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

TLDR

Blockchain is poised to transform global supply chain management, with Gartner forecasting it could track $2 trillion of goods and services and become a $3 trillion industry by 2030, as numerous initiatives disrupt traditional business models. The paper offers a comprehensive overview of blockchain’s state‑of‑the‑art, challenges, gaps, and opportunities in global supply chain and trade operations for private and public sectors. The authors synthesize diverse sources—including business leaders, international organisations, consulting firms, research articles, trade magazines, and conferences—to construct this holistic overview.

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.