Ensuring Robust and Secure Supply Chain Deploying Blockchain

1
Nishant Kumar, 2Pratibha Garg, 3*
Kamal Upreti, 4Sambhajiraje Patil, 5Amol Vasant Ohol,
6
Malleshappa Bhagawati
1
Christ University, Bangalore ([email protected])
2
School of Management, Amity University ([email protected])
3*
Department of Computer Science, Christ University ([email protected])
4,5,6
Dr. D Y Patil University, Pune, Maharashtra, India ([email protected])
([email protected]) ([email protected])

Abstract
Transparency, visibility, security, source-to-store traceability and rising customer expectation
are the critical points in retail supply chain. The global supply chain involves a nexus of
manufacturers and suppliers who urge for a robust network addressing the above challenges
in supply chain. A better provenance tool can benefit retailers, as customers are more
concerned about retail journey of the product start from its origin. Within the small span since
its inception, blockchain has revolutionaries the businesses and shown promising result in
reshaping the supply chain. Blockchain in retail can provide evidence for the authenticity of
product, tacking details for reliable retail delivery and enriching customer experience through
product provenance. This chapter aims to explain the challenges, opportunities and potential
application of blockchain in retail supply chain.

Keywords:
Blockchain, retail supply chain, transparency, security, traceability, model and trust.

Table of Content
1. Introduction
2. Blockchain Technology
2.1 Basic Architecture
2.2 Public vs. private blockchain
2.3 Characteristics of blockchain
2.4 Genesis of blockchain architecture: Consensus Algorithms
2.5 Smart Contract
2.6 Popular blockchain platforms
3 Supply Chain Overview and Challenges
4 Benefits and Challenges of Blockchain Technology to supply chain
4.1 Benefits to supply chain
4.2 Blockchain Technology Challenges

5 Used cases in retail supply chain

6 Theoretical Perceptions Used for Blockchain and Supply Chain Management Research
7 Research Implications
8 Conclusion
9 References

1 Introduction
Globalization and increasing supply chain interlinking have led to more uncertainty,
intricacy, and susceptibility in supply chain. The scale of businesses, the number of geographical
locations and product portfolios have expanded over the last few decades. Consequently, the traditional
supply chain has grown to a gigantic modern network involving multiple products and need cooperation
among various stakeholders [51]. Moreover, demand for product traceability and visibility right from
supplier to customer has increased. However, information gaps in recent supply chain networks has vividly
affected the operations of all stakeholders involved right from suppliers, manufacturers, distributors,
wholesalers and retailers and making it challenging to trace history of various products and offer customized
products. Supply chain needs to become smarter to meet these challenges. Efficient and
effective supply chain management is vital for survival and accomplishment in this
tempestuous world. To overcome these challenges, organizations have analysed innovative
technologies which aid collaboration among various stakeholders, increase supply chain
performance and make it more efficient and effective [52].
Blockchain as one of the emerging technologies enables the practice of peer-to-peer
distributed network in which all transactions are authenticated and apparent to all parties
without involving intermediaries [1].
The applications of blockchain technology have been exploited in various fields such as
financial services, manufacturing, food, agriculture, pharmaceutical, hotels, airline,
healthcare and government, including supply chain. Blockchain promotes traceability,
visibility, authenticity, legitimacy, aggregation, automation, resiliency, accurate and timely
decisions, reduced cost, improving supply chain performance and customer satisfaction [2].
Blockchain reduces the transaction settlement and authentication time because the
transactions are documented and distributed more efficiently along supply chains. Blockchain
can be used as a means to track record of every movement of goods along the supply chain.
Though many contemplate about the effect of blockchain technology on supply chains but
present awareness of its potential continues to be narrow. As the progress and dispersion of
blockchain is yet in initial stage so a structured analysis of recent rational on technological
innovation, its potential and efficacy are likely to support both academics and industry
people.
This chapter commences with a detailed discussion on the architecture of blockchain
technology, supply chain overview and challenges, blockchain algorithm for retail application
cases, trailed by a research framework, future directions and conclusion.
.
2 Blockchain Technology

