Blockchain Technology for Smart Contracts

Background: Blockchain technology (BCT) is widely recognised for its potential to transform supply chain (SC) operations by enhancing SC transparency, hence fostering trust among SC partners. However, most empirical research has explored its direct impact through conceptual and causal models, while limited studies have explored how SC professionals themselves perceive the role of BCT in strengthening SC transparency and trust among SC partners, especially within emerging economies.Objectives: This study explores the perceptions of SC professionals regarding BCT technology, SC transparency and trust. The focus is on understanding how practitioners interpret the relational value of BCT in the context of emerging economies, with Egypt serving as a representative case.Method: This study employs an exploratory quantitative research approach through a quantitative method that utilises surveys to collect data from 63 SC professionals working in organisations operating in Egypt.Results: Findings confirm that professionals perceive BCT as a tool that positively influences both SC trust and SC transparency, with SC transparency partially mediating the relationship between BCT and trust. However, SC transparency alone does not fully explain trust-building, highlighting the importance of other BCT features such as immutability, traceability and smart contracts.Conclusion: This study reveals that SC professionals in emerging economies perceive BCT as a multifaceted trust-enabling mechanism, operating through SC transparency and other technological affordances.Contribution: By capturing practitioners’ perceptions, this study offers exploratory observations about the perceived relationship among BCT, SC transparency and trust, offering evidence-based understanding from an emerging economy perspective. The findings inform both academics and managers on how BCT’s perceived benefits can shape future trust-oriented SC practices.

In view of the rapid development and application of blockchain technology, this paper considers a secondary supply chain system consisting of a single upstream supplier and a downstream e-tailer that implements blockchain technology and a traditional e-tailer that does not implement blockchain technology. We establish the demand function of two channels based on consumers’ sensitivity to the blockchain and use the Stackelberg game model to compare and analyse the e-tailers’ profits from the two channels. For the basic properties, interestingly, we find that there exists a critical threshold on the cost sensitivity to effort that helps each e-tailer decide whether to implement effort. If the cost sensitivity to effort is high, the two-sided e-tailers will reduce their effort as much as possible to obtain greater profits. Conversely, if the cost sensitivity to effort is low, they will increase their effort to obtain more benefits. We also discuss the role of blockchain technology in competition between e-tailers and analyse the impact of the product brand effect brought by the traceability characteristic of blockchain on the competition between e-tailers. To check the robustness of the core results and to investigate different forms of supply chain configurations, this paper further develops the analysis of the supplier entering agency agreements with two-sided e-tailers. Under this scenario, the supplier sells their products directly to consumers through two-sided e-platforms and shares revenue with e-tailers as platform agency fees. These core ideas remain valid in the extended model.

Can We Connect? Benefits and Barriers to Adoption of Transformative Technology in Global Supply Chains

As global supply chains become increasingly complex, traditional systems face challenges in ensuring efficiency, transparency, and innovation. Block chain technology has emerged as a transformative force in addressing these issues, offering a decentralized and secure framework for supply chain management. This paper presents a comprehensive review of the impact of block chain on supply chains, focusing on its potential to enhance efficiency, transparency, and foster innovation. The efficiency gains facilitated by block chain in supply chain management are examined through the elimination of intermediaries, reduction of paperwork, and real-time visibility into the entire process. These improvements result in streamlined operations, reduced costs, and enhanced responsiveness to market dynamics. Moreover, block chain’s decentralized nature ensures data integrity, mitigating the risk of fraud and errors in the supply chain. Transparency is a critical aspect of modern supply chains, and block chain provides an immutable and transparent ledger that enables end-to-end visibility. The technology ensures traceability and accountability, allowing stakeholders to access real-time information about the origin, movement, and status of products. This transparency not only enhances trust among supply chain participants but also facilitates compliance with regulatory requirements. The role of block chain in fostering innovation within supply chains is explored, emphasizing its potential to enable new business models, collaborative ecosystems, and the integration of emerging technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI). The paper highlights case studies and pilot projects where block chain has been successfully applied to drive innovation in supply chain processes. Challenges and considerations related to the implementation of block chain in supply chain management are also discussed, including interoperability, scalability, and regulatory issues. The paper concludes by outlining future research directions and emphasizing the need for industry-wide collaboration to unlock the full potential of block chain in revolutionizing supply chain management. Overall, this review contributes to the understanding of how block chain can serve as a catalyst for efficiency, transparency, and innovation in contemporary supply chains

