Economies (Aug 2022)
Exploratory Analysis of Blockchain Platforms in Supply Chain Management
Abstract
The spread of blockchain technology is gaining ground worldwide, including in the supply chain and logistics sector. Its proliferation is expected to transform supply chains. Academic research is needed to investigate the reasons for and barriers to adoption. The objective of this study is to explore the blockchain (BC) platform and its inputs as technological solutions. In addition, the application of blockchain technology in managing supply chain (SC) business processes like shipment tracking, authenticity, and identification is also a focus of research. This research was carried out in three ways to explore the issue. Expert interviews were used to develop a research framework for the comparative analysis of BC platforms to find out the benefits and the barriers of blockchain adoption. In association with the diffusion of the technology, a qualitative comparative analysis was applied to benchmark blockchain platform providers. We analysed the blockchain-supply chain market by component, provider, type, and the conditions of usage. As part of this research, the Forbes TOP 50 companies were analysed by business area, country of origin, application area, and benefits in order to see in which area they applied blockchain technology and what improvements they have achieved. The results revealed that blockchain use in supply chains of selected industries has outstanding benefits of transparency, trustworthiness, traceability, and cost efficiencies which give businesses an advantage in terms of implementation costs, technology needs, human resources, legal environments, volatile costs, and security. In the supply chain, Hyperledger Fabric and Ethereum are the most widely used blockchain platforms. For practical implication, the application and benefits of BC in SC were analysed, and the results indicate the traceability, sustainability-related, cost, and time-saving benefits.
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