Blockchain Papers

Alisha Roushan, Amrit Das, Anirban Dutta, Uttam Kumar Bera

Efficient supply chain models are crucial for ensuring swift medical intervention and the timely delivery of essential supplies in disaster management. This study focuses on optimizing disaster relief efforts in meteorological disasters , specifically flash floods triggered by cloudburst events. We propose a multi-objective supply chain model that minimizes both cost and time during emergencies by employing drones for rapid response and delivery to inaccessible areas. The model leverages Dijkstra’s algorithm to identify the shortest emergency routes and integrates Neutrosophic Compromise Programming (NCP) and the Weighted Sum Method (WSM) to optimize drone deployment for cost-effectiveness and timely intervention. Pentagonal Type-2 Fuzzy Variables (PT2FV) manage uncertainty and accurately represent real-world disasters. The study also introduces a smart contract framework to enhance transparency and accountability in logistics and rescue operations. These smart contracts govern the assignment of drone-based delivery tasks, ensuring that supplies are optimally allocated and transported via the most efficient routes. The system verifies task completion and maintains a transparent record of the logistics process . The robustness of the model is validated through sensitivity analysis, while the smart contract system is confirmed through unit testing, demonstrating its reliability under varied conditions. This work aligns with Industry 5.0 , integrating human-centric decision-making, drones, intelligent systems, and blockchain-based smart contracts to automate and effectively manage disaster, facilitating seamless collaboration between humans and machines.

