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Blockchain in Global Supply Chains and Cross Border Trade: A Critical Synthesis of the State-of-the-Art, Challenges and Opportunities

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  • Yanling Chang
  • Eleftherios Iakovou
  • Weidong Shi4

Abstract

Blockchain in supply chain management is expected to boom over the next five years. It is estimated that the global blockchain supply chain market would grow at a compound annual growth rate of 87% and increase from \$45 million in 2018 to \$3,314.6 million by 2023. Blockchain will improve business for all global supply chain stakeholders by providing enhanced traceability, facilitating digitisation, and securing chain-of-custody. This paper provides a synthesis of the existing challenges in global supply chain and trade operations, as well as the relevant capabilities and potential of blockchain. We further present leading pilot initiatives on applying blockchains to supply chains and the logistics industry to fulfill a range of needs. Finally, we discuss the implications of blockchain on customs and governmental agencies, summarize challenges in enabling the wide scale deployment of blockchain in global supply chain management, and identify future research directions.

Suggested Citation

  • Yanling Chang & Eleftherios Iakovou & Weidong Shi4, 2019. "Blockchain in Global Supply Chains and Cross Border Trade: A Critical Synthesis of the State-of-the-Art, Challenges and Opportunities," Papers 1901.02715, arXiv.org.
    • Handle: RePEc:arx:papers:1901.02715
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    References listed on IDEAS

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    1. Dianhui Mao & Zhihao Hao & Fan Wang & Haisheng Li, 2018. "Innovative Blockchain-Based Approach for Sustainable and Credible Environment in Food Trade: A Case Study in Shandong Province, China," Sustainability, MDPI, vol. 10(9), pages 1-17, September.
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    Cited by:

    1. Fosso Wamba, Samuel & Queiroz, Maciel M. & Trinchera, Laura, 2020. "Dynamics between blockchain adoption determinants and supply chain performance: An empirical investigation," International Journal of Production Economics, Elsevier, vol. 229(C).
    2. Peng Xing & Junzhu Yao, 2022. "Power Battery Echelon Utilization and Recycling Strategy for New Energy Vehicles Based on Blockchain Technology," Sustainability, MDPI, vol. 14(19), pages 1-21, September.
    3. Kumar, Sourabh & Barua, Mukesh Kumar, 2023. "Exploring the hyperledger blockchain technology disruption and barriers of blockchain adoption in petroleum supply chain," Resources Policy, Elsevier, vol. 81(C).
    4. Wang, Binni & Wang, Pong & Tu, Yiliu, 2021. "Customer satisfaction service match and service quality-based blockchain cloud manufacturing," International Journal of Production Economics, Elsevier, vol. 240(C).
    5. Jien Song & Yang Yang & Jie Mei & Gaofeng Zhou & Weiqiang Qiu & Yixing Wang & Lu Xu & Yanran Liu & Jinyu Jiang & Zhenyue Chu & Weitao Tan & Zhenzhi Lin, 2022. "Proxy Re-Encryption-Based Traceability and Sharing Mechanism of the Power Material Data in Blockchain Environment," Energies, MDPI, vol. 15(7), pages 1-19, April.
    6. Stroumpoulis, Asterios & Kopanaki, Evangelia & Oikonomou, Maria, 2021. "The Impact of Blockchain Technology on Food Waste Management in the Hospitality Industry," Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2021), Hybrid Conference, Zagreb, Croatia, in: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Hybrid Conference, Zagreb, Croatia, 9-10 September 2021, pages 419-428, IRENET - Society for Advancing Innovation and Research in Economy, Zagreb.
    7. Vinay Surendra Yadav & A. R. Singh & Rakesh D. Raut & Naoufel Cheikhrouhou, 2023. "Blockchain drivers to achieve sustainable food security in the Indian context," Annals of Operations Research, Springer, vol. 327(1), pages 211-249, August.
    8. Jacob Lohmer & Elias Ribeiro da Silva & Rainer Lasch, 2022. "Blockchain Technology in Operations & Supply Chain Management: A Content Analysis," Sustainability, MDPI, vol. 14(10), pages 1-88, May.
    9. 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).
    10. 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).

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