Blockchain Implementation Research Articles

White knight in dark days? Supply chain finance firms, blockchain, and the COVID-19 pandemic

We investigate the impact of the announcement of the COVID-19 pandemic on the market value and trading volume of supply chain finance (SCF) firms. Using an event study, we observe a significant valuation loss and higher trading volume of SCF firms. However, blockchain-enabled SCF firms are protected from such valuation loss and volatility in trading. We find that higher research and development (R&D) and capital expenditures by firms prevent the loss. Moreover, the firm value of blockchain-enabled SCF firms is impacted by their membership in a blockchain consortium and progress in blockchain implementation. Investors’ confidence in blockchain reduces the market uncertainty.

Embracing Block Chain Technology in Supply Chain to combat Counterfeiting Luxury and Fashion brands

Many global businesses are facing challenges in genuineness of product as counterfeiting is elevating in supply chain. Luxury industry face huge challenges to combat luxury counterfeiting one of them is that Block chain technology guarantees the traceability and product originality. This study aims to present the implementation of block chain technology adopted by Luxury industry to protect their identity and stop duplication of products. During the study, it is found that counterfeiting is still a continued practice which is often seen in supply chain activity by Luxury companies and customers. Further, due to online buying, counterfeiting is increasing day by day. Lastly, the block chain implementation has huge benefit to luxury companies in terms of intellectual property regulations and privacy concern (https://www.retail-insight-network.com/comment/luxury-blockchain-consortium/) and as its own implications in Luxury landscape.

Rationale for the need to use blockchain technology to record and control operations for the export of grain (the example of Ukraine)

Despite the steady export of Ukrainian grain growth, the net profit from its sales does not increase, and most times, even falls. That is why it became necessary to find out the reasons for the current situation and find ways out of it. The most common method for solving such problems in the modern world is the implementation of blockchain and related technologies (smart contracts, cryptocurrencies, etc.). This article is devoted to studying the economic need for the use of blockchain technologies to monitor grain for export in Ukraine and the analysis of foreign experience blockchain implementation to agricultural supply chains to adapt the best practices to Ukrainian realities. As a result of a theoretical study, the article identified problems in Ukrainian grain export, analyzed the results of using blockchain to solve similar problems in foreign countries, and also identified ways to use world experience in this area. In addition, the authors offered practical recommendations for changing and complementing the existing technological and logistic stages of grain export in Ukraine. It was also found that blockchain technologies, because of their properties such as decentralized control, security, traceability, and control of transactions, could solve most of the problems that arise in the grain supply chain from grower to end consumer. The authors have proposed a generalized multilayer system that includes a "Data input layer", a "Data store layer", and a "User's layer", which most fully considers the peculiarities of agriculture in Ukraine. However, the question of these technologies introducing cost and the economic feasibility of their use for farms of various sizes remains is still unclear, and will be considered by the authors in their following works.

Article: Blocking the Gap: The Potential for Blockchain Technology to Secure VAT Compliance

This article aims to demonstrate that blockchain technology is the most optimal solution to tackle the significant challenge that Value Added Tax (VAT) non-compliance poses to the European Union (EU). VAT non-compliance, particularly evasion and fraud, is a complex and costly challenge to EU tax authorities and nations as a whole. Current compliance mechanisms fail to sufficiently ensure the collection of VAT in an effective and truly secure manner, leaving VAT and associated data open to misreporting and exploitation, posing a risk to both individual and national security. Focusing on the design aspects of security, transparency, and efficiency, it will be argued that blockchain provides the opportunity to tackle non-compliance whilst achieving a balance in both taxpayer’s wants and tax authorities’ needs. Utilizing current examples of blockchain implementation, as well as a specific VAT Coin proposal, it is demonstrated that a blockchain solution can come in many forms; be it a public, private or consortium blockchain, with each type respectively achieving compliance whilst prioritizing different aspects of data security and privacy. Ultimately, it is indicated that a blockchain-based VAT system has the potential to enable a significant reduction in the risk of non-compliance, whilst streamlining taxpayer obligations and protecting valuable datasets. blockchain, VAT, tax, cryptocurrency, MTF, VATCoin, fraud, non-compliance, security, EU