Niels Agatz, Jan C. Fransoo, Elliot Rabinovich, Rui Sousa

Last mile operations (LMO), the processes involved in the critical last stage of delivering goods and services, have widespread relevance across major sectors of the economy, including retail, food services, healthcare, humanitarian services, energy distribution, telecommunications, public services, and others. These operations account for a significant portion of the costs, jobs, and economic output in these sectors. Global economic output involving last mile deliveries alone, for instance, is valued at $165 billion per year and is growing at about 10% per year (InsightAce Analytic 2024). Recent decades have witnessed an acceleration in the rate of evolution of LMO (Agatz et al. 2024; Boutilier and Chan 2022; Boyer and Hult 2005; Dreischerf and Buijs 2022; He and Goh 2022; Lyu and Teo 2022). Technology-driven innovations have catalyzed profound changes in the planning, design, and execution of LMO, with significant implications for the economics of these operations. Extending the last mile to the final user has increased convenience, accessibility, and reliability. Zipline, for example, has introduced drones to safely deliver lifesaving products in remote communities (Ackerman and Koziol 2019). An increasing number of pharmacies in Europe and Africa have been equipped with smart lockers to allow 24/7 access to critical medicines (Gobir et al. 2024). Some innovations leveraging platforms based on smartphone apps have given small corner stores in neighborhoods in cities across Latin America the means to sell and deliver daily groceries and other household staples to local residents (Escamilla et al. 2021). Other innovations, leveraging artificial intelligence, have found applications in vehicle routing tools and warehouse and fulfillment automation (such as Ocado's system (Mason 2019)), track-and-trace systems that provide real-time communications and visibility into delivery processes (such as Instacart and Uber Eats), anticipatory shipping algorithms to move inventories to specific areas ahead of realized demand (Chen and Graves 2021), and integration tools with third-party services (successfully deployed by ClickPost and ShipEngine). However, considerable challenges remain. For example, because of short time frames and high delivery volumes to many dispersed locations, LMO have little room for human error. Yet, since many firms tend to tap into low-skilled, temporary, or crowdsourced labor to provide these services, there is high variability in performance and worker availability. LMO are also expensive, due in part to rising labor costs, delivery failures, more demanding customers, and vehicle and parking restrictions. Although academic research in LMO has a long tradition in Operations Research (see e.g., Agatz et al. (2011), Otto et al. (2018), Boysen et al. (2019) and Reed et al. (2022)), LMO have barely been considered as an operations problem that requires process understanding and management within a sociotechnical system. The need for this is apparent, as increasing evidence points to managerial, economic, and sociotechnical challenges as major determinants of LMO success. Delivery workers have been noted to largely ignore the recommendations by routing algorithms in urban settings (Liu et al. (2023)); working conditions are an increasing societal and corporate concern; and customer experiences are less than satisfactory in many cases. Further, LMO are associated with negative externalities such as emissions, traffic congestion, and the abuse of public parking space. Operational costs are also very high—often up to a point where LMO are loss-making, such as in grocery home delivery. And, while there have been extensive technological innovations, many seem to fail in scaling at large, which could potentially be due to a poor understanding of the LMO from a process perspective. We need new research to better understand these challenges, as well as to propose new operational practices and business models based on the application of recent innovations. Such research requires a broadening of the phenomenological and theoretical scope of LMO research beyond traditional work in Operations Research. Theories on innovation applied to Operations Management can offer a valuable foundation to study research questions surrounding the scalability of technologies to support new business models in the last mile (Arthur 1994). Similarly, theoretical models examining technology, productivity, and employment can provide a foundation to understand how innovations can change the nature of work in last-mile settings (Autor et al. 2003; Autor 2015). Additional opportunities also exist to use transaction and information cost theories to understand how technological innovations may change organizational boundaries and the nature of organizations in the last mile (Afuah 2003). This confluence of innovations in the field, the multidimensional phenomena that determine performance, and the perspectives from theories from the operations management field provide an opportunity to shape a research program in LMO that will benefit from the Operations Management academic community. This was one of the main goals of our call for papers for the special issue on “Innovations, Technologies, and the Economics of Last-Mile Operations.” Another objective of this special issue was to formalize a research agenda and offer future directions for research to advance our understanding of LMO. To that end, in Section 2, we delve deeper into these operations, their functionalities, distinctive features, and challenges in the context of Operations Management. Then, in Section 3, we expand on research opportunities to tackle the most pressing challenges in LMO and identify knowledge gaps in Operations Management to be addressed in this endeavor. We close in Section 4 with conclusions, recommendations, and potential initiatives to build on the momentum created so far and further advance LMO as a knowledge area within Operations Management. In doing so, we introduce the several papers in the special issue as exemplars of research that can be done in the LMO domain. LMO are made of processes triggered by an agent (e.g., consumer, user, patient, worker, organization) that enable the provision of a service to this agent at the agent's selected location and time (or time period). LMO involve interactions with the agent—who participates in the process and co-creates value—and, by definition, comprise different service processes (Sampson and Froehle 2006). These processes are triggered by an agent's request for service and include the preparation and movement of goods and/or tangible resources (people, equipment) required for providing the service to the agent's selected location at the agent's selected time. A key trait of LMO is the fact that agents select the location and time of the provision of the service and that the provision of the service requires at least in part co-location with the agent. We submit that LMO can be classified into two main categories that differ significantly in the nature and extent of the associated customer co-creation activities (Sampson and Froehle 2006): goods-focused and agent-focused. Goods-focused LMO entails the provision of agent access to goods at a selected location and time, involving the preparation and movement of goods (e.g., groceries, meals) and resources (e.g., delivery vans, delivery people) to that location. A typical example would be e-commerce deliveries to consumer homes. Agent inputs are limited, primarily including information about the required goods (product selection and quantities) and delivery (time and location), as well as engaging in minor interactions with the provider during goods reception. The core value added is the movement of the goods to the agent's selected location and time. Goods-focused LMO correspond to “delivery services” and have received most research attention. Agent-focused LMO entail the provision of more general services to an agent at a selected location and time, involving the preparation and movement of service provision resources (e.g., people, equipment, inventory) to that location. A typical example would be performing repairs of equipment owned by the agent at its selected location, involving the movement of technicians, tools, and inventory (spare parts) to the agent's location. Another example would be an emergency ambulance service, which involves the movement of equipment (vehicle, medical instruments), medical staff, and inventory (medical supplies) to the agent's location. Agent inputs are substantial, including information about the required service, service delivery time and location, and agent's resources, as well as engaging in relevant service co-creation activities at the agent's location. The core value added is the transformation of the agent's inputs (e.g., agent-owned equipment, the agent self). Typically, the level of customization and agent co-creation increases from goods-focused to service-focused LMOs, while the transaction volumes decrease. LMO processes are characterized by a set of distinctive features that raise unique challenges for the management of operations. Based on our conceptualization of LMO and extant literature, we summarize LMO's distinctive features and associated challenges in Table 1. The remainder of the editorial will discuss LMO against this framework and address in more detail several of the distinctive features and challenges. The distinctiveness of LMO processes, their pervasiveness and widespread economic relevance, and the managerial challenges that remain unaddressed jointly motivate the development of a specific research program for LMO within the field of Operations Management. Need to cover very diverse geographical areas, with specific challenges: Reliance on a large number of independent resources (including subcontractors, crowdsourced labor, inventory, contracted or rented equipment, third-party platforms) has the following implications: The features and challenges presented in Section 2 provide a framework for the development of new LMO research that can broaden the scope of LMO subject knowledge, as well as strengthen the theoretical foundations supporting LMO research. This framework also serves as a reference for new research to inform about new technologies and business models in LMO and their implementation and execution. The remainder of this section expands on these research directions. Research on LMO has concentrated on goods-focused LMO, in particular the delivery of goods from a transportation hub or inventory location to an end consumer. 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Benedict Jun, Shuai Liu, George Q. Huang, C.T. Ng

