Rise of blockchain technology in supply chain transformation in the post-pandemic era

Abstract

Purpose Though academic study on the subject is still in its early stages, there is growing interest in using blockchain technology for transforming the supply chain. The academic literature is divided and yet only includes studies evaluating how the supply chain has changed organizations. To comprehend the new phenomena, this study aims to investigate the factors of blockchain technology in driving supply chain transformation. To be more precise, the authors developed from the literature the most prevalent criteria for determining if supply chain transformations are ready to be scaled up. Design/methodology/approach This study followed a combination of two multi-criteria decision making methods evaluation based on distance from average solution and complex proportional assessment) methodology in this research: planning, investigating, executing out, establishing a rating of the criteria and evaluating it. Findings The study shows that the “organizational driver” and the “technology driver” are the factors most important to the transformation of the supply chain, whereas the “financial driver” and the “regulatory driver” are less important. This study also makes some managerial recommendations to address the factors impeding the supply chain’s transformation. Each factor’s significance was explored, and a proposed study agenda was also presented. Research limitations/implications Although the main forces behind the transformation of the supply chain have been recognized, further research into statistical correlation is required to confirm how the various elements interact. Practical implications This research aids decision-makers in comprehending the key forces behind supply chain transformation. Managers and decision-makers might better predict and allocate the necessary resources to start the road toward digitization and make well-informed choices once these aspects have been investigated and understood. Originality/value In light of the pandemic’s effects on the world and the increase in businesses embracing the digital economy, the supply chain transformation is more important than ever. Beyond blockchain deployment and the pilot studies on digital transformation, there is a gap. The topics and factors this study uncovered will operate as a framework and recommendations for more theoretical investigation and practical applications.