Critical success factors for implementing blockchain‐based circular supply chain

AbstractThe growing importance of the circular economy has emphasised optimal utilisation of resources within the constraints of economic development and protection of the environment. Digital technologies associated with Industry 4.0, such as blockchain, facilitate the implementation of circular economy principles throughout the supply chain. However, because blockchain implementation in the supply chain is still in the early stages, real‐world examples of the blockchain‐based circular supply chains (CSCs) are limited. The principal purpose of the paper is to examine the critical success factors (CSFs) for implementing blockchain‐based CSCs. Following that, 10 CSFs are identified through a short systematic literature review, and then, the integrated fuzzy cognitive mapping and fuzzy best‐worst method (FCM‐FBWM) is implemented to examine CSFs for the blockchain‐based CSC. The study's main findings demonstrate that network collaboration is the best CSF, while the shared circular economy toolbox is counted worst of all. This research enriches the literature by identifying the CSFs for implementing blockchain‐enabled CSCs to address the lack of a suitable decision‐making framework that assists managers in comprehending how blockchain technology can be adopted in the circular economy context. Implications for theory and practice are also discussed, offering new insights into the measures necessary to ensure successful blockchain implementations in CSCs.

Blockchain technology in the construction industry: mapping current research trends using social network analysis and clustering

Blockchain represents an evolving technology for distributed and secure recording and sharing of information. Meanwhile, blockchain has thrived in banking, finance, and supply chain; its usage within the construction industry is still in its infancy. To this end, the existing literature falls short in providing comprehensive quantitative understanding, within a systems-based analytic context, of the factors affecting blockchain utilization in construction applications. This paper fills this knowledge gap. The authors: (1) conducted an extensive literature review on blockchain implementation in the construction domain; (2) identified a list of 41 factors affecting blockchain implementation in construction projects categorized in four categories: challenges, needs, requirements, and capabilities; (3) utilized a social network analysis (SNA) approach on a database of 111 publications to quantitatively analyze the literature as related to the aforementioned factors; and (4) performed clustering analysis on the SNA graphs to determine the combinations of factors that are most likely co-occurring in research publications. SNA results indicate that while the most investigated factor was “increased trust and transparency between project parties”, the least studied factors included: “cash upfront funding system”, “change payment processes and procedures”, “smart contracts design errors”, “cryptocurrency fluctuations”, “lack of sufficiently skilled personnel”, and “increased awareness and capabilities of personnel”. Also, clustering outcomes highlight that some combinations of factors are not well-represented in current scholarly efforts. Such imbalance and consequent knowledge gaps may contribute to the actual implementation rate of blockchain in construction applications. Ultimately, this paper provides a roadmap for potential future directions of blockchain construction-related research.

Hybridizing cost saving with trust for blockchain technology adoption by financial institutions

Distributed Ledger Technology (DLT) is transforming the financial industry and leading to a rise in the modern banking system. Like in developed nations, disruptive technology is necessary to advance the traditional banking system in emerging economies. The present study aims to investigate the critical factors that influence a user's intention to accept blockchain technology for financial institutions. The proposed model is based on Technology Acceptance Model (TAM) constructs with trust and cost-saving, tested using structural equation modelling. Findings from an online survey of 188 practitioners working in Malaysia's financial sector confirm that all constructs except trust on perceived usefulness were found to have a significant impact during the blockchain implementation. Moreover, cost-saving matters most during the disruptive technology adoption for financial institutions. Based on the findings, the subsequent theoretical and practical implications are assessed, albeit with notable limitations.

Cross-Border Supply Chain System Constructed by Complex Computer Blockchain for International Cooperation.