Abstract Blockchain technology is increasingly used to ensure the authenticity of product information in supply chains. As digital transparency becomes a key factor in modern commerce, the evaluation of blockchain’s value becomes important. In this paper, we model a supply chain with a manufacturer and an online retailer to study the role of blockchain in the marketplace and wholesale price models. Particularly, we take consumer quality preference into account and examine its impact on blockchain adoption. We discuss how blockchain ensures the authenticity of quality information shared between the manufacturer and retailer while improving consumers’ perceived product value. Our findings indicate that blockchain enhances information transparency and reduces the impact of commissions on pricing in the wholesale price model, which is beneficial to both the manufacturer and the retailer. This is significantly advantageous when quality-conscious consumers dominate the marketplace model. We recommend that the manufacturer and retailer should assess consumer preferences for product quality and carefully weigh the cost of implementing blockchain. Blockchain reduces constraints from commission-driven pricing, offering greater flexibility in business model selection. Additionally, transparency improvements are crucial when implementing blockchain in the marketplace model.

Christian Finke, Matthias Schümann

Abstract Centrally administrated systems have historically facilitated inter-organizational data exchange in supply chains (SC), relying on the message standard electronic data interchange (EDI). However, the current use of EDI fails to meet information needs, as point-to-point interfaces complicate information sharing among multiple partners and batch processing lacks real-time capabilities. This results in information asymmetries, leading to inefficiencies. Distributed ledger technology (DLT), which offers decentralized communication and data storage, presents a potential solution. In this paper, we present a systematic literature review comparing the centralized architectures utilizing EDI applications with the decentralized architecture of DLT within SCs. We identified the limitations of the current systems and assessed whether DLT offers a solution. The findings show that DLT enhances real-time data exchange, automation potential, and transparency, but also faces shortcomings. Integrating EDI with DLT offers a promising approach to leverage synergies and address the weaknesses of both technologies, e.g., lacking standards for DLT.

