Purpose: The purpose of this paper is to develop a blockchain-enabled game-theoretic framework that addresses information asymmetry in Supply Chain Finance (SCF). The study aims to model strategic interactions among SCF participants and assess the impact of blockchain adoption on equitable benefit allocation and risk reduction.Methodology: This research adopts a decentralized Stackelberg game model combined with Shapley value allocation to represent the hierarchical and cooperative interactions among suppliers, manufacturers, and retailers. The model incorporates blockchain costs into payoff functions and uses replicator dynamics to simulate the strategic evolution of stakeholders under varying levels of information-sharing uncertainty.Findings: Simulation results demonstrate that blockchain implementation significantly improves supply chain performance, even when information-sharing efficiency is as low as 30%. Compared to traditional systems, blockchain-enabled frameworks yield higher payoffs, enhanced transparency, and more stable strategic equilibrium. As information-sharing efficiency increases to 50%, the marginal gains in system-wide utility and strategic stability are amplified, confirming the robustness and scalability of blockchain integration under various cost scenarios.Originality/Value: This study advances the literature by integrating blockchain technology with Evolutionary Game Theory (EGT) and Shapley value allocation in an SCF framework. The proposed model quantitatively assesses strategic behavior under information asymmetry, incorporating blockchain costs into replicator dynamics and payoff functions. The analysis offers novel insights into risk mitigation, policy design, and equitable profit distribution, providing practical guidance for Small and Medium-Sized Enterprises (SMEs), financial institutions, and regulators in adopting blockchain-enabled SCF systems.
Linjing Liu, Yushi Chen, Jia Yang, ChengâFu Yang
Supply chain finance (SCF) plays a key role in easing financing difficulties for small and medium-sized enterprises, but it also comes with risks such as information asymmetry, fraud involving pledged assets, and delays in credit evaluation.In this study, we introduce a dynamic risk management framework driven by IoT and enhanced by the integration of multiple technologies.Built on a four-layer IoT structure, comprising perception, network, processing, and application layers, the framework combines blockchain for secure and trusted data sharing, federated learning for collaborative data processing, and digital twin models for real-time risk simulation.At the perception level, 5th-Generation Mobile Communication Technology (5G)enabled low-power sensors ensure comprehensive and tamper-proof data collection.The network layer uses blockchain techniques such as sharding and zero-knowledge proofs to safeguard data privacy and institutional trust.In the processing layer, federated learning combined with edge and cloud computing enhances credit evaluation.On the other hand, the application layer employs smart contracts and feedback mechanisms to enable real-time responses and adaptive risk strategies.To put this framework into practice, we propose a phased approach: first building a real-time data ecosystem, then deploying secure risk control systems, optimizing distributed computing, and finally integrating a closed-loop risk control mechanism.This modular, collaborative strategy ensures that technological systems align with actual business needs.Ultimately, the research demonstrates how IoT, blockchain, and AI can work together to create a scalable and practical model for managing risk dynamically in SCF.
The electronics sector depends on geographically dispersed, multi-tier supplier networks that generate enormous volumes of audit-relevant data every day. Conventional compliance approachesârelying on periodic manual audits, centralised repositories, and siloed information exchangeâare ill-equipped to cope with real-time regulatory demands arising from frameworks such as the EU Conflict Minerals Regulation, RoHS Directive, REACH, and emerging digital-product-passport legislation. This paper proposes and evaluates a Distributed Ledger Architecture (DLA) built on Hyperledger Fabric that encodes supplier audit trails as cryptographically immutable on-chain records, automated via smart-contract chaincode, and enriched through Internet-of-Things (IoT) sensor oracles deployed at manufacturing nodes. A twelve-month simulation experiment spanning eighty supplier nodes across three continents demonstrates that the proposed system raises the supplier compliance rate from 75.5 % to 97.2 %, reduces audit-cycle time from weeks to sub-three-second confirmations, cuts per-supplier audit cost by 87 %, and reduces document falsification events by 96 %. The architecture is shown to scale linearly to 80 nodes while sustaining 2,890 transactions per second at a mean end-to-end latency of 148 msâoutperforming both Ethereum Proof-of-Authority and centralised database baselines across all throughput dimensions. The research contributes a formal DLA design schema, an empirical performance benchmark, and a policy mapping framework for multi-jurisdictional regulatory alignment
Blockchain Technology Applications and Security
Supply Chain Resilience and Risk Management
Physical Unclonable Functions (PUFs) and Hardware Security
Managing finances in a supply chain today is not as straightforward as it once was. The world is constantly shiftingâmarkets fluctuate, risks emerge unexpectedlyâand companies are continually trying to stay one step ahead. In all this, financial resilience has become more than just a strategy. It is a survival skill. In our research, we examined how newer technologies (such as blockchain and the Internet of Things) can make a difference. The idea was not to reinvent the wheel but to see if these tools could actually make financing more transparent, reduce some of the friction, and maybe even help companies breathe a little easier when it comes to liquidity. We employed two optimization methods (Non-dominated Sorting Genetic Algorithm II (NSGA-II) and Multi-Objective Particle Swarm Optimization (MOPSO)) to achieve a balanced outcome. The goal was lower financing costs, better liquidity, and stronger resilience. Blockchain did not just record transactionsâit seemed to build trust. Meanwhile, the Internet of Things (IoT) provided companies with a clearer picture of what is happening in real-time, making financial outcomes a bit less of a guessing game. However, it gives financial managers a better chance at planning and not getting caught off guard when the economy takes a turn.
