various benefits and challenges while applying blockchain technology and what are the various elements of the supply chain that gets affected due to its application.

Findings: Blockchain has the efficiency as well as the flexibility that it can be applied to  different SCM practices. Blockchain can be used to solve the various problems of supply chain management related to issues like trust, security, and transparency. Blockchain application in supply chain management is still in the naive stage. Blockchain can meet
the requirements of information flow in the supply chain.

Originality/Value: The application of blockchain in the supply chain is restrictively reported based on the papers reviewed. The study shows that there are numerous benefits of blockchain adoption like transparency, fewer chances of fraud, exchange of information in real-time information, etc. Indeed, the benefit doesn’t come without
challenges. There are various challenges that the firms face while adopting blockchain technology. Hence, blockchain will be beneficial only if it is utilized properly according to the company’s strategies otherwise there will always be a risk that large investments don’t create any meaningful value.

Paper Type: Theme Based Paper