With the rapid development of society, all walks of life need the support of the Internet of Things, and the financial industry is no exception. This article integrates blockchain technology with supply chain finance and builds a supply chain financial alliance architecture based on blockchain technology and an underlying model of the Ethereum blockchain system suitable for supply chain finance. We innovated new supply chain finance models and operating mechanisms and proposed business scenarios for supply chain finance from the perspective of blockchain. Taking into account the actual operation of the blockchain supply chain financial platform, the principal‐agent model and the incentive theory are applied, and the supply chain financial accounts receivable model is taken as an example in the case of complete information and incomplete information. The incentive mechanism between the service provider of the chain supply chain financial platform and the core enterprise promotes the better implementation of blockchain technology and supply chain finance. Based on the existing theoretical research, this paper identifies the key influencing factors of the supply chain’s cross‐enterprise incentive mechanism. These influencing factors system includes two dimensions: transaction factors and relationship factors. Transaction factors include resource dependence, uncertainty, and cooperation experience; relationship factors include corporate reputation, trust level, and relationship commitment. Based on the nature of the incentive mechanism, information sharing and revenue sharing are extracted as the measurement dimensions of the supply chain’s cross‐enterprise incentive mechanism. On this basis, this article draws on the existing enterprise life cycle division method and constructs a hypothetical model of the influencing factors of the incentive mechanism in the incubation period, the growth period, and the maturity period. Relevant data was collected through questionnaires, and SPSS and AMOS software were used to perform statistical analysis, reliability analysis, exploratory factor analysis, confirmatory factor analysis, and structural equation hypothesis testing on the data. The performance of each influencing factor in different stages of the enterprise’s life cycle and the importance of each influencing factor in the same life cycle stage are obtained.

Blockchain technology is a technology that can effectively support supply chain transparency. An important initial managerial activity is for organisations in supply chains to evaluate and select the most suitable blockchain technology. However, uncertainty and emphasis on sustainable transparency has made this appraisal more complex. This paper: (1) introduces blockchain technology performance measures incorporating various sustainable supply chain transparency and technical attributes; and (2) introduces a new hybrid group decision method, integrated hesitant fuzzy set and regret theory, for blockchain technology evaluation and selection. This method emphasises decision maker psychological characteristics and variation in decision maker opinions. An illustrative application and sensitivity analysis is introduced to aid supply chain managers and researchers understand the blockchain technology selection decision. Methodological and managerial implications associated with the decision tool and application are introduced. This research sets the foundation for significant future research in blockchain technologies evaluation in a supply chain environment.

Utilizing information technology (IT) in human resource management (HRM) platforms is a prerequisite for every business to successfully adopt and implement the Fourth Industrial Revolution (Industry 4.0). These methods are necessary to provide a fair, efficient, transparent, and safe environment. Successful implementation of these requirements may be facilitated by blockchain technology, which is based on a decentralized distributed ledger. The purpose of this study is to ascertain how blockchain technology is currently being applied in human resource management. Along with anticipated adoption barriers that can restrict its use, it also outlines possible opportunities associated with the implementation of blockchain technology in the field of human resource management. There are definite benefits when comparing the proposed system to the existing hiring practices. Thus, blockchain technology has also been widely used in human resources management. This essay will look more closely at and explore blockchain technology's application potential in HRM. To determine the possible opportunities associated with the use of blockchain technology in the HRM domain as well as the expected adoption challenges that may impede its utilization, this paper analyses the findings of an empirical study that conducted one semi-structured interview with HRM experts. Both blockchain and HRM researchers can benefit from the study by using the potential suggested as a basis for future research and attempting to address the expected adoption issues. KEY WORDS: Blockchain Technology, Human Resource Management (HRM), Industry 4.0, Decentralized Ledger, Recruitment and Hiring, Adoption Challenges.

Enhancing supply chain traceability and efficiency in the Fast-Moving Consumer Goods (FMCG) sector is critical for mitigating counterfeit losses and ensuring product integrity. This study proposes a comprehensive model for the implementation of blockchain technology tailored to the unique demands of the FMCG supply chain. The model emphasizes transparency, accountability, and real-time data sharing among stakeholders, including manufacturers, distributors, retailers, and consumers. By integrating blockchain, the FMCG industry can create a tamper-proof record of each transaction and product movement, significantly improving traceability from production to point-of-sale. Key components of the proposed model include a decentralized ledger that captures product information, provenance data, and transaction history. This approach facilitates efficient tracking of products, enhances supply chain visibility, and enables stakeholders to authenticate goods at any stage. Moreover, by employing blockchain’s smart contract functionality, the model allows for automated compliance verification and streamlined processes, reducing the time and resources required for audits and inspections. The study further explores potential extensions of blockchain technology to incorporate smart contracts that can automate various supply chain operations. These contracts can facilitate automatic payments upon delivery confirmation, trigger inventory replenishment orders based on real-time data, and enforce compliance with regulatory requirements without human intervention. By leveraging these technological advancements, FMCG companies can significantly reduce counterfeit losses and improve overall supply chain efficiency. This not only protects brand reputation but also fosters consumer trust, which is vital in an increasingly competitive market. The implications of this research highlight the transformative potential of blockchain technology in the FMCG sector, paving the way for future innovations in traceability and efficiency. In conclusion, this study presents a robust framework for blockchain implementation in the FMCG supply chain, addressing critical issues of traceability and counterfeiting while offering pathways for future enhancements through smart contracts.

