IDEAS home Printed from https://ideas.repec.org/a/gam/jftint/v11y2019i12p258-d297203.html
   My bibliography  Save this article

Blockchain: Current Challenges and Future Prospects/Applications

Author

Listed:
  • Spyros Makridakis

    (Institute for the Future (IFF), University of Nicosia, Nicosia 2417, Cyprus)

  • Klitos Christodoulou

    (Institute for the Future (IFF), University of Nicosia, Nicosia 2417, Cyprus)

Abstract

Blockchain is a new technology, often referred to as the Internet of Value. As with all new technologies, there is no consensus on its potential value, with some people claiming that it will bring more disruptive changes than the Internet and others contesting the extent of its importance. Despite predictions that the future is perilous, there is evidence that blockchain is a remarkable, new technology that will change the way transactions are made, based on its ability to guarantee trust among unknown actors, assure the immutability of records, while also making intermediaries obsolete. The importance of blockchain can be confirmed by the interest in digital currencies, the great number of published blockchain papers, as well as MDPI’s journal Future Internet which exclusively publishes blockchain articles, including this special issue covering present and future blockchain challenges. This paper is a survey of the fast growing field of blockchain, discussing its advantages and possible drawbacks and their implications for the future of the Internet and our personal lives and societies in general. The paper consists of the following parts; the first provides a general introduction and discusses the disruptive changes initiated by blockchain, the second discusses the unique value of blockchain and its general characteristics, the third presents an overview of industries with the greatest potential for disruptive changes, the forth describes the four major blockchain applications with the highest prospective advantages, and the fifth part of the paper ends with a discussion on the most notable subset of innovative blockchain applications—Smart Contracts, DAOs (Decentralized Autonomous Organizations) and super safe networks—and their future implications. There is also a concluding section, which summarizes the paper, describes the future of blockchain, and mentions the challenges to be overcome.

Suggested Citation

  • Spyros Makridakis & Klitos Christodoulou, 2019. "Blockchain: Current Challenges and Future Prospects/Applications," Future Internet, MDPI, vol. 11(12), pages 1-16, December.
    • Handle: RePEc:gam:jftint:v:11:y:2019:i:12:p:258-:d:297203
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1999-5903/11/12/258/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1999-5903/11/12/258/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Min, Hokey, 2019. "Blockchain technology for enhancing supply chain resilience," Business Horizons, Elsevier, vol. 62(1), pages 35-45.
    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. Swikriti Khadke & Pragya Gupta & Shanmukh Rachakunta & Chandreswar Mahata & Suma Dawn & Mohit Sharma & Deepak Verma & Aniruddha Pradhan & Ambati Mounika Sai Krishna & Seeram Ramakrishna & Sabyasachi C, 2021. "Efficient Plastic Recycling and Remolding Circular Economy Using the Technology of Trust–Blockchain," Sustainability, MDPI, vol. 13(16), pages 1-15, August.
    2. Jungwon Seo & Deokyoon Ko & Suntae Kim & Vijayan Sugumaran & Sooyong Park, 2022. "Reminisce: Blockchain Private Key Generation and Recovery Using Distinctive Pictures-Based Personal Memory," Mathematics, MDPI, vol. 10(12), pages 1-21, June.
    3. Habib Sadri & Ibrahim Yitmen & Lavinia Chiara Tagliabue & Florian Westphal & Algan Tezel & Afshin Taheri & Goran Sibenik, 2023. "Integration of Blockchain and Digital Twins in the Smart Built Environment Adopting Disruptive Technologies—A Systematic Review," Sustainability, MDPI, vol. 15(4), pages 1-46, February.

