Blockchain adoption in sustainable supply chains: Opportunities, challenges, and sustainability impacts across sectors

https://doi.org/10.35912/ahrmr.v4i2.2523
Published: Dec 5, 2024

Abstract:

Purpose: This research reviews blockchain technology's integration into modern financial systems, outlining its huge potential to bring about improvement in areas such as transparency, security, and operational efficiency. Based on the challenges of data integrity, fraud prevention, and reduction of intermediaries, the study assesses the transformational role of blockchain in financial institutions.

Research Methodology: A mixed-methods approach was taken, where quantitative data from the surveys of 150 financial executives across different types of organizations were combined with qualitative insights from expert interviews. Such statistical analysis, complemented by thematic interpretation, could enable an integrated assessment of blockchain applications and related challenges in the financial sector.

Results: The results reveal that blockchain significantly enhances the transparency and security of transactions, hence reducing fraud and manipulation of data. The respondents were very optimistic about the cost reductions due to the elimination of intermediaries. Yet, these are counterbalanced by barriers to wide diffusion, such as scalability issues, regulatory uncertainties, and technical integration complexities that reduce the full potential of blockchain.

Limitations: The limitations of the study are the small sample size, which limits the generalization of findings. Further research with larger and more diverse samples is needed to investigate more comprehensively the impact of blockchain on the financial sectors.

Contributions: The research, therefore, contributes to discourses on blockchain as a transformative finance technology, giving insights into useful strategic, policy, and technology issues.

Novelty: It also presented both opportunities and challenges in view of realizing blockchain's role in digitizing financial ecosystems.

Keywords:
1. Blockchain
2. the financial systems
3. transparency
4. security and efficiency of transactions
5. the regulatory compliance
Authors:
1 . Md Jawadur Rahim
HCS Certified Home Care NY Inc. Brooklyn, NY, USA
2 . Md. Jahidul Islam
University of Dhaka, Bangladesh
3 . Subroto Deb Nath
University of Dhaka, Bangladesh
4 . Muhammad Ihsan Ibn Rahim
University of Louisiana, Lafayette, LA, USA
5 . Ather Yeasir
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How to Cite
Rahim, M. J., Islam, M. J. ., Nath, S. D., Rahim, M. I. I., & Yeasir, A. (2024). Blockchain adoption in sustainable supply chains: Opportunities, challenges, and sustainability impacts across sectors. Annals of Human Resource Management Research, 4(2), 153–180. https://doi.org/10.35912/ahrmr.v4i2.2523
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Issue & Section
Vol. 4 No. 2 (2024): September
Articles
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This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

References

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    Adoption by Small Businesses in ChinaAdoption by Small Businesses in China.

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  1. Akter, S., Fosso Wamba, S., & Dewan, S. (2017). Why PLS-SEM is suitable for complex modelling? An empirical illustration in big data analytics quality. Production Planning & Control, 28(11-12), 1011-1021.
  2. Becker, J.-M., Ringle, C. M., Sarstedt, M., & Völckner, F. (2015). How collinearity affects mixture regression results. Marketing letters, 26, 643-659.
  3. Chang, S. E., & Chen, Y. (2020). When blockchain meets supply chain: A systematic literature review on current development and potential applications. Ieee Access, 8, 62478-62494.
  4. Chike, N. K., Mbamalu, E. I., Oguanobi, C. A., & Egbunike, C. F. (2023). Big Data Analytics and market competitiveness of selected firms in Lagos State, Nigeria. Annals of Management and Organization Research, 4(4), 251-269.
  5. Chow, T. W., & Singh, H. (2022). Cultivating emerging leadership competencies for individual and organizational success. Annals of Management and Organization Research, 4(2), 129-145.
  6. Fahim, A. Y., Al Mamun, A., Hossain, A., Chakma, T., & Hassan, E. M. (2022). Unpacking Brand Imperialism in Bangladesh: Emerging Market Perspective. International Journal of Financial, Accounting, and Management, 4(2), 219-239.
  7. Mahmod, S. (2022). Demystifying work-related outcomes and life satisfaction of Bangladeshi working women during the COVID-19 pandemic. Annals of Management and Organization Research, 4(2), 109-127.
  8. Mashizha, M., Gumbo, L., & Chimwe, E. (2023). Addressing Barriers to entry into international trade by SMEs in Zimbabwe. Annals of Management and Organization Research, 4(4), 309-323.
  9. Min, S., Roath, A. S., Daugherty, P. J., Genchev, S. E., Chen, H., Arndt, A. D., & Richey, R. G. (2005). Supply chain collaboration: what's happening? The international journal of logistics management, 16(2), 237-256.
  10. Pu, S., & Lam, J. S. L. (2021). Blockchain adoptions in the maritime industry: a conceptual framework. Maritime Policy & Management, 48(6), 777-794.
  11. Rossum, J. v. (2017). Blockchain for Research.
  12. Rozanna, M., & Ahadiat, A. (2023). What is strategic management research? Annals of Management and Organization Research, 4(4), 271-280.
  13. Taherdoost, H. (2021). Importance of technology acceptance assessment for successful implementation and development of new technologies. Global Journal of Engineering Sciences.
  14. Taherdoost, H., & Madanchian, M. (2021). Empirical modeling of customer satisfaction for E-services in cross-border E-commerce. Electronics, 10(13), 1547.
  15. Tanha, M., Fahim, A. Y., Tasnim, S., Raju, M. A. R., Islam, W., Shawn, F., . . . Islam, M. J. (2022). Different dimensions of conspicuous consumption in the emerging market of Bangladesh. Annals of Management and Organization Research, 4(1), 65-87.
  16. Tijan, E., Aksentijevi?, S., Ivani?, K., & Jardas, M. (2019). Blockchain technology implementation in logistics. Sustainability, 11(4), 1185.
  17. Treiblmaier, H. (2019). Toward more rigorous blockchain research: Recommendations for writing blockchain case studies. Frontiers in Blockchain, 2, 3.
  18. Wang, Y., & Qualls, W. (2007). Towards a theoretical model of technology adoption in hospitality organizations. International Journal of Hospitality Management, 26(3), 560-573.
  19. Xiong, J., Qureshi, S., & Najjar, L. (2013). Factors that affect Information and Communication Technology
  20. Adoption by Small Businesses in ChinaAdoption by Small Businesses in China.
  21. Zahedi, M. R., & Piri, M. (2023). Evaluation chain management model with emphasis on intellectual capital using blockchain technology. Annals of Management and Organization Research, 4(4), 281-295.
  22. Zyskind, G., & Nathan, O. (2015). Decentralizing privacy: Using blockchain to protect personal data. Paper presented at the 2015 IEEE security and privacy workshops.