Security in supply chain management plays a critical role in today's global trade networks. This study examines the contributions of Blockchain, based on distributed ledger technology (DLT), in enhancing data integrity, traceability, and resistance to fraud in the supply chain. Blockchain's decentralized structure, by recording each transaction in immutable blocks, minimizes the risks of data manipulation and unauthorized access. Studies in the literature show that, thanks to this technology, transparency and auditability have been strengthened, thus increasing trust in the supply chain. However, scalability issues, high energy consumption, and integration challenges with different stakeholder systems are the main barriers limiting the widespread adoption of the technology. The study suggests that these limitations could be overcome with hybrid DLT architectures and formal assurance methods; additionally, real-world pilot applications and regulatory framework developments could help materialize Blockchain's security and operational efficiency advantages. Thus, Blockchain emerges as an innovative solution with the potential to enhance both the security and efficiency of supply chain processes.
This chapter explores the transformative nature of blockchain technology (BCT) on luxury fashion supply chain operations. It maps its evolution from a niche technology underpinning the Bitcoin cryptocurrency to one now seen as a strategic imperative across many industries. The chapter provides an overview of the novel characteristics of BCT and explores its role in supporting supply chain transparency, a vital aspect of sustainable supply chain management. Recent case studies illustrate practical BCT applications and explain the present barriers to widespread adoption in luxury fashion. Looking to the future, BCTâs envisaged role in the next phase of the internet (Web3) and the metaverse is discussed, emphasising key concepts such as tokenisation. It investigates how BCT innovations, such as non-fungible tokens, are enabling the sale of phygital products, offering customers dual value propositions through the combination of physical items and their digital twins for use within virtual spaces. These developments are already revolutionising luxury fashion supply chain operations, blurring the lines between physical and digital domains. The chapter touches upon recently introduced European Union Ecodesign legislation that includes provisions for the introduction of âDigital Product Passportsâ, assessing how these regulations could increase BCT adoption and help shape sustainable value creation and redefine competitive advantage in luxury fashion.
Blockchain technology has been widely explored for enhancing transparency, traceability, and security in food supply chains. However, existing blockchain implementations rely on single distributed ledgers, causing interoperability and privacy concerns. This paper introduces FoodFresh, a novel multi-chain blockchain approach that allows food supply chain stakeholders to maintain individual blockchains while ensuring interoperability via a decentralized relay hub. The system is evaluated using real-world supply chain datasets, analyzing efficiency, transaction latency, and security improvements. Results demonstrate enhanced traceability, improved data privacy, and increased scalability. Future work includes expanding cross-chain communication protocols and exploring AI integration for predictive analytics.
This study investigates blockchain technologies and blockchain related researches from various sectors considering sectoral applications including food, healthcare, automotive, supply chain, information security, banking and quality management issues associated with these sectors. This study provides comparisons of various industries considering blockchain technology features. The aim of this study is to present an overview to intelligent quality management system based blockchain. This study examines standards for blockchain and distributed ledger technologies and discusses quality challenges for blockchain applications.