    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. Syed Imran Zaman & Sharfuddin Ahmed Khan & Sahar Qabool & Himanshu Gupta, 2023. "How digitalization in banking improve service supply chain resilience of e-commerce sector? a technological adoption model approach," Operations Management Research, Springer, vol. 16(2), pages 904-930, June.
    2. Yongming Wang & Umar Iqbal & Yingmei Gong, 2021. "The Performance of Resilient Supply Chain Sustainability in Covid-19 by Sourcing Technological Integration," Sustainability, MDPI, vol. 13(11), pages 1-17, May.
    3. Xuda Lin & Xing Li & Sameer Kulkarni & Fu Zhao, 2021. "The Application of Blockchain-Based Life Cycle Assessment on an Industrial Supply Chain," Sustainability, MDPI, vol. 13(23), pages 1-15, December.
    4. Sumukadas, Narendar, 2021. "Are you ready for your next product recall crisis? Lessons from operations and supply chain management," Business Horizons, Elsevier, vol. 64(2), pages 211-221.
    5. Gupta, Shivam & Modgil, Sachin & Choi, Tsan-Ming & Kumar, Ajay & Antony, Jiju, 2023. "Influences of artificial intelligence and blockchain technology on financial resilience of supply chains," International Journal of Production Economics, Elsevier, vol. 261(C).
    6. Esra Boz & Sinan Çizmecioğlu & Ahmet Çalık, 2022. "A Novel MDCM Approach for Sustainable Supplier Selection in Healthcare System in the Era of Logistics 4.0," Sustainability, MDPI, vol. 14(21), pages 1-19, October.
    7. Issam Laguir & Sachin Modgil & Indranil Bose & Shivam Gupta & Rebecca Stekelorum, 2023. "Performance effects of analytics capability, disruption orientation, and resilience in the supply chain under environmental uncertainty," Annals of Operations Research, Springer, vol. 324(1), pages 1269-1293, May.
    8. Choi, Tsan-Ming & Wen, Xin & Sun, Xuting & Chung, Sai-Ho, 2019. "The mean-variance approach for global supply chain risk analysis with air logistics in the blockchain technology era," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 127(C), pages 178-191.
    9. 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).
    10. Xiaoli Guo & Weili Xia & Taiwen Feng & Jianyu Tan & Fenggang Xian, 2024. "Blockchain technology adoption and sustainable supply chain finance: The perspective of information processing theory," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(4), pages 3614-3632, July.
    11. Chen, Ping-Kuo & Ye, Yong & Wen, Ming-Hui, 2023. "Efficiency of metaverse on the improvement of the green procurement policy of semiconductor supply chain – based on behaviour perspective," Resources Policy, Elsevier, vol. 86(PA).
    12. Bai, Chunguang & Zhu, Qingyun & Sarkis, Joseph, 2024. "Do blockchain capabilities help overcome supply and operational risks: Insights from firm market returns during COVID-19," Omega, Elsevier, vol. 126(C).
    13. Manu Sharma & Sudhanshu Joshi & Sunil Luthra & Anil Kumar, 2022. "Managing disruptions and risks amidst COVID-19 outbreaks: role of blockchain technology in developing resilient food supply chains," Operations Management Research, Springer, vol. 15(1), pages 268-281, June.
    14. Muhammad Khan & Gohar Saleem Parvaiz & Abbas Ali & Majid Jehangir & Noor Hassan & Junghan Bae, 2022. "A Model for Understanding the Mediating Association of Transparency between Emerging Technologies and Humanitarian Logistics Sustainability," Sustainability, MDPI, vol. 14(11), pages 1-23, June.
    15. 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).
    16. Mohammad Heydari & Kin Keung Lai & Xiaohu Zhou, 2020. "Creating Sustainable Order Fulfillment Processes through Managing the Risk: Evidence from the Disposable Products Industry," Sustainability, MDPI, vol. 12(7), pages 1-32, April.
    17. 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).
    18. Dutta, Pankaj & Choi, Tsan-Ming & Somani, Surabhi & Butala, Richa, 2020. "Blockchain technology in supply chain operations: Applications, challenges and research opportunities," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 142(C).
    19. Tsolakis, Naoum & Niedenzu, Denis & Simonetto, Melissa & Dora, Manoj & Kumar, Mukesh, 2021. "Supply network design to address United Nations Sustainable Development Goals: A case study of blockchain implementation in Thai fish industry," Journal of Business Research, Elsevier, vol. 131(C), pages 495-519.
    20. Ajay Kumar Pandey & Yash Daultani & Saurabh Pratap, 2024. "Blockchain technology enabled critical success factors for supply chain resilience and sustainability," Business Strategy and the Environment, Wiley Blackwell, vol. 33(2), pages 1533-1554, February.

    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:gam:jftint:v:11:y:2019:i:12:p:258-:d:297203. 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: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    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.