Chapter 15 - An ISM and MICMAC approach for evaluating the barriers hindering the implementation of blockchain technology in supply chains

Abstract

Blockchain technology pushes toward the globalization of automation since it is faster and more efficient, where people in this technology have access to information and commerce. Meanwhile, it is challenging to control the globalization in supply chain (SC) and blockchain enable and eases some global supply chain management issues. Blockchain technology represents a promising opportunity for improvement across the SC. In addition to improving transparency and traceability on the SC, blockchain technology can also decrease the administrative cost. However, blockchain like other technologies, still faces some challenges that need to be addressed before the widespread of integration can take place. This research work is primarily concerned with identifying the barriers that hinder the blockchain technology's adoption in SC through literature reviews and discussion with experts. The 10 important barriers that are identified in this research work are poor reputation, lack of skilled developers, lack of scalability, lack of standardization, lack of privacy, slow performance, lack of regulation, massive energy consumption, lack of awareness, and lack of teamwork. Interpretive structural modeling (ISM) is offered as a solution methodology in this research work for analyzing the interaction among the barriers. The relative importance of blockchain barriers and their associated interrelationships are established, which is required in order to generate theoretical observations that are necessary for a better understanding of the implementation of blockchain technology in SC.