Michael Lustenberger, Florian Spychiger

Purpose This paper investigates the influence of blockchain technology on trust and transparency within supply chain management. While existing research suggests blockchain has revolutionary potential, real-world evidence remains limited. This study aims to bridge this gap. Design/methodology/approach The research relies on transaction cost analysis and principal-agent theory to develop a conceptual model. The model proposes how blockchain fosters trust and transparency, ultimately leading to a market-based governance model within supply chains. Five different blockchain applications were analyzed in a multi-case study through document reviews and expert interviews to test the model’s assumptions. Findings The study’s findings challenge initial assumptions. The complexity of blockchain networks and a reluctance to share information among participants hinder blockchain technology’s ability to increase trust and transparency. Consequently, the expected reduction in opportunism and uncertainties is not observed, and a market-based governance model fails to materialize. In practice, supply chain partners gravitate toward permissioned blockchains managed by established consortia. Acting as trusted third parties, these consortia assume control over network management, rendering blockchain essentially unnecessary. Originality/value This paper sheds light on the practical limitations of blockchain technology in revolutionizing supply chain management. While blockchain promises much, the findings suggest that established consortia currently play a more critical role in fostering trust and transparency within supply chains.

Ivan Malakhov

In recent years, blockchain technology has emerged as a pivotal tool for implementing distributed ledgers. This thesis provides an in-depth exploration of blockchains that rely on one of the most widely adopted consensus mechanisms: Proof-of-Work (PoW). In PoW-based systems, a fundamental tension exists between the operating costs borne by users - such as transaction fees - and the quality of service they receive, measured by transaction confirmation time and the likelihood of confirmation success.

Danilo Rafael de Lima Cabral, Pedro Antonino, Augusto Sampaio

The Ethereum blockchain has a \emph{gas system} that associates operations with a cost in gas units. Two central concepts of this system are the \emph{gas limit} assigned by the issuer of a transaction and the \emph{gas used} by a transaction. The former is a budget that must not be exhausted before the completion of the transaction execution; otherwise, the execution fails. Therefore, it seems rather essential to determine the \emph{minimum gas limit} that ensures the execution of a transaction will not abort due to the lack of gas. Despite its practical relevance, this concept has not been properly addressed. In the literature, gas used and minimum gas limit are conflated. This paper proposes a precise notion of minimum gas limit and how it can differ from gas used by a transaction; this is also demonstrated with a quantitative study on real transactions of the Ethereum blockchain. Another significant contribution is the proposition of a fairly precise estimator for each of the two metrics. Again, the confusion between these concepts has led to the creation of estimators only for the gas used by a transaction. We demonstrate that the minimum gas limit for the state of the Ethereum blockchain (after the block) $t$ can serve as a near-perfect estimation for the execution of the transaction at block $t + Δ$, where $Δ\leq 11$; the same holds for estimating gas used. These precise estimators can be very valuable in helping the users predict the gas budget of transactions and developers in optimising their smart contracts; over and underestimating gas used and minimum gas limit can lead to a number of practical issues. Overall, this paper serves as an important reference for blockchain developers and users as to how the gas system really works.

Azam Modares, Vahideh Bafandegan Emroozi, Pardis Roozkhosh, Azade Modares

Supplier selection is a complex Multi-Criteria Decision-Making (MCDM) problem where decision-maker (DM) preferences heavily influence decision criteria and outcomes. Suitable suppliers capable of meeting performance criteria are central to successful Blockchain Technology (BT) implementation. Numerous qualitative factors influence blockchain adoption within organizations, particularly in the communication between retailers and suppliers via Blockchain, where qualitative uncertainties abound. This study aims to develop a robust system within a probabilistic and fuzzy framework to integrate DMs’ judgments amidst uncertainty effectively. Leveraging the Bayesian best-worst method (BWM), optimal weights for evaluating supplier criteria are determined. This method employs Markov-chain Monte Carlo (MCMC) to calculate the probability of preferring one criterion over another, facilitating confidence level elucidation between criterion pairs and enhancing criteria rankings. Supplier ranking is performed using the Fuzzy Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) method. The efficacy of the proposed approach is demonstrated through a case study utilizing real data from the railway supply chain. Results indicate the model’s effectiveness in optimizing supplier selection and enhancing supply chain performance.