2.1 Basic Architecture

Blockchain technology is an innovative new technology which provides secure and efficient
operations and also augments customer service [48]. Blockchain got popularity with its use in
cryptocurrency like Bitcoin and proved to be an effective and safe way of trading money.
Blockchain is a revolutionary technology drastically improves transparency and security in
transactions, generating innovative prospects for growth and reduces business operations risk
and cost. Blockchain was conceptualized originally by Nakamoto [8] and then evolved its
way into other application beyond cryptocurrency primarily on smart contracts and
distributed ledger systems [9]. Blockchain facilitates the concept of distributed currencies
named cryptocurrencies that are self-driven digital agreements called smart contracts and
smart resources regulated upon internet named smart property [10]. Blockchain technology
exploits a distributed data structure which is updated in real-time and manage transactions in
moments with computer algorithms without third-party verification. It refers to distributed
data ledger functioning across a network ensuing cryptanalytic hash function for recording
and authentication of data. The network sustains an incontrovertible chain of data permitting
agreement amongst un-trustable parties regarding persistence of information stored [3].
Blockchain is a decentralized ledger comprise of records called blocks through various
computers in a private or public network. Whenever any transaction happens, saved into
block and every block is linked to previous block containing all information from previous
block creating an irreversible chain. These blocks are permanently connected in a series
which cannot be altered by a sole entity and authenticated using government conventions [4].
In blockchain, all transactions are apparent to all participants and each participant can check
the record of the transaction of its partners without involving intermediaries [5, 54,55]. The
authentication process using recent encryption procedures can keep data safe on distribution
ledgers contrary to tampering. As altering of prevailing blocks on blockchain is not possible
so users can access complete track of activity [6]. Blockchain will be more tamper resilient if
the blockchain network is larger [7]. Figure 2.1 shows the basic architecture of blockchain
network.
(Insert Figure2.1)

2.2 Public vs. private blockchain

Blockchain can be public or private depending on access control. In public blockchain,

transactions are non-permissioned where members are encouraged to join network and they
can remain anonymous. In this network, trust among users is limited so to overcome this
nonexistence, miners are presented to authenticate transactions. The examples for public
blockchains are Bitcoin and Ethereum. In contrast of this, in private blockchain admittance is
regulated by a single organization or association of delegates called consensus and users need
permission to join the network. This network facilitate transactional trust among users and
costly miners are not required to authenticate transactions. The examples for private
blockchains are Byzantine fault tolerant consensus protocols which are more efficient,
authenticate data, increase network throughput, and decrease the latency of transactions.
Figure 2.2 show non permissioned public blockchain network.
(Insert Figure2.2)

2.3 Characteristics of blockchain

Blockchain technology has many unique characteristics that permit for the formation of
secure, transparent, verifiable, trusted value exchange, decentralized, and immutable
distributed ledger. The distinct qualities of blockchain that makes it different from traditional
database are shown in Figure 2.3.
(Insert Figure2.3)
2.4 Genesis of blockchain architecture: Consensus Algorithms
Blockchain a distributed decentralized network with no central authority to verify and
validate the transactions but still considered as a secured system. Reason behind the same is
consensus algorithms that act as a base for blockchain network. A procedure of blockchain
network through which all peers reach a common agreement and further establishes trust in
distributed computing environment is consensus algorithm. Collaboration, co-operation,
equal importance of every node and participation of every node are the key objectives of
consensus protocol. There is no ideal consensus algorithm but the choice among various
consensus algorithm represented in Figure 2.4 (Adapted from [35]) depends on throughput,
latency, block time and block size.