In recent years, with the continuous development and progress of information technology, the information system has had a huge impact on people's daily work and life, and has become an irreplaceable factor in our work and life. With the increasing number of applications of information technology, the information industry revolution is sweeping the world. Almost all industries, including the power industry, have begun to pay attention to the construction and innovation of information systems, and building a "modern supply chain" has become China's new economic development direction. The main purpose of this paper is to conduct research on the security risk monitoring of power supply chain (PSC) blockchain based on fuzzy neural network (FNN). This paper takes the theory of supply chain and the application of information system in an electric power enterprise as the starting point, and analyzes and studies the application of information system in the supply chain of an electric power enterprise. Using the concepts and theories of information system and SCM, the application of the information system of a power enterprise in its supply chain is analyzed and studied in detail. Experiments show that in the matching process, smart contracts play an important role according to different situations. Once the energy matching is successful, both parties will complete the energy transaction according to the content of the smart contract, and the entire EBN-IESCOM can be solved using blockchain technologies such as consensus algorithms and smart contracts..

PurposeThe aim of the research is to identify and prioritise the implementation challenges of blockchain technology and suggests ways for its implementation in supply chains.Design/methodology/approachUnderlined by the technology, organisational, and external environment model, a conceptual framework with four challenge categories and sixteen challenges is proposed. Data collected from three stakeholder groups with experience in the implementation of blockchain technology in India is analysed by employing an analytical hierarchy process method-based case study. Further, a criticality–effort matrix analysis is performed to group challenges and suggest ways for implementation.FindingsThe analysis revels that all stakeholders perceive complexity challenge associated with the technology, organisational structure, and external environment, and issues of compatibility with existing systems, software, and business practices to be high on the criticality and effort scales, which thus require meticulous planning to manage. Likewise, top-management support issues related to insufficient understanding of how technology fits with the organisation’s policy and benefits offered by the technology requires high effort to address this challenge.Research limitations/implicationsThe results were obtained by focusing on the Indian context and therefore may not apply to other nations’ contexts.Practical implicationsBy investigating the challenges that the developers, consultants, and client organisations need to address, this study assists managers in developing plans to facilitate coordination among these organisations for successful blockchain implementation.Originality/valueTo the authors’ knowledge this study is the first to identify and prioritise the challenges from the perspectives of multiple stakeholder groups with experience in blockchain technology implementation.

Purpose: The purpose of this paper is to assess if blockchain technology, which is hailed for its potential to improve supply chain transparency and efficiency, can deliver to this promise (Abreu et al., 2021; Mahyuni et al., 2020; Manzoor et al., 2022; Rennie, 2022; Yiannas, 2018). Supply chains are increasingly complex and full transparency is difficult to achieve and may sometimes be undesired, yet governments worldwide are demanding more transparency especially with respect to the social and environmental sustainability of supply chains (Francisco & Swanson, 2018; Franke, 2021; Najjar, 2021). If blockchain technology allows to close this gap, without compromising corporate confidentiality and efficiency requirements, it might change supply chain management drastically. Most other research in this field remains rather superficial with respect to the fundamentals of blockchain technology and supply chain management. Our study will add to the very limited theoretically founded research on blockchain potentials in supply chains.Study Design: Our paper is conceptual. Based on the extant literature, we compare blockchain technology and its advantages to the characteristics of supply chains and challenges of supply chain management to identify a theoretical fit. We investigate if published case studies of blockchain technology in supply chain management support this. Finally, we devise a conceptual framework for the application of blockchain technology in supply chain management.Findings: There is, currently, very limited use for blockchain technology in supply chain management. It does not provide an answer to several of the challenges that exist in supply chain management. Blockchain technology was primarily devised as encryption technology for virtual entities and transactions involving them and not for tangible objects. Published case studies describing the use of blockchain technology in supply chain management do not contradict these findings.They rely on private blockchain solutions lacking the key benefits of blockchain technology. Our conceptual framework constitutes a reference for a future public blockchain solution for supply chains. It offers solutions for some of the challenges but also cannot solve some fundamental challenges, like power imbalances in supply chains.Limitations: Blockchain technology undergoes rapid development. Future blockchain technology may be faster, less energy-intensive and more integrated with other technologies. This may be aided by developments in hardware, like quantum computing. The findings of this paper are limited to currently available technology.Implications: Companies and governments alike should be very cautious when considering investing in currently available blockchain solutions for supply chain management.