Weizhong Wang, Yu Chen, Yi Wang, Muhammet Deveci · 6 authors

Abstract Many attempts have been made to identify barriers to blockchain adoption in supply chain; however, barriers to blockchain adoption in supply chain finance (SCF) are underexplored. This study prioritizes barriers to blockchain adoption in SCF and evaluates the barrier level of each alternative participant. We propose an integrated decision model to prioritize the barriers and evaluate their levels of alternative participants. To determine the barriers, we conducted a literature review. We then introduce an integrated weight calculation method by combining interval-valued Fermatean fuzzy (IVFF)-optimistic-pessimistic-utility values-based and IVFF-RS (ranking sum) methods to determine the barrier weights. To evaluate the barrier level of each alternative participant in SCF, the integrated IVFF-RAFSI (Ranking of Alternatives through Functional Mapping of Criterion Subintervals into a Single Interval) model is presented to rank the barrier, which uses a power-weighted aggregation operator to fuse experts’ opinions. A case study demonstrates the practicality of the integrated IVFF-RAFSI model. The results show that uncertain and competitive markets (weighted at 0.0676) are the most significant barriers. This finding also suggests that small and medium-sized processing enterprises have the highest barriers to blockchain adoption. Sensitivity and comparative analyses validate the steadiness and competency of the proposed model. These results indicate that the proposed methodology provides a systematic technique for analyzing barriers to blockchain applications in SCF.

Das, Sagarnil

Customer Lifetime Value (CLV) is an important metric that measures the total value a customer will bring to a business over their lifetime. The Beta Geometric Negative Binomial Distribution (BGNBD) and Gamma Gamma Distribution are two models that can be used to calculate CLV, taking into account both the frequency and value of customer transactions. This article explains the BGNBD and Gamma Gamma Distribution models, and how they can be used to calculate CLV for NFT (Non-Fungible Token) transaction data in a blockchain setting. By estimating the parameters of these models using historical transaction data, businesses can gain insights into the lifetime value of their customers and make data-driven decisions about marketing and customer retention strategies.

Kuldip Singh Sangwan, Deepika Choudhary, Vijaypal Poonia, Rakhee Kulshrestha · 6 authors

The pharmaceutical supply chain is a complex network involving multiple stakeholders and processes, making it susceptible to various inefficiencies and challenges such as counterfeiting, drug expiry, and inefficient inventory management. These challenges may lead to compromised patient safety and financial losses. Blockchain technology is a promising solution to these problems. This study develops a blockchain-enabled mathematical model for pharmaceutical supply chains. A distributed ledger is used to acquire the real-time drug transaction status throughout the supply chain. The study uses real-time data gathered from the distributed ledgers across the supply chain, ensuring optimum inventory with the minimization of expired drugs and transportation costs. By leveraging the proposed model, stakeholders can eliminate counterfeiting, reduce drug expiry, and ultimately ensure the integrity and safety of pharmaceutical products throughout their lifecycle. This model also helps manufacturers in decision making for drug manufacturing based on real-time data. Novelty of the study lies in real-time tracing and managing the drugs across the supply chain.

Oyovwe Akajagbor, Ofuan James Ilaboya

No abstract is available for this record.

Zeeshan Raza, Irfan Ul Haq, Erich Schikuta

No abstract is available for this record.

Wieland Müller

The dissertation explores theoretical and practical implications of smart contracts in supply chains through four studies. It examines technology adoption, trust dynamics, transaction costs, and applications in virtual supply networks. Building on literature and empirical data, the work highlights both opportunities and challenges of this technology and provides actionable insights for practitioners as well as contributions to advancing existing theoretical frameworks.

