IDEAS home Printed from https://ideas.repec.org/a/eee/telpol/v46y2022i10s0308596122001458.html
   My bibliography  Save this article

Blockchain as a cutting-edge technology impacting business: A systematic literature review perspective

Author

Listed:
  • Sun, Yi
  • Jiang, Shiqing
  • Jia, Wanjiao
  • Wang, Yu

Abstract

As one of the most disruptive technological innovations, blockchain technology has received extensive attention from academia and industry. Although many scholars have reviewed the existing blockchain research, most of the previous review articles focused on the application of technology or blockchain in specific industries or scenarios, and lacked a comprehensive review of the application of blockchain technology in the business field. Based on a systematic literature review approach and cluster analysis, this study quantitatively analyzed 2830 papers obtained from the Web of Science to fill this gap. By constructing a three-layer research framework, this research enumerates the infrastructure and protocols of blockchain technology in detail, and on this basis develops a three-subjects value creation model. The model highlights that business value can be created from transactions, crypto-economic models, and analytical and automated processes in the interaction of organizations, individuals, and technologies. Different blockchain-based applications solve different kinds of economic problems, including information storage/sharing, consensus generation and governance. This study expands the blockchain literature and deepens our understanding of how blockchain technology affects organizations and individuals in the business world. The newly proposed research framework can inspire practitioners and managers to discover opportunities for business model innovation. This work provides a solid research foundation and practical guidance for academics and practitioners who are interested in blockchain-based business.

