Blockchain Technology for Supply Chain Management: A Comprehensive Review

Abstract

Firms are eager to adopt new technologies, such as Artificial Intelligence (A.I.), Cloud Computing, Big Data, etc., as they witness successful business applications. As one of the disruptive technologies, Blockchain technology (BCT) has been drawing attention stemming from cryptocurrency proliferation (e.g., Bitcoin and Ethereum), for which Blockchain serves as the backbone. However, the public is haunted by the bewilderment between cryptocurrencies and BCT. Furthermore, the burgeoning of Metaverse and non-fungible tokens (NFT) has raised BCT to another notch. This study conducts a holistic literature review on BCT features, implementations, and business implications. In particular, by reviewing and analyzing 2265 up-to-date articles that reveal BCT’s applications across various fields, this Blockchain-centered study reveals the research status and delineates future research directions. It is shown that, among various characteristics of BCT, traceability is the main characteristic fueling BCT’s application in supply chain management (SCM). We further find that the BCT-related research has been extremely growing in SCM, healthcare, and government, while declining in the areas of banking and cyber security. Geographically, the top countries with BCT-related publications are China, U.S., and India. Finally, it is emphasized that BCT-related research in environmental sciences and agriculture have potential to be explored.