Blockchain Technology for Supply Chain Management: A Comprehensive Review

Abstract

In the current business environment, firms are eager to adopt new technology as they witness and perceive more and more successful business applications of new technologies, e.g., Big Data, Artificial Intelligence (A.I.), Cloud Computing, etc. As one of the disruptive technologies, Blockchain technology (BCT) is now drawing public attention owing to the cryptocurrency phenomenon (e.g., Bitcoin), for which Blockchain serves as the backbone technology. Given certain innovative features of BCT, especially its transparency, traceability, security, efficiency, confidentiality, and immutability, BCT holds out the promise of impacting supply chain operational and financial efficiencies. Recently, the burgeoning of Metaverse and Non-Fungible Token (NFT) has boosted the BCT as state-of-the-art technology to another notch. Motivated by the proliferating adoption of BCT, we conduct a holistic literature review with a focus on the status of research on BCT in the context of Supply Chain Management (SCM). In particular, this Blockchain-centered research reviews the research up to date on the Blockchain application in SCM. It provides holistic review in terms of (1) the functionality of BCT and its salient features; (2) the prevailing and potential applications of BCT; (3) and the business benefits and impact of BCT in SCM. Finally, we substantiate and highlight a variety of research directions.

Non-Fungible Tokens as Jurisdictionless Innovation: Legal Vacuum, Loopholes, Potentials and Solutions

“…47 The anonymity feature is something offered by NFTs to each user to be able to create their own personal information and data without any checking or auditing mechanism, so that the manipulation of information on the Blockchain or NFT system is not always the original and correct information. 48 All of these features are in accordance with the ideals and desires of Blockchain, to changing the conventional financial institution system such as banks that must prioritize the Know-Your-Customer ("KYC") principle to recognize each customer. 49 All of these features that contained in the NFT as described above are contrary to what has been regulated in Indonesia's positive law.…”

“…Apart from the Blockhain's features (immutable, secure, transparency, and anonymity) that are believed to be able to replace the checking and auditing mechanism on personal data information, in fact it's still vulnerable to data manipulation when personal data information is first registered into the system. 50 Sebaliknya, KYC principles in every banking emphasize the importance of recognizing each customer to know the identity or personal data information in order to monitor customer transaction activities and report suspicious transactions. 51 This is based on Bank Indonesia's order through Bank Indonesia Regulation No.…”