Blockchain Technology for Supply Chain Management: A Comprehensive Review

In the current business environment, firms are eager to adopt new technology as they witness and perceive more and more successful business applications of new technologies, e.g., Big Data, Artificial Intelligence (A.I.), Cloud Computing, etc. As one of the disruptive technologies, Blockchain technology (BCT) is now drawing public attention owing to the cryptocurrency phenomenon (e.g., Bitcoin), for which Blockchain serves as the backbone technology. Given certain innovative features of BCT, especially its transparency, traceability, security, efficiency, confidentiality, and immutability, BCT holds out the promise of impacting supply chain operational and financial efficiencies. Recently, the burgeoning of Metaverse and Non-Fungible Token (NFT) has boosted the BCT as state-of-the-art technology to another notch. Motivated by the proliferating adoption of BCT, we conduct a holistic literature review with a focus on the status of research on BCT in the context of Supply Chain Management (SCM). In particular, this Blockchain-centered research reviews the research up to date on the Blockchain application in SCM. It provides holistic review in terms of (1) the functionality of BCT and its salient features; (2) the prevailing and potential applications of BCT; (3) and the business benefits and impact of BCT in SCM. Finally, we substantiate and highlight a variety of research directions.