Exploring the current status and future opportunities of blockchain technology adoption and application in supply chain management

Abstract

This study comprises a systematic literature review that offers a thorough analysis of the present state-of-the-art knowledge regarding the adoption and application of blockchain technology within the context of supply chain management. Based on an extensive review of 133 articles from highly-regarded journals, we developed a framework where we highlight the integration of the transition from blockchain technology adoption to its application. This transition process is explained by two theories: the Technology Acceptance Model and the Diffusion of Innovation Theory. In the adoption phase, we identified eight internal drivers and seven external drivers, together with comprehensive barriers. Our framework also integrates and examines the blockchain technology application stage, focusing not only on the current development of benefits of blockchain technology implementation but also on the challenges that impede the successful implementation of blockchain technology in supply chain management. The future development prospects are also highlighted which include standardization, platform development, regulation system development, cost reduction, and talent cultivation. These future developments were critical yet were missing in the current academic literature. By providing an in-depth analysis of these challenges, our study can assist supply chain practitioners in making informed decisions about blockchain-enabled supply chain management initiatives.