The rapid development of China's local e-commerce and the continuous improvement of its business model have not only pushed the country to the forefront of the globe but also opened up the unprecedented potential for China's cross-border e-commerce. Therefore, it is imperative to build a balanced and sustainable cross-border e-commerce system, and cross-border e-commerce on the Silk Road has become a new highlight of China's e-commerce development. This study proposes a cross-border supply chain model based on the complex computer blockchain for international cooperation scenarios, contrasts and analyzes decision making in two cross-border supply chain scenarios with and without blockchain implementation, and investigates the sufficient conditions for blockchain implementation in the cross-border supply chain from the perspective of various value objectives. The analysis reveals that the cross-border supply chain has sufficient incentive to implement blockchain when the value gain generated by implementing blockchain is high or the value gain is low but the potential market size weakening factor of cross-border products is greater than a certain degree. It demonstrates that the link between cross-border product price elasticity, manufacturer cross-border effort cost, and customer cross-border preference degree would impact the circumstances for adopting blockchain in cross-border supply chains. The model also lays out a plan for the government to improve cross-border e-commerce logistics, strengthen oversight, and create a regional financial service network system to reduce credit risk.4

Securing Internet of Things devices by enabling Ethereum blockchain using smart contracts

The development of the IoT is rapidly growing. These IoT devices are mainly deployed to control and report environmental changes, prevent risks, and bring many beneficial services. However, these benefits may open doors to the adversaries in conjunction with security vulnerabilities and privacy issues. In the recent past, Blockchain has been an emerging technology that reaches several use-cases apart from cryptocurrency. For instance, IoT integration with Blockchain implementation yet indefinite required further research because of resource-constrained IoT devices and ledger-based Blockchain protocol design. This paper presents the systematic implementation of securing IoT devices by enabling the Ethereum Blockchain smart contract. The results show that the collected information is securely stored in the Blockchain after successful authentication. Practical Application: Blockchain innovations have the power to transform manufacturing, construction, healthcare and building supply chains by eliminating the middleman, streamlining operations, improving overall security, and simplifying data management. Onboarding, recordkeeping, client screening, data management, security, privacy, and transaction and trade processing are examples of several practice applications in the financial, insurance, and eHealth services industries. Thus, this study ensures security by enabling Ethereum blockchain and smart contracts in an authentic blockchain applications for building sustainable environments to improve readability and trustworthiness of the transactions.

Blockchain Technology for Reshaping Stock Exchanges: A qualitative exploratory study in Palestine

Purpose: This research aims to explore how to reshape stock exchanges by using blockchain technology with an emphasis on the case of the Palestine Exchange. Design/methodology/approach: This research gathered primary data from semi-structured and open-ended interviews. Online interviews were conducted to get information from professionals and academics interested in blockchain. The sample for this research was determined using convenience sampling and a snowball sampling approach. The data was analyzed using the deductive content analysis method. Findings: The research revealed that implementing blockchain is appropriate for third-world countries because it does not necessitate the construction of buildings or infrastructure. Additionally, the results showed that by implementing this technology, the Palestine Exchange will be able to speed up its liquidity cycle while also lowering costs, boosting transparency, allowing for the trading of new products, and attracting new investors. The legal and technological concerns, however, are not seen as impediments to the implementation of blockchain in the Palestine Exchange. Practical implications: The findings of this research will contribute to the growth of the Palestine Exchange. Originality/value: There has not been much focus in studies on Palestine in this context. This research aims to close the gap by investigating how blockchain might be used to reshape the Palestine Exchange.

Blockchain land transfers: Technology, promises, and perils

The blockchain's apparent immutability has attracted significant interest on whether it may be relied on for registering and transferring land. Proponents of blockchain-based land systems point toward data security, automated transacting, and improved accessibility as key benefits; critics raise concerns over structural vulnerabilities, such as majority attacks, and inconsistencies with existing legal frameworks. The literature, however, tends to conceptualise blockchain as one monolithic data structure invariably built on the same mechanisms powering Bitcoin. This paper seeks to situate the debate on a closer understanding of the range of blockchain implementations possible. To this end, we provide a detailed technological survey of established and emerging blockchain technologies, clarifying that different consensus mechanisms, permissioning schemes, and other use-based customisations, are possible. We then re-evaluate the promises and perils of blockchain land transfers in this light, focusing on the English conveyancing system, and illustrate how different implementations involve different advantages and limitations. However, the features necessary to avoid key vulnerabilities also diminish the marginal advantages of using blockchains over traditional electronic databases. Thus, we conclude that blockchains, even properly understood, remain unsuitable for land transfers.

