“…One effective solution is implementing a blockchain-based distributed ledger system, which ensures secure data storage in an immutable and tamper-proof manner. This system utilizes a secure time-stamp, public consensus, and audit, providing an added layer of security to prevent data theft and unauthorized access control violations [119]. The undeniable potential of blockchain technology lies in its ability to significantly reduce transaction costs by eliminating intermediaries from the process.…”
Establishing a well-functioning Supply Chain Management (SCM) system is paramount during challenging times such as pandemics, natural disasters, and international conflicts. The complexity of global supply chains necessitates efficient systems, procedures, and personnel to ensure optimal results. Poor coordination among entities can lead to increased counterfeit products, increased ocean transportation costs, more expensive freight brokerage, bottlenecks in cargo flow, congestion, and complications in product accountability. To ensure a smooth and hassle-free operation, it's essential to maintain unambiguity and accuracy throughout every process. Therefore, it is vital to have effective systems, procedures, and personnel in place for SCM. The challenges encountered in SCM can be effectively tackled by utilizing blockchain technology. The architecture of blockchain technology is characterized by its distributed, decentralized and robust safety measures, which guarantee the integrity of data storage and its distribution across a meticulously organized ledger. Users can confidently rely on this innovative design's transparency, reliability, and safety. Implementing blockchain technology carries immense potential in bolstering safety and privacy measures in diverse sectors, including agriculture, healthcare, Goods and Services Tax (GST), academics, e-voting and automobile. This investigation delves into the practical applications of blockchain technology for SCM. It thoroughly analyses existing research and literature to uncover the latest advancements and potential future breakthroughs in this area.
“…One effective solution is implementing a blockchain-based distributed ledger system, which ensures secure data storage in an immutable and tamper-proof manner. This system utilizes a secure time-stamp, public consensus, and audit, providing an added layer of security to prevent data theft and unauthorized access control violations [119]. The undeniable potential of blockchain technology lies in its ability to significantly reduce transaction costs by eliminating intermediaries from the process.…”
Establishing a well-functioning Supply Chain Management (SCM) system is paramount during challenging times such as pandemics, natural disasters, and international conflicts. The complexity of global supply chains necessitates efficient systems, procedures, and personnel to ensure optimal results. Poor coordination among entities can lead to increased counterfeit products, increased ocean transportation costs, more expensive freight brokerage, bottlenecks in cargo flow, congestion, and complications in product accountability. To ensure a smooth and hassle-free operation, it's essential to maintain unambiguity and accuracy throughout every process. Therefore, it is vital to have effective systems, procedures, and personnel in place for SCM. The challenges encountered in SCM can be effectively tackled by utilizing blockchain technology. The architecture of blockchain technology is characterized by its distributed, decentralized and robust safety measures, which guarantee the integrity of data storage and its distribution across a meticulously organized ledger. Users can confidently rely on this innovative design's transparency, reliability, and safety. Implementing blockchain technology carries immense potential in bolstering safety and privacy measures in diverse sectors, including agriculture, healthcare, Goods and Services Tax (GST), academics, e-voting and automobile. This investigation delves into the practical applications of blockchain technology for SCM. It thoroughly analyses existing research and literature to uncover the latest advancements and potential future breakthroughs in this area.
“…Their review focused on blockchain-enabled benefits, challenges and functions. Similarly, other reviews (Dashkevich et al, 2020;Gan et al, 2021;Río & César, 2017) have identified areas and use cases of blockchain application in the central banks. Gan et al (2021) offered insights into the application of blockchain in banking and highlighted the benefits and challenges of adopting the technology.…”
Section: Introductionmentioning
confidence: 95%
“…Similarly, other reviews (Dashkevich et al, 2020;Gan et al, 2021;Río & César, 2017) have identified areas and use cases of blockchain application in the central banks. Gan et al (2021) offered insights into the application of blockchain in banking and highlighted the benefits and challenges of adopting the technology. Río and César (2017) found that several central banks were interested in adopting and implementing blockchain.…”
Blockchain is transforming the banking sector and offering opportunities for significant cost reduction and efficient banking services. However, implementing blockchain is a challenge due to lack of adequate knowledge and skills on how to implement the technology. As a result, there are very few market-ready blockchain banking products and organisations are unable to realise the promised value. This paper presents an overview of the banking sector's blockchain use cases, design and implementation considerations and techniques. The aim is to offer an evidence-based primer to guide researchers and practitioners. The study relies on the systematic literature review method and reviews a total of 45 papers comprising 26 peer-reviewed scholarly articles and 19 technical reports from the banking industry. Leximancer software is used to support the thematic data analysis. The results show for the banking sector an increase in experimentation efforts geared towards the development of payment systems. The results also indicate key considerations from a technological, organisational and environmental perspective. The study highlights that platform selection, scalability and resilience are some of the critical technical considerations for implementing blockchain banking systems. Organisational considerations include collaboration and governance-related challenges. From an environmental perspective, the study notes several legal and regulatory considerations. This study contributes to the existing literature on blockchain adoption in banking, which is still in the nascent stage. The study also offers a research agenda for further understanding of blockchain implementation in the banking sector. Opportunities for further research are noted in the areas of interoperability, governance, security and privacy.
“…In addition to enhancing supply chain transparency, collaboration, and traceability, block chain combats fraud and lack of transparency(Choi et al, 2021;Choi & Siqin, 2022;Zhu et al, 2021;Zkik et al, 2022). Additionally, the study demonstrates how regulatory frameworks and auditor collaborations enhance block chain compliance and auditing(Gan et al, 2021;Sheldon, 2019;Ziolkowski et al, 2020). It may disrupt multiple industries and business models (Frizzo-Barker et al, 2020).…”
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confidence: 98%
“…Choi & Siqin, 2022;Gan et al, 2021;Zkik et al, 2022). Understanding the long-term effects of block chain technology on digital disruption is crucial for researchers and practitioners.…”
This systematic review critically analyzes the intricate relationship between digital technology and digital disruption by examining 83 papers from the Scopus database. Utilizing a systematic literature review methodology, the study delves into the impact of key technologies like artificial intelligence, blockchain, 3D printing, Internet of Things, big data, and cloud computing. Findings underscore the substantial role of digital tech in prompting disruption, challenging norms, and reshaping industry boundaries. Notably, artificial intelligence emerges as a major influencer, prompting organizations to reassess business strategies. The analysis explores collaborative and democratizing effects driven by platforms like IoT, blockchain, big data, and cloud computing. The results offer practical insights for enterprises, policymakers, and practitioners, emphasizing the transformative potential of digital technologies. Key drivers include operational efficiency, predictive analytics, personalization, and supply chain integration. Recognition of synergies among digital technologies provides strategic guidance for fostering innovation and gaining a competitive edge. Societal consequences and adoption challenges are examined, highlighting the importance of stakeholder reactions, decision-making processes, governance, and user acceptance in successful implementation.
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