This article examines the implementation of blockchain technology in pharmaceutical supply chain management through SAP's integrated enterprise solutions. The article analyzes how the combination of SAP Blockchain and SAP Integrated Business Planning addresses critical challenges in pharmaceutical supply chains, including product authenticity verification, regulatory compliance, and supply chain transparency. Through comprehensive analysis of implementation data from multiple pharmaceutical organizations, the article demonstrates the effectiveness of blockchain integration in reducing counterfeit drugs, enhancing traceability, and streamlining compliance processes. The article highlights significant improvements in supply chain visibility, operational efficiency, and regulatory adherence through strategic industry partnerships with major pharmaceutical companies. The article reveals how blockchain technology, when coupled with enterprise systems, transforms traditional pharmaceutical supply chains into transparent, secure, and efficient digital ecosystems.

Modern supply chains have evolved into highly complex value networks and turned into a vital source of competitive advantage. However, it has become increasingly challenging to verify the source of raw materials and maintain visibility of products and merchandise while they are moving through the value chain network. The application of the Internet of Things (IoT) can help companies to observe, track, and monitor products, activities, and processes within their respective value chain networks. Other applications of IoT include product monitoring to optimize operations in warehousing‚ manufacturing, and transportation. In combination with IoT, Blockchain technology can enable a broad range of different application scenarios to enhance value chain transparency and to increase B2B trust. When combined, IoT and Blockchain technology have the potential to increase the effectiveness and efficiency of modern supply chains. The contribution of this paper is twofold. First, we illustrate how the deployment of Blockchain technology in combination with IoT infrastructure can streamline and benefit modern supply chains and enhance value chain networks. Second, we derive six research propositions outlining how Blockchain technology can impact key features of the IoT (i.e., scalability, security, immutability and auditing, information flows, traceability and interoperability, quality) and thus lay the foundation for future research projects.

One of the modern trends in the development of information and communication technologies that have evolved into the Internet of Things (IoT) paradigm is the progressive idea of using blockchain technology in IoT. This trend is described in a large number of modern literature sources, which point out the significant advantages of using blockchain, primarily related to decentralization, immutability, transparency and security. This allows us to conclude that the implementation of blockchain technology in IoT information and communication systems is highly relevant. However, the authors of different studies describe significant problems, including the problem of scalability of the blockchain itself, as well as the problems of energy efficiency and limited resources in IoT devices. Due to these problems, the implementation of blockchain technology in the Internet of Things is becoming a challenge and determines the relevance and feasibility of researching this topic and finding effective solutions related to the integration of two very powerful technologies in modern information and communication systems. The article presents an analytical overview of the issues of integrating blockchain technology into IoT, in particular, the use of the Proof-of-Work (PoW) consensus algorithm in IoT and the use of alternative blockchain protocols, including IOTA, Ethereum Light Client and Litecoin, which allow increasing the efficiency of performing tasks in IoT infrastructure, taking into account the limited resources of devices; existing problems and implementation methods, such as the use of light clients and proxy servers. The article also considers the feasibility of using a full blockchain node on IoT devices and ways to increase system efficiency by pre-processing data before sending it to the blockchain network. The article also highlights the problem of insufficient implementation of blockchain technology in various spheres of human life, as well as the search for the reasons for this problem. The results of the analytical review make it possible to substantiate the purpose and advantages of integrating blockchain technology into the Internet of Things, as well as to summarize the main issues and substantiate a number of tasks for relevant and progressive scientific research in the field of modern information and communication systems.

Blockchain technology offers several beneficial features that make it well-suited for supply chain management (SCM). Particularly, it can improve transparency, traceability, security, efficiency, and accountability in supply chains (SC). This chapter focuses on how blockchain technology can completely transform SC processes due to its inherent features. By implementing blockchain, businesses can cut costs, improve efficiency, and ensure accountability. The chapter explains the basics of blockchain technology and its potential benefits for SCM. The various beneficial features of blockchain technology such as trust, immutability, reliability, and security are discussed and highlighted in the chapter. The chapter showcases real-world uses of blockchain technology in SCM to depict the possible benefits. Benefits and challenges of incorporating blockchain into SC processes are also discussed in the chapter. Finally, this chapter emphasizes how crucial it is for companies to identify the factors that weaken their SC and to ensure that blockchain is applied to address such issues.