Kebing Chen, Liwei Xu, Shengbin Wang, Dong Lei

We study the optimal channel selection and blockchain strategy of a capital-constrained manufacturer who sells the green product through an online platform. Blockchain technology (BCT) can be used by the manufacturer to increase consumer confidence in the value of green product. We first show that the manufacturer’s financing strategy is characterized by two thresholds that depend on the manufacturer’s channel selection and blockchain strategy. BCT increases wholesale and retail prices, but it does not always increase product greenness and demand. We find that the manufacturer’s ability to bear the blockchain cost correlates with his financial standing as well as the platform’s operation mode. Furthermore, we show that the agency mode should be selected by the manufacturer only when the commission rate falls below a specified threshold. We also examine the impact of commission rate on the platform’s operational strategy and channel consistency. Furthermore, under the agency model, we show that there is always a “win-win” situation in green cost-sharing cooperation regardless of the manufacturer’s financial state. However, such a “win-win” situation only exists in financing circumstances under the reselling mode. Finally, the extended model explores the relationship between channel strategies and risk preferences of the manufacturer under demand uncertainty.

Tarik Kellaf

This study explores the potential of blockchain technology to optimize trade finance processes and to address inefficiencies and fraud risks in centralized systems that contribute to a growing global trade finance gap, particularly affecting SMEs. Through documentary analysis and the case of Morocco's OCP Group, with insights for practitioners, we explore the benefits and challenges of integrating blockchain into trade finance. Our findings suggest a hybrid solution integrating blockchain into existing infrastructure, relying on both off-chain and on-chain governance mechanisms in smart contracts. This approach aims to bridge the gap between traditional and blockchain solutions in trade finance and discusses the potential for a more pragmatic way forward for the industry.

Isha Sharma, Gurpreet Kaur, Bikash Koli Dey, Arunava Majumder

The occurrence of the fourth industrial revolution (Industry 4.0) has led many industries to the path of adopting new technologies. Such technologies include blockchain, artificial intelligence (AI), and the Internet of Things (IoT). Blockchain creates the opportunity to access data and information in a decentralized manner, resulting in increased customer satisfaction. This study develops a smart newsvendor model of the food industry with consignment contracts and blockchain technology. Under a consignment policy, the central division (manufacturer) can utilize the retailer’s warehouse for storage. The producer may also have the opportunity to share the holding cost with retailers without losing the ownership of products. The main contribution of this study is to analyze the profitability of the retailing and supply chain when the blockchain technology is implemented by the food industry. Moreover, a thorough investigation of profit and loss is conducted under a consignment contract when uncertain demand is encountered. This study mainly concerns perishable food items, and increasing volatility in market demand. Two cases of probabilistic uncertainty are considered, including uniform and normal distribution. The key investigations of this study are presented in terms of (a) the effect of adopting blockchain on market demand for the food industry, (b) analysis of company profitability for perishable food items and demand uncertainty, and (c) the effect of the consignment contract under blockchain technology in the food industry. Finally, this research develops an optimization tool to numerically analyze the effect of several factors of the blockchain technology on demand. Moreover, the optimal values of the design variables and the resulting maximum profitability provide valuable insights that support industry in formulating effective policies and making informed strategic decisions.

Yavuz Selim Balcıoğlu, Ahmet Alkan Çelik, Erkut Altındağ

The integration of blockchain technology into supply chain management (SCM) has emerged as a revolutionary force transforming traditional business operations. This study uses bibliometric analysis on 1069 articles from the Scopus database, using text mining and Python to uncover predominant themes and research trends at the intersection of blockchain and SCM. The key findings revealed three main thematic groups: ‘blockchain to improve transparency and traceability in SCM’ (supported by 323 articles), ‘impact of blockchain on supply chain efficiency and cost reduction’ (295 articles), and ‘blockchain-enabled supply chain resilience’ (191 articles). Furthermore, text mining highlighted prominent themes such as ‘decentralized supply chain networks’ (204 articles), ‘smart contracts for automated processes in SCM’ (234 articles), and ‘blockchain for sustainable supply chain practices’ (227 articles). The inclusion of sustainability themes reflects the growing importance of environmentally conscious strategies within supply chains, driven by the capacity of blockchain to reduce waste, and promote resource efficiency. The study identifies critical literature gaps, advocating for further exploration of the socio-economic impacts of blockchain on SCM. The topic extraction suggests new directions for SCM theory, while the role of blockchain in fostering sustainable and ethical supply chains is underscored. Practically, blockchain and IoT emerge as pivotal in the advancement of SCM, with text mining offering industry foresight and emphasizing blockchain-driven resilient strategies. Limitations include reliance on a single database and the recommendation that future studies incorporate diverse sources and qualitative insights. The findings provide a roadmap for academics and practitioners, highlighting potential avenues in SCM, especially in the context of sustainable and ethical practices.

