The “SMARTER” framework and real application cases of blockchain

Abstract

Today, blockchain is a very critical technology for many industrial operations. In this study, we aim to study the applications of blockchain in the industry. We reveal the latest blockchain-supported solutions developed by companies, identify the key challenges and discuss the long-term benefits of blockchain adoption. To be specific, this study adopts a multi-methodological approach by systematically reviewing the literature, and conducting exploratory case studies and a semi-structured interview. Based on the findings, we establish a “SMARTER” framework to illustrate the “SMART” challenges that companies may face and discuss the “ER” long-term benefits that can be generated to the business enterprises. We further propose some important future research areas, such as the impacts of blockchain technology to support corporate social responsibility, the co-opetition effect when the companies form partnership in the blockchain development, the feasibility of integration between blockchain technology and other disruptive technologies, and the values of blockchain adoption in the industry.