Suggested Citation

  • Sun, Yi & Jiang, Shiqing & Jia, Wanjiao & Wang, Yu, 2022. "Blockchain as a cutting-edge technology impacting business: A systematic literature review perspective," Telecommunications Policy, Elsevier, vol. 46(10).
    • Handle: RePEc:eee:telpol:v:46:y:2022:i:10:s0308596122001458
    DOI: 10.1016/j.telpol.2022.102443
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0308596122001458
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.telpol.2022.102443?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Jonathan Chiu & Thorsten V Koeppl, 2019. "Blockchain-Based Settlement for Asset Trading," The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1716-1753.
    2. Yi Sun & Shihui Li, 2021. "A systematic review of the research framework and evolution of smart homes based on the internet of things," Telecommunication Systems: Modelling, Analysis, Design and Management, Springer, vol. 77(3), pages 597-623, July.
    3. Min, Hokey, 2019. "Blockchain technology for enhancing supply chain resilience," Business Horizons, Elsevier, vol. 62(1), pages 35-45.
    4. Montecchi, Matteo & Plangger, Kirk & Etter, Michael, 2019. "It’s real, trust me! Establishing supply chain provenance using blockchain," Business Horizons, Elsevier, vol. 62(3), pages 283-293.
    5. Vineet Paliwal & Shalini Chandra & Suneel Sharma, 2020. "Blockchain Technology for Sustainable Supply Chain Management: A Systematic Literature Review and a Classification Framework," Sustainability, MDPI, vol. 12(18), pages 1-39, September.
    6. Yuanfeng Cai & Dan Zhu, 2016. "Fraud detections for online businesses: a perspective from blockchain technology," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 2(1), pages 1-10, December.
    7. Cynthia Weiyi Cai, 2018. "Disruption of financial intermediation by FinTech: a review on crowdfunding and blockchain," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(4), pages 965-992, December.
    8. Benedikt Notheisen & Jacob Benjamin Cholewa & Arun Prasad Shanmugam, 2017. "Trading Real-World Assets on Blockchain," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 59(6), pages 425-440, December.
    9. Hissu Hyvärinen & Marten Risius & Gustav Friis, 2017. "A Blockchain-Based Approach Towards Overcoming Financial Fraud in Public Sector Services," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 59(6), pages 441-456, December.
    10. David Yermack, 2017. "Corporate Governance and Blockchains," Review of Finance, European Finance Association, vol. 21(1), pages 7-31.
    11. Roman Beck & Michel Avital & Matti Rossi & Jason Bennett Thatcher, 2017. "Blockchain Technology in Business and Information Systems Research," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 59(6), pages 381-384, December.
    12. Bumblauskas, Daniel & Mann, Arti & Dugan, Brett & Rittmer, Jacy, 2020. "A blockchain use case in food distribution: Do you know where your food has been?," International Journal of Information Management, Elsevier, vol. 52(C).
    13. Abderahman Rejeb & John G. Keogh & Suhaiza Zailani & Horst Treiblmaier & Karim Rejeb, 2020. "Blockchain Technology in the Food Industry: A Review of Potentials, Challenges and Future Research Directions," Logistics, MDPI, vol. 4(4), pages 1-26, October.
    14. Ross, Stephen A, 1973. "The Economic Theory of Agency: The Principal's Problem," American Economic Review, American Economic Association, vol. 63(2), pages 134-139, May.
    15. Frizzo-Barker, Julie & Chow-White, Peter A. & Adams, Philippa R. & Mentanko, Jennifer & Ha, Dung & Green, Sandy, 2020. "Blockchain as a disruptive technology for business: A systematic review," International Journal of Information Management, Elsevier, vol. 51(C).
    16. Min Xu & Xingtong Chen & Gang Kou, 2019. "A systematic review of blockchain," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 5(1), pages 1-14, December.
    17. Gur Huberman & Jacob D Leshno & Ciamac Moallemi, 2021. "Monopoly without a Monopolist: An Economic Analysis of the Bitcoin Payment System [Blockchain Economics]," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(6), pages 3011-3040.
    18. Marten Risius & Kai Spohrer, 2017. "A Blockchain Research Framework," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 59(6), pages 385-409, December.
    19. J. Leon Zhao & Shaokun Fan & Jiaqi Yan, 2016. "Overview of business innovations and research opportunities in blockchain and introduction to the special issue," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 2(1), pages 1-7, December.
    20. Andoni, Merlinda & Robu, Valentin & Flynn, David & Abram, Simone & Geach, Dale & Jenkins, David & McCallum, Peter & Peacock, Andrew, 2019. "Blockchain technology in the energy sector: A systematic review of challenges and opportunities," Renewable and Sustainable Energy Reviews, Elsevier, vol. 100(C), pages 143-174.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Carson Duan, 2024. "Analyses of Scientific Collaboration Networks among Authors, Institutions, and Countries in FinTech Studies: A Bibliometric Review," FinTech, MDPI, vol. 3(2), pages 1-25, April.
    2. Mulligan, Catherine & Morsfield, Suzanne & Cheikosman, Evîn, 2024. "Blockchain for sustainability: A systematic literature review for policy impact," Telecommunications Policy, Elsevier, vol. 48(2).
    3. Ma, Chao-Qun & Lei, Yu-Tian & Ren, Yi-Shuai & Chen, Xun-Qi & Wang, Yi-Ran & Narayan, Seema, 2024. "Systematic analysis of the blockchain in the energy sector: Trends, issues, and future directions," Telecommunications Policy, Elsevier, vol. 48(2).
