Blockchain technology as a strategic weapon to bring procurement 4.0 truly alive: Literature review and future research agenda

Abstract

Balancing efficiency and resilience in any supply chain commences from its ability to secure supplier networks. Blockchain technology applications in procurement can work as a major enabler in this process. Despite the unquestionable relevance of Blockchain Technology (BCT)-integrated Procurement, no comprehensive review exists. Considering this significant research gap, the present study aims to provide a comprehensive literature review by deeply examining 95 highly relevant papers published from January 2012 to Sep 2023. Existing literature studies suggest BCT as the imitable enabler of the Procurement 4.0 era, yet the topic has not been fully explored and researched. This study identifies noteworthy deficits in theoretical underpinnings, technological contributions in generating new revenue models, radical impacts anticipated on the procurement organization restructuring, and so forth. The research is timely and importantly advantageous because it offers a holistic view of relevant literature-driven evidence about a range of existing dimensions on the subject. More specifically, this study provides exhaustive key recommendations for future research on BCT applications in procurement utilizing the Theory, Context, and Methodology (TCM) framework.