Reza Payandeh, Ahmad Delbari, Fatemeh Fardad, Javad Helmzadeh · 6 authors

Supply chain traceability is a critical aspect of modern business operations, and blockchain technology has emerged as a promising solution to enhance traceability in supply chain management. However, the effective application of blockchain faces various challenges and limitations. This study aims to investigate how blockchain technology can address these challenges and improve traceability within supply chains. Employing a systematic literature review combined with interpretative structural modeling (ISM), we comprehensively assess and classify the literature on blockchain-enabled supply chain traceability. Our exploratory research approach delves into the contributions of blockchain technology and identifies key factors that enhance traceability. We adopt a mixed-methods approach, incorporating both secondary and primary data to ensure robust analysis. Our study addresses essential questions regarding the application, advantages, limitations, challenges, integration with other technologies, and future potential of blockchain in supply chain traceability. Through a systematic review and the ISM technique, we identify crucial levels and factors necessary for leveraging blockchain technology effectively. Our findings underscore the importance of a robust infrastructure, cutting-edge technology, and significant initial investment in implementing blockchain for supply chain traceability. This research offers a comprehensive understanding of the factors and their levels, providing valuable insights for industry professionals and academic researchers. By laying a solid foundation for informed decision-making and further exploration into the potential of blockchain-enhanced supply chain traceability, our study contributes to advancing knowledge in this crucial area of business operations.

Asaduddin Abdullah, Arif Satria, Heti Mulyati, Yandra Arkeman · 5 authors

The COVID-19 pandemic has revealed weaknesses in traditional supply chain finance systems, highlighting the need for digital change. Blockchain technology, with its ability to create secure and transparent records of transactions, offers a potential solution. This study uses bibliometric analysis and a literature review to examine research on blockchain-enabled supply chain finance, drawing on a database of 446 articles from ScienceDirect and Scopus. The findings show a growing interest in how blockchain can improve transparency, efficiency, and security in supply chain finance, addressing challenges like information asymmetry. This study suggests future research should focus on real-world applications of blockchain, how it can be used with other technologies, regulations and governance, and the social and environmental impacts of blockchain-based supply chain finance. This research also highlights the different priorities of the Global North and South in blockchain-enabled supply chain finance. The North focuses on efficiency and traceability, while the South emphasizes adding value and transparency. A lack of research on fair pricing, especially in the Global South, points to a critical gap that future research needs to address to ensure fairness in global trade.

Bonsu Adjei-Arthur, Sophyani Banaamwini Yussif, Sandra Obiora, Daniel Adu Worae · 5 authors

No abstract is available for this record.