The pandemic outbreak has revealed significant flaws in the complex and highly fragmented Healthcare Supply Chainâs (HSCâs). However, two major issues persist in the HSCs, leading to inefficiencies: transparency in vaccine distribution and accuracy in demand forecasting. The recent pandemic has highlighted and intensified existing vulnerabilities in HSCâs, leading to the effective utilization of digital technologies to manage them. This research proposes a novel framework that merges Blockchain (BC) and Machine Learning (ML) to bolster the HSCs amidst pandemics, by developing a framework named the Predictive BlockVax Distribution Network (PBDN) model. The proposed PBDN model utilizes BC for securing transactions and Long Short-Term Memory (LSTM), for precise demand prediction. Leveraging Hyperledger Besu, which represents an Ethereum client that is accessible for public use, the PBDN framework ensures BCâs privacy, scalability, and efficient network operations, while LSTMâs advanced forecasting outperforms traditional models and Deep Learning (DL) techniques. This integration showcases a significant leap in managing vaccine distribution and enhancing system resilience, fairness, and transparency. The proposed PBDN model illustrates the potential of BC and ML together to tackle pandemic-induced Supply Chains (SCâs) disruptions, providing a decentralized solution that supports autonomous, informed decision-making without third-party dependency. This approach not only addresses immediate challenges but also sets a precedent for future crisis response, emphasizing the need for robust, Transparent Supply Chainâs (TSCâs).
Lawrence Martin Mankata, Prince Antwi-Afari, S. Thomas Ng
The construction industry's shift to a circular economy has been hindered by multiple challenges. The emergence of blockchain has however demonstrated promising potential in overcoming these barriers. Nonetheless, there is limited research regarding the system implementation dynamics of blockchain-based circular economy applications within the construction supply chain. This paper proposes a blockchain-based construction supply chain framework for advancing circular economy in the construction industry . Systematic Evidence Synthesis (SES), prototyping, and case study triangulation approaches are adopted to review, experiment, and validate the findings. Relevant exploratory and experimental cases are identifed from Scopus and Web of Science databases for the SES process . The initial findings highlighted the main implementation domains, to include material passports, waste trading, and reverse logistics. Hyperledger and Ethereum are further identifed as the leading implementation platforms for developing prototypes. The key challenges identified from prototype development included, limited simulation samples, limited performance scalability, and uncertainty with return on investment . To address the challenges and gaps identified, a blockchain-based circular construction supply chain (BCCSC) framework is proposed. Modules from the proposed framework are experimented through a proof-of-concept prototype to demonstrate feasibility. Finally, selected cross-industry cases were triangulated to draw conceptual parallels and potential drawbacks in implementation. Through a blockchain-based web marketplace, stakeholder interactions in the construction supply chain can be deepened to support circular business models. Furthermore, the framework's modularization allows for easy scalability and practical implementation. Recommendations are made towards research in cost reduction and enhanced collaboration strategies, as well as developing full-scale modules to demonstrate end-to-end functionality.
Tianjiao Wang, Abdullah Al Mamun, Mohammad Masukujjaman, Qing Yang
The growing complexity and vulnerability of global supply chains underscore the need for robust frameworks to enhance resilience and sustainability. This quantitative study investigates the enablers of supply chain resilience and examines its dual role as both a direct contributor to sustainability performance and a mediator in the relationship between blockchain technology and sustainability outcomes. A cross-sectional approach was used to collect 387 valid responses from medium- and large-scale logistics firms operating in four major logistics hub cities in China. The data were analyzed using a structural equation modeling approach by applying partial least squares structural equation modeling. The results show that the proposed model explains 37.4% of the variance in SCR (R² = 0.374), 25.2% in economic performance (R² = 0.252), and 30.3% in environmental performance (R² = 0.303). Among the blockchain capabilities, transparency (β = 0.264, p = 0.001) and transaction cost efficiency (β = 0.212, p = 0.000) had the strongest direct effects on SCR, while value co-creation (β = 0.371, p = 0.000) significantly mediated the path between SCR and sustainability outcomes. Furthermore, multi-group analysis revealed significant differences based on firm size and operational tenure, such as a stronger effect of value chain integration on SCR among firms operating for eight years or less (β = 0.421, p = 0.022). Theoretically, this study integrates the multidimensional dynamic capabilities perspective with transaction cost economics, providing a nuanced understanding of blockchainâs role in enhancing supply chain resilience and sustainability, and enriching dynamic capability theory. Practically, it offers actionable insights for practitioners and policymakers by identifying enablers and barriers to blockchain adoption and emphasizing the need for standardized frameworks and supportive policies. This study advances the understanding of blockchainâs transformative potential for building resilient, adaptive, and sustainable supply chains amid global volatility.