    4. Khaled Naser Yousef Magableh & Selvi Kannan & Aladeen Yousef Rashid Hmoud, 2024. "Innovation Business Model: Adoption of Blockchain Technology and Big Data Analytics," Sustainability, MDPI, vol. 16(14), pages 1-25, July.
    5. Akhtar, Shamim & Tian, Hongyun & Alsedrah, Ibrahim Tawfeeq & Anwar, Ahsan & Bashir, Shahid, 2024. "Green mining in China: Fintech's contribution to enhancing innovation performance aimed at sustainable and digital transformation in the mining sector," Resources Policy, Elsevier, vol. 92(C).
    6. Zhen Liu & Yixin Liu & Mohamed Osmani, 2024. "Integration of Smart City Technology and Business Model Innovation," Sustainability, MDPI, vol. 16(12), pages 1-30, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Garg, Poonam & Gupta, Bhumika & Chauhan, Ajay Kumar & Sivarajah, Uthayasankar & Gupta, Shivam & Modgil, Sachin, 2021. "Measuring the perceived benefits of implementing blockchain technology in the banking sector," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    2. Kimani, Danson & Adams, Kweku & Attah-Boakye, Rexford & Ullah, Subhan & Frecknall-Hughes, Jane & Kim, Ja, 2020. "Blockchain, business and the fourth industrial revolution: Whence, whither, wherefore and how?," Technological Forecasting and Social Change, Elsevier, vol. 161(C).
    3. Dulani Jayasuriya Daluwathumullagamage & Alexandra Sims, 2021. "Fantastic Beasts: Blockchain Based Banking," JRFM, MDPI, vol. 14(4), pages 1-43, April.
    4. Kowalski, Michał & Lee, Zach W.Y. & Chan, Tommy K.H., 2021. "Blockchain technology and trust relationships in trade finance," Technological Forecasting and Social Change, Elsevier, vol. 166(C).
    5. Yunmei Liu & Shuai Zhang & Min Chen & Yenchun Wu & Zhengxian Chen, 2021. "The Sustainable Development of Financial Topic Detection and Trend Prediction by Data Mining," Sustainability, MDPI, vol. 13(14), pages 1-19, July.
    6. Randy Priem, 2020. "Distributed ledger technology for securities clearing and settlement: benefits, risks, and regulatory implications," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 6(1), pages 1-25, December.
    7. Wallbach, Sören, 2020. "Assimilation and Diffusion of Multi-Sided Platforms in Dynamic B2B Networks: Inhibiting Factors and Their Consequences," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 123277, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    8. Teck Ming Tan & Jari Salo, 2023. "Ethical Marketing in the Blockchain-Based Sharing Economy: Theoretical Integration and Guiding Insights," Journal of Business Ethics, Springer, vol. 183(4), pages 1113-1140, April.
    9. Patel, Ritesh & Migliavacca, Milena & Oriani, Marco E., 2022. "Blockchain in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 62(C).
    10. Mahmoona Khalil & Kausar Fiaz Khawaja & Muddassar Sarfraz, 2022. "The adoption of blockchain technology in the financial sector during the era of fourth industrial revolution: a moderated mediated model," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(4), pages 2435-2452, August.
    11. Laurens Swinkels, 2023. "Empirical evidence on the ownership and liquidity of real estate tokens," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-29, December.
    12. Nadine Kathrin Ostern, 2020. "Blockchain in the IS research discipline: a discussion of terminology and concepts," Electronic Markets, Springer;IIM University of St. Gallen, vol. 30(2), pages 195-210, June.
    13. Taehyun Ko & Jaeram Lee & Daehyeon Park & Doojin Ryu, 2023. "Supply chain transparency as a signal of ethical production," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(3), pages 1565-1573, April.
    14. Kouhizadeh, Mahtab & Saberi, Sara & Sarkis, Joseph, 2021. "Blockchain technology and the sustainable supply chain: Theoretically exploring adoption barriers," International Journal of Production Economics, Elsevier, vol. 231(C).
    15. Tseng, Fang-Mei & Palma Gil, Eunice Ina N. & Lu, Louis Y.Y., 2021. "Developmental trajectories of blockchain research and its major subfields," Technology in Society, Elsevier, vol. 66(C).
    16. Kou, Mingting & Yang, Yuanqi & Chen, Kaihua, 2024. "Financial technology research: Past and future trajectories," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 162-181.
    17. Notheisen, Benedikt & Marino, Vincenzo & Englert, Daniel & Weinhardt, Christof, 2019. "Trading stocks on blocks: The quality of decentralized markets," Working Paper Series in Economics 129, Karlsruhe Institute of Technology (KIT), Department of Economics and Management.
    18. Sahebi, Iman Ghasemian & Mosayebi, Alireza & Masoomi, Behzad & Marandi, Fatemeh, 2022. "Modeling the enablers for blockchain technology adoption in renewable energy supply chain," Technology in Society, Elsevier, vol. 68(C).
    19. Archana A Mukherjee & Rajesh Kumar Singh & Ruchi Mishra & Surajit Bag, 2022. "Application of blockchain technology for sustainability development in agricultural supply chain: justification framework," Operations Management Research, Springer, vol. 15(1), pages 46-61, June.
    20. Orji, Ifeyinwa Juliet & Kusi-Sarpong, Simonov & Huang, Shuangfa & Vazquez-Brust, Diego, 2020. "Evaluating the factors that influence blockchain adoption in the freight logistics industry," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 141(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:telpol:v:46:y:2022:i:10:s0308596122001458. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/30471/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.