Charalambos Mitropoulos, Maria Kechagia, Chrysostomos Maschas, Sotiris Ioannidis · 6 authors

Background. A smart contract is a computer program enclosing the terms of a legal agreement between two or more parties which is automatically verified and executed via a computer network called blockchain. Once a smart contract transaction is completed the blockchain is updated and the transaction cannot be changed anymore. This implies that any error codified in the smart contract program cannot be rectified. Therefore, it is of vital importance that developers of smart contracts properly exploit error handling to prevent issues during and after the contract execution. Existing programming languages for smart contracts, support developers in this task by providing a set of Error Handling (EH) features. However, it is unclear the extent to which developers effectively use EH in practice. Aims. Our work aims to fill this gap by empirically investigating the state of practice on the adoption of EH features of one of the most popular programming languages for smart contracts, namely Solidity. Method. We empirically analyse the usage of EH features in 283K unique open-source Solidity smart contracts for the Ethereum blockchain. Results. Our analysis of the documentation of the different versions of Solidity coupled with the empirical evaluation of the EH uses and misuses found in real-word smart contracts, indicate that, among other things, Solidity EH features have been changing frequently across versions, and that the adoption of most of the Solidity EH features has been limited in practice. However, we observe an upward trend in the usage of the require EH feature, which is specifically designed for smart contract development. Conclusions. The insights from our study could help developers improve their EH practice as well as designers of smart contract programming languages to equip their language with appropriate EH features.

Bian Zhan, Zhang Hong-yan

Focusing on the dual-channel supply chain system consisting of capital-constrained manufacturers, banks, retailers and third-party platforms, considering the dual roles of retailers and third-party platforms as channel participants and loan providers, the optimal financing strategies of capital-constrained manufacturers under centralized decision-making and decentralized decision-making are studied respectively, and the influence of different initial capital levels on their financing strategy selection is explored. The results show that under centralized decision-making, the third-party platform financing strategy is always better than the bank financing strategy; under the condition of equal financing interest rates, if the initial capital level allows both financing strategies to be selected, the third-party platform financing strategy can more effectively solve the capital constraint problem than the bank financing strategy. Under decentralized decision-making, with the intensification of channel competition, the reduction of revenue sharing rate or production cost, or the increase of initial capital, manufacturers will tend to choose the retailer financing strategy; under the condition of equal financing interest rates, if the initial capital level allows all three financing strategies to be selected, the retailer financing strategy can more effectively solve the manufacturer's capital constraint problem than the other two financing strategies.

Raffaele Silvestri, Elisa Carloni, Domenico Morrone, Savino Santovito

The increasing adoption of blockchain technology (BCT) is transforming operations and relational dynamics within agri-food supply chains. Despite a growing number of studies, the impact of BCT on supply chain relationships remains underexplored. This research identifies the salient elements of the link between BCT and relationships. It explores these empirically to understand the impact of BCT adoption and implementation on supply chain relationships in the agri-food industry, relying on social exchange theory and focusing on trust, formal information flow mechanisms, and quality of information flows and communication. This study undertakes a multiple qualitative case study analysis of seven Italian companies involved in the agri-food industry operating in the wine, beer, and dairy sectors who are considered pioneers of BCT adoption. The results indicate a positive impact of BCT on the automation of supply chain contracts and operational efficiency, on one hand, and the increased quality of relationships, on the other. Supply chain coordination is required for BCT to be effective. In highly concentrated sectors, the contractual power exerted by big players is a vital factor, while in more fragmented and dispersed industries the role of persuasion, relationships, and supply chain contracts are key. Three key insights emerge and are discussed. These concern: (i) the rethinking of the role of trust in supply chain relationships impacted by the adoption of BCT; (ii) the enhancement of information-sharing and flow mechanisms in supply chain relationships through the adoption of BCT; and (iii) the optimization of information flow quality and communication dynamics through the adoption of BCT. This study contributes to the existing literature by providing novel empirical evidence regarding the impact of BCT on relationships. It further contributes to the existing literature by analyzing the impact of blockchain applications on the upstream and downstream levels of the supply chain from a management perspective and by identifying the beneficial exchanges, norms, and principles that shape interactions when BCT is implemented. • BCT does not substitute trust in relationships but supports its development. • BCT facilitates overcoming the digital divide in agri-food supply chains. • BCT mirrors at the supply chain level the role of ERP at the firm level. • The strengthening of relationships through BCT increases the negotiation power of the supply chain.