۱- Blockchain: It is time to get up to speed

۲- Blockchain architecture

۳- Blockchain applications to supply chain security

۴- Managerial challenges of the blockchain

۵- Concluding remarks and future research directions

References

Abstract

With the soaring value of bitcoin and frenzy over cryptocurrency, the blockchain technology that sparked the bitcoin revolution has received heightened attention from both practitioners and academics. Blockchain technology often causes controversies surrounding its application potential and business ramifications. The blockchain is a peer-to-peer network of information technology that keeps records of digital asset transactions using distributed ledgers that are free from control by intermediaries such as banks and governments. Thus, it can mitigate risks associated with intermediaries’ interventions, including hacking, compromised privacy, vulnerability to political turmoil, costly compliance with government rules and regulation, instability of financial institutions, and contractual disputes. This article unlocks the mystique of blockchain technology and discusses ways to leverage blockchain technology to enhance supply chain resilience in times of increased risks and uncertainty.

Blockchain: It is time to get up to speed

According to CoinDesk (2017)–—which has traced prices from digital currency exchanges including Bitfinex, Bitstamp, Coinbase, and itBit for the last decade–—the price per bitcoin hit an all-time high of $17,872.56 on December 15, 2017. As of September 2017, the total market value of all digital currencies surpassed $135 billion (Hackett, 2017a). Although the skyrocketing price tag of a bitcoin may not reflect its true currency value, an astonishing rise in its price for a relatively short period of time drew a frenzy of interest from many investors worldwide. As the interest in bitcoin continues to grow, the blockchain technology (BT) that powers the cryptocurrency concept and underlying technology has become the center of attention in the business community. For example, Juniper Research (Holden, 2017) revealed that 39% of approximately ۴۰۰ company founders, executives, managers, and information technology (IT) specialists it surveyed either considered deploying or were in the process of deploying BT. BT started to gain traction from a growing number of supply chain executives. The recent Eyefortransport (2017) report indicated that nearly 62% of supply chain executives surveyed claimed to have engaged with BT. Overall, the business value-add of a blockchain is expected to grow to more than $176 billion by 2025 and exceed $3.1 trillion by 2030 (Gartner, 2017).