Supply chain operations have tended to become more complex, thus placing significant pressure on one of the most critical processes: supplier selection and order allocation (SSOA). This process involves a focal company selecting suppliers and allocating orders to obtain required materials. Achieving effective SSOA processes is challenged by (1) reliance on centralized governance and (2) ensuring effective contract management. While so called âsmart contractsâ could address these challenges, design knowledge about such technology â particularly in the SSOA context â is underexplored in the literature. In this paper we design a smart contract for SSOA in supply chains. We conducted a design science research study and developed three core artifacts: (1) a mathematical description of SSOA; (2) a system model of actor interactions; and (3) SSOA-relevant algorithms. Utilizing the Ethereum blockchain, we demonstrated and tested our smart contracts through scenario analysis. We found that our design is feasible and highly likely to address centralization and effectiveness challenges in SSOA. This paper contributes to the literature by demonstrating how smart contract design focusing on SSOA can further enhance blockchain-driven business models. In addition, we offer prescriptive knowledge on developing smart contracts for SSOA in supply chains.
Dnyaneshwar Jivanrao Ghode, Vinod Yadav, Rakesh Jain, Gunjan Soni
Industries aims to have a paradigm shift in supply chains (SC) to provide transparency in the shared information for the economic and social benefits of the stakeholders in an SC. The revolution of Blockchain Technology (BT) allows all the parties in the network to share secured data among themselves. This paper aims to develop a framework to integrate an SC with BT for the exchange of physical products and secured information among the stakeholders. The framework has been implemented by developing a generic SC with BT using Python 3.8.1. The framework comprises a blockchain-based distributed ledger that shares transaction information among manufacturers, distributors, retailers, and customers. For each transaction, a hash code was generated using the SHA-256 algorithm, and the Practical Byzantine Fault Tolerance (PBFT) consensus algorithm was used to verify the transactions. The quantity and rate of products have been checked through a smart contract. The influencing factors are inter-organizational trust, regulatory governance, data transparency, data immutability, interoperability, product type, social influence, and behavioural intention. This framework provides transparency in transactions between SC stakeholders and the provenance of products throughout the SC.
The convergence of blockchain and metaverse technologies is poised to redefine how Global Value Chains (GVCs) create, capture, and distribute value, yet scholarly insight into their joint impact remains scattered. Addressing this gap, the present study aims to clarify where, how, and under what conditions blockchain-enabled transparency and metaverse-enabled immersion enhance GVC performance. A systematic literature review (SLR), conducted according to PRISMA 2020 guidelines, screened 300 articles from ABI Global, Business Source Premier, and Web of Science records, yielding 65 peer-reviewed articles for in-depth analysis. The corpus was coded thematically and mapped against three theoretical lenses: transaction cost theory, resource-based view, and network/ecosystem perspectives. Key findings reveal the following: 1. digital twins anchored in immersive platforms reduce planning cycles by up to 30% and enable real-time, cross-border supply chain reconfiguration; 2. tokenized assets, micro-transactions, and decentralized finance (DeFi) are spawning new revenue models but simultaneously shift tax triggers and compliance burdens; 3. cross-chain protocols are critical for scalable trust, yet regulatory fragmentationâexemplified by divergent EU, U.S., and APAC rulesâcreates non-trivial coordination costs; and 4. traditional IB theories require extension to account for digital-capability orchestration, emerging cost centers (licensing, reserve backing, data audits), and metaverse-driven network effects. Based on these insights, this study recommends that managers adopt phased licensing and geo-aware tax engines, embed region-specific compliance flags in smart-contract metadata, and pilot digital-twin initiatives in sandbox-friendly jurisdictions. Policymakers are urged to accelerate work on interoperability and reporting standards to prevent systemic bottlenecks. Finally, researchers should pursue multi-case and longitudinal studies measuring the financial and ESG outcomes of integrated blockchainâmetaverse deployments. By synthesizing disparate streams and articulating a forward agenda, this review provides a conceptual bridge for international business scholarship and a practical roadmap for firms navigating the next wave of digital GVC transformation.