Nexus among blockchain visibility, supply chain integration and supply chain performance in the digital transformation era

PurposeDigital transformation (DT) in the semiconductor industry goes beyond traditional business operations and supply chain management (OSCM) to the digital world. Despite significant developments in recent years, blockchain implementations for OSCM remain relatively underdeveloped in the semiconductor industry. Therefore, this research aims to examine the relationships between blockchain visibility, supply chain integration (SCI) and supply chain performance (SCP) in the era of DT in Malaysia's semiconductor industry to shed light on this emerging area.Design/methodology/approachA convenience sampling of 71 operations and supply chain managers attached to semiconductor manufacturing firms in Malaysia were invited to participate in a survey. In assessing blockchain visibility within the industry, key terms namely business intelligence gathering, information exchange, information technology (IT) and knowledge of asset status, were conceptualised from the literature review. The questionnaires developed to collect data were validated by industry and academic experts.FindingsThe results from the analysis confirmed that SCI mediates the link between blockchain visibility (information exchange, business intelligence gathering and knowledge asset status) and SCP. Likewise, the importance-performance matrix analysis (IPMA) outcomes revealed that IT played a minor role. The results suggested that semiconductor manufacturers should pay less attention to IT since this was identified as having the least priority towards improvement.Practical implicationsThe outcomes from this research enable policymakers to strategise and integrate blockchain technology in the era of DT to ensure sustainable SCM in the semiconductor industry in Malaysia.Originality/valueThe research bridge the knowledge gap by revealing the value that blockchain visibility can facilitate SCP and explore SCI as the prevailing factor and demonstrates how Resource-Based Theory and Network Theory can be applied in this study.

Blockchain Technology as an Accelerator for the Development of Digitalization in the Financial Sector of the Economy

Against the backdrop of the development of the cryptocurrency market, the popularity of blockchain technology has also grown. However, the unique structure of the technology, characterized by its transparency, immutability and, in most cases, decentralization, allows it to be widely used in various areas of life. The article explores the essence of blockchain technology, as well as the degree of technology integration into the financial sector of the economy. The subject of the research is blockchain technology. The object of research is international finance. The author in the article emphasizes the nature of blockchain technology, and also studies the current situation in the blockchain industry, its implementation in the financial sector of the economy, in particular the activities of commercial banks. The blockchain industry is expanding and improving at a steady pace, finding its constant use in both public and private finance. In this direction, active work is also being carried out in Russia. However, due to a number of key limiting factors, to date, blockchain technology has not been integrated in practice to the extent that it could allow it to change the structures of international or individual national finance. Contrary to expectations, the speed of blockchain implementation is slower than that of the Internet technology, which is often compared to the development of blockchain technology. However, despite this fact, the blockchain has gained a foothold in various aspects of international finance and plays one of the key roles in accelerating the process of digitalization of this sector of the economy.

A quality of service‐aware high‐security architecture design for software‐defined network powered vehicular ad‐hoc networks using machine learning‐based blockchain routing

AbstractSoftware‐defined networks (SDNs) have proven to be highly flexible for vehicular ad‐hoc network (VANET) routing. This is due to packet‐level and bandwidth‐level controls available with SDNs. But SDNs have inherent security issues which include forwarding device attacks, control plane threats, communication channel vulnerability, etc. To counter these attacks, this paper initially proposes a proof‐of‐work‐based blockchain framework that can reduce attack probability by 99%. But, the overall network quality of service (QoS) reduces in terms of end‐to‐end delay, energy consumption, and throughput. To improve these parameters and maintain a high level of security, this work proposes a machine‐learning algorithm that optimizes blockchain parameters in a QoS‐aware manner. These parameters include selected chain length, encryption block length, etc. The machine learning algorithm is inspired by Q‐Learning and aims at reducing the performance effect of blockchain operations on the overall QoS of VANETs. Thus, the underlying network uses sidechain‐based blockchain implementation, which makes it faster, more secure, and less complex when compared with single‐chain implementations. Upon observing the results, it is seen that the proposed architecture can reduce the end‐to‐end delay by 15%, energy consumption by 18%, and increase overall throughput by 38% when compared with existing blockchain‐based SDN VANET architectures.

