Blockchain in global supply chains and cross border trade: a critical synthesis of the state-of-the-art, challenges and opportunities

Abstract

Blockchain possesses the potential of transforming global supply chain management. Gartner predicts that blockchain could be able to track $2 T of goods and services in their movement across the globe by 2023, and blockchain will be a more than $3 trillion business by 2030. Nowadays, a growing number of blockchain initiatives are disrupting traditional business models in each sector. In this paper, we provide a timely and holistic overview of the state-of-the-art, challenges, gaps and opportunities in global supply chain and trade operations for both the private sector and governmental agencies, by synthesising a wide range of resources from business leaders, global international organisations, leading supply chain consulting firms, research articles, trade magazines and conferences. We then identify collaborative schema and future research directions for industry, government, and academia to jointly work together in ensuring that the full potential of blockchain is unleashed amidst the socioeconomic, geopolitical and technological disruptions that global supply chains and trade are facing.

Keywords:

• supply chain management
• logistics
• global trade
• blockchain
• critical synthesis

Acknowledgements

This material is based upon work supported by the U.S. Department of Homeland Security (DHS) under Grant Award Number 2015-ST-061-BSH001 and 17STBTI00001-02-02. Specifically, two relevant grants were awarded to the Borders, Trade, and Immigration (BTI) Institute: A DHS Center of Excellence led by the University of Houston. The first grant includes support for the project ‘Secure and Transparent Cargo Supply Chain: Enabling Chain-of-custody with Economical and Privacy Respecting Biometrics, and Blockchain Technology’ and the second, for the project ‘Transforming Trade and Ensuring Global Supply Chain Security with Blockchain and Smart Contracts’ both awarded to a research team at the University of Houston and Texas A&M University. The views and conclusions contained in this document are those of the authors and should not be interpreted as necessarily representing the official policies, either expressed or implied, of the U.S. Department of Homeland Security.

Disclosure statement

No potential conflict of interest was reported by the authors.

ORCID

Yanling Chang http://orcid.org/0000-0002-0935-5735

Additional information

Funding

This work was supported by Science and Technology Directorate [grant numbers 17STBTI00001-02-02, 2015-ST-061-BSH001].