Nidhi Singh, Usama Awan, Sarah Basahel, Rsha Alghafes
This study addresses a gap in the current research by investigating the relationship between BC based financial solutions and SC recoverability and financial resilience. Previous research provides little empirical evidence on how and under what conditions Fintech improves the manufacturing firm's financial resilience. This empirical research draws on the resource base view (RBV) to investigate the role of Fintech as a driver of better relationship transparency and SC production risk management for financial resilience. The data was collected from 295 engineering manufacturers in India. A key contribution of this study is that it provides new insights by highlighting the role of Blockchain Technology (BCT), built on the Ethereum-based system, in strengthening SC recoverability and enhancing relationship transparency. We present a research framework grounded in the Resource-Based View (RBV) that illustrates how blockchain technology (BCT) can provide firms with critical competencies for developing relationship transparency and managing production risks, thereby enhancing financial resilience in the SC. Relationship transparency, essential for SC recoverability, is pivotal in establishing the link between BCT and SC recoverability. Our findings advise SC managers that relationship transparency improves SC recoverability and may be an important source of financial resilience.
Healthcare supply chains face inefficiencies, transparency gaps, and fraud, with counterfeit drugs, which cost $200 billion annually and causing 1 million deaths. This paper proposes an integrated framework combining Ethereum Proof of Stake (PoS), predictive analytics, provider contracts, and DevOps to enhance resilience. Smart contracts ensure immutable tracking and compliance, while Exponential Smoothing and Isolation Forest enable demand forecasting (85% accuracy) and anomaly detection (4.8% anomalies). Dockerized deployment achieves 99.97% uptime. A proof-of-concept (PoC) simulating a vaccine supply chain with 10,000 items achieved 12.78 transactions per second, 0.060-second latency (99.98% faster than manual processes), and 10% fraud reduction. FHIR-compliant APIs reduced data exchange time to 0.026 seconds per item, cutting silos by 90%. Despite challenges like high simulated gas costs, the framework offers a scalable, transparent solution, reducing stockouts by 15% and enhancing patient safety. This work advances prior studies by holistically addressing traceability, compliance, and efficiency, paving the way for real-world healthcare adoption.
Financial disruptions, such as extended trade credit periods and reduced down payments, pose significant challenges to effective working capital management in supply chains. While the benefits of blockchain and digital twin technologies have been studied independently in supply chain finance, their combined potential to optimise working capital performance during disruptions remains underexplored. Our study addresses this research gap by proposing an integrated blockchain and digital twin framework to enhance financial resilience in disrupted supply chains. Blockchain facilitates secure, decentralised data sharing, providing visibility into product, order, and cash flows across supply chain stages. The digital twin complements blockchain by offering predictive capabilities and enabling dynamic adjustments to working capital policies in response to disruptions. Within this framework, discrete-event simulation assesses the impact of financial disruptions on working capital performance, while machine learning models generate decision rules for adaptive working capital management. The study highlights the critical role of inventory adjustments in mitigating financial disruptions and reducing working capital variability relative to demand fluctuations. This research provides actionable insights for supply chain managers seeking to improve working capital stability amid disruptions and offers a data-driven approach to financial resilience in supply chains.
A S M Touhidul Hasan, Rakib Ul Haque, Larry Wigger, Anthony Vatterott
Counterfeit products cause financial losses for both the manufacturer and the enduser; e.g., fake foods and medicines pose significant risks to the publicâs health. Moreover, it is challenging to ensure trust in a productâs supply chain, preventing counterfeit goods from being distributed throughout the network. However, fake product detection methods are expensive and need to be more scalable, whereas a unified traceability system for packaged products is not available. Therefore, this research proposes a product traceability system, named Trusted Traceability Service (TTS), using Blockchain and Self-Sovereign Identity (SSI). The TTS can be incorporated across diverse industries because of its generic and manageable four-layer product packaging strategy. Blockchain-enabled SSI empowers distributed nodes, to verify them without a centralized clientâserver authorization architecture. Moreover, due to its distributed nature, the proposed TTS framework is scalable and robust, with the use of web3.0 distributed application development. The adoption of Fantom, a public blockchain infrastructure, allows the proposed system to handle thousands of successful transactions more cost-effectively than the Ethereum network. The deployment of the proposed framework in both public and private blockchain networks demonstrated its superiority in execution time and number of successful transactions.