Investigating the barriers of blockchain technology integrated food supply chain: a BWM approach

PurposeBlockchain is an evolving technology that has an impact on a variety of industries and related operations including food supply chain. There are several challenges associated in the implementation of blockchain in the food supply chain. As a result, the goal of this research is to identify and analyse the barriers associated with the implementation of blockchain in food supply chains.Design/methodology/approachA comprehensive literature review is conducted to identify 16 primary barriers associated with the implementation of blockchain technology in the food supply chain and experts finalise these identified barriers and further categorise them into four groups. Furthermore, the best worst method is used to prioritise the finalised barriers.FindingsThe findings suggest that “technological barriers” and “organisational barriers” are primary barriers among the identified barriers for the implementation of blockchain. These barriers could be mitigated through supply chain collaboration, efficient blockchain technology development through research and development, and increasing technical competence.Research limitations/implicationsIn terms of limitation, there is a possibility that some barriers were overlooked in the literature review process, and expert judgement might be prejudiced. This paper examines the blockchain implementation in the food supply chain, to assist policymakers in overcoming these barriers and ensuring effective adoption.Originality/valueThis study focuses on the effective implementation of blockchain technology in the food supply chain in the context of emerging economies.

Efficient Architectures for Full Hardware Scrypt-Based Block Hashing System

The password-based key derivation function Scrypt has been employed for many services and applications due to its protection ability. It has also been employed as a proof-of-work algorithm in blockchain implementations. Although this cryptographic hash function provides very high security, the processing speed and power consumption to generate a hashed block for the blockchain network are low-performance. In this paper, a high-speed and low-power hardware architecture of the Scrypt function is proposed to generate blocks for the Scrypt-based blockchain network. This architecture minimizes the number of main computational blocks to reduce the power consumption of the system. In addition, the proposed sharing resources and pipelined architectures make the calculation speed increase significantly while the hardware cost is reduced by half compared to the parallel non-pipelined architecture. The full hardware system is designed and implemented on Xilinx Virtex-7 and Aveo U280 FPGA platforms. The hash rate of the proposed system reaches 229.1 kHash/s. Its hash rate, hardware and energy efficiencies are much higher than those of the other works implemented on FPGA and GPU hardware platforms. The proposed hardware architecture is also successfully implemented in an ASIC design using ROHM 180 nm CMOS technology.

Blockchain announcements and stock value: a technology management perspective

PurposeThis study aims to explore the impact of blockchain announcements on enterprises' stock market value.Design/methodology/approachBased on resource-based theory, this study constructs a complete framework of the impact mechanism of blockchain announcements on the stock price of the announcing firm using the data of 143 blockchain announcements. An event study methodology is used in this research, and the market model, market-adjusted model and Carhart four-factor model are used to estimate stock abnormal returns after the blockchain announcement; and the cross-sectional regression model is used to test the influencing factors.FindingsBlockchain announcements elicit a significantly positive market reaction on the release day. Compared to announcements not pertaining to technical innovation, blockchain technical innovation announcements exhibit a more positive market reaction towards the announcing companies. Strategic-level announcements exhibit a more positive market reaction than operational-level announcements. Enterprise characteristics, such as enterprise-scale and enterprise innovation ability, do not affect stock market reactions to blockchain announcements.Practical implicationsThe findings reveal the economic value of conducting blockchain activities in the Chinese stock market. Findings of this study can help managers understand the value of implementing blockchain activities in a different market environment and guide them on how to improve the market value of their enterprises through the active implementation of blockchain activities.Originality/valueTo the best of the authors’ knowledge, this is the first event study to focus solely on the value of pure blockchain announcements in an emerging market. This study considers multiple resource and capability factors that would influence blockchain technology adoption, improve the current understanding of how blockchain announcements affect corporate stock prices and provide directions for future comparative studies of market reactions to blockchain announcements in different stock markets.

Blockchain-Enabled Vehicular Ad Hoc Networks: A Systematic Literature Review

This systematic literature review provides an extensive categorization of the blockchain-enabled applications across the domain of vehicular ad hoc networks (VANETs). Within the paradigm of distributed ledger technology (DLT), the communication models and practices for VANETs have been revolutionized. An analytical review and a survey were conducted to explore the advancements of blockchain and VANETs. The techniques, limitations, and advantages of blockchain deployment in VANETs are discussed for the effective implementation of a decentralized network. To this end, 68 studies were selected on the basis of the procedural steps to provide a comprehensive overview of blockchain and the smart contracts in VANETs. In particular, a decentralized communication model is also proposed for the advanced implementation of blockchain in VANETs. Researchers and practitioners are being attracted to these technologies for applications for various industrial sectors. Therefore, this study also emphasizes the identification of any blockchain-related open issues for future prospects. The comprehension of blockchain applications for the Internet of Vehicles (IoV) is also explored in order to fill the research gap on advanced communication networks across the Internet of Things.

A Blockchain-based Security Architecture for the Internet of Things

The Internet of Things (IoT) is growing at a very fast pace and being increasingly adopted in many scenarios of industrial applications such as energy (smart grid), automobile (smart cars), healthcare (smart healthcare), manufacturing (smart manufacturing and supply chain) and other application such as homes (smart home) and cities (smart city). Nonetheless, these IoT technologies (devices, systems, protocols, and applications) are faced with many security-related issues. IoT Systems have different layers that are vulnerable to various kinds of attacks. To defend against these attacks, one must consider appropriate security approaches and mechanisms to ensure privacy, security, and trust within the various components and layers that make up the IoT system. Appropriate security mechanism is needed at every layer of an IoT system to keep them secure. Hence, finding suitable mechanism for each IoT layer is a necessity to keep IoT systems secure in the 21st-century applications and implementations. The paper first investigates the IoT layers and protocols, their vulnerability issues, and methods to resolve the issues from existing literatures. We then present a blockchain-based security architecture for the internet of things and practically investigated its security feature through implementation of various security mechanism. Analysis and discussion of the blockchain implementation results are carried for the purpose of meeting the security, privacy, and trust requirements of IoT.

Securing the Chain of Custody and Integrity of Data in a Global North-South Partnership to Monitor the Quality of Essential Medicines.

Substandard and falsified (SF) pharmaceuticals account for an estimated 10% of the pharmaceutical supply chain in low- and middle-income countries (LMICs), where a lack of regulatory and laboratory resources limits the ability to conduct effective post-market surveillance and allows SF products to penetrate the supply chain. The Distributed Pharmaceutical Analysis Laboratory (DPAL) was established in 2014 to expand testing of pharmaceutical dosage forms sourced from LMICs; DPAL is an alliance of academic institutions throughout the United States and abroad that provides high-quality, validated chemical analysis of pharmaceutical dosage forms sourced from partners in LMICs. Results from analysis are reported to relevant regulatory agencies and are used to inform purchasing decisions made by in-country stakeholders. As the DPAL program has expanded to testing more than 1,000 pharmaceutical dosage forms annually, challenges have surfaced regarding data management and sample tracking. Here, we describe a pilot project between DPAL and ARTiFACTs that applies the blockchain to organize and manage key data generated during the DPAL workflow, including a sample's progress through the workflow, its physical location, provenance of metadata, and lab reputability. Recording time and date stamps with these data will create a permanent and verifiable chain of custody for samples. This secure, distributed ledger will be linked to an easy-to-use dashboard, allowing stakeholders to view results and experimental details for each sample in real time and verify the integrity of DPAL analysis data. Introducing this blockchain-based system as a pilot will allow us to test the technology with real users analyzing real samples. Feedback from users will be recorded and necessary adjustments will be made to the system before the implementation of blockchain across all DPAL sites. Anticipated benefits of implementing the blockchain technology for managing DPAL data include efficient management for routing work, increasing throughput, creating a chain of custody for samples and their data in alignment with the distributed nature of DPAL, and using the analysis results to detect patterns of quality within and across brands of products and develop enhanced sampling techniques and best practices.