(Insert Figure 2.4)

2.5 Smart Contract
Smart contract is defined as “a set of promises, specified in the digital form, including
protocols within which the parties perform on these promises” [49]. It was first anticipated by
Nick Szabo. The smart contract model was amalgamated into Ethereum’s blockchain network
to ease, authenticate, impose and improve contract negotiations. All participants have access
to smart contracts as these are stored and shared in distributed ledger. A smart contract
describes the obligations and rights between stakeholders before conducting transactions in a
blockchain network. This information is recorded as computer code so as to reduce
ambiguity. These contracts self-execute automatically when all pre-defined conditions in
blockchain network are satisfied. Stakeholders who have agreed with smart contract have
more trust and reduced chances of fraud and errors [50]. The following show more benefits of
smart contracts:
• It reducing process time and save cost by eliminating intermediaries
• It is more accurate and efficient as all agreements are recorded in terms of computer
Codes.
• It is real-time transparent and all participants have access to smart contracts.
• It executes automatically and speedily when all pre-defined conditions in blockchain
network are satisfied.
• It is secure as distributed on all nodes of the blockchain network simultaneously and
is stored using encryption
2.6 Popular blockchain platforms
Development and deployment of blockchain based applications are based on blockchain
platforms. Table 1.1 (Adapted from [36], [37]) explains a brief overview of the application
for some of the most popular blockchain platforms. Success of Bitcoin blockchain technology
has raised inclination of organisation towards the adoption of other open source blockchain
platform.
(Insert Table 2.1)

3. Supply Chain Overview and Challenges

The Supply Chain Management concept was firstly introduced in 1980s, when organizations
comprehended that by integrating different logistics processes into a complete whole system,
distribution cost can be reduced. The significant role of Supply Chain Management has
become progressively larger during the decades as market dynamics continually change and
companies look for optimizing efficiency in their operations [60]. A supply chain is a
complicated vigorous network consisting of organizations, people, resources, activities,
information involved in supplying goods or services to right consumers [17]. It plays critical
and unique role in determining the performance of organizations. It involves the end to end
flow of raw material, products, information and money and integrate processes like sourcing,
procurement, manufacturing, distribution, and logistics into a cohesive system so as to deliver
value to the customer [47].

Supply chains turn out to be highly complex because of growing customer requirements
highly competitive environment, widely spread geographic operations and adoption of new
business models like ecommerce so the chance of disruptions and shudders intensely
upsurges without sparing any business [18]. Supply chain function is currently facing various
challenges related to transparency, visibility, security, manual errors, updating data, delay in
processing, delivering of goods and services, tracing and tracking of various operations [19],
[12], [20], [21]. Supply–demand incompatibility difficulties like delay in delivery, stockouts
and overstocking constantly retain the troubles in supply chains [22]. The increasing
challenges in the supply chain are transforming it into more uncertain, complex, costly, and
susceptible [23]. Companies need real time accurate information regarding inventory,
movement of products and supplies, and many others so as to take right decisions about
supply chain operations and maintain productivity. The increasing supply chain cost due to
increasing customer demand for better service level has impacted all the players including
suppliers, manufacturers, retailers and distributors. Moreover, the traditional technol-
ogy used in supply chain fails to give satisfactory risk management, to diminish
costs, and to meet quickly changing market needs.
Today customers are extremely worried about source and quality of products they purchase.
Customers are highly concerned about ethical trade practices and truth behind the claims that
retailers do about their products. So, improving the visibility of movement of goods and
supplies from supplier to customer and building trust of customers has become one of the top
priorities of companies. Retailers have to face the consequences when poor quality reaches to
the market whether problem is due to any supply chain partner. Retailers have to do
transactions with all supply chain partners mediated by financial institutions and banks using
various documents, asset transfer note and agreement. These processes are usually exhibited
by distrust and inefficiencies. Retailers have extensive supply chains problems concerning
fake products, crumbling and forgery of data, improper storage environment, time consuming
and expensive processes and lack of transparency. Studies show that counterfeit products sold
by renowned retailers can be harmful to the health of consumers [24]. Researchers have
studied that sharing information related to demand and inventory level has significant effect
on supply chain performance [25]. Various challenges are witnessed for global supply chain
because of following transformation:
 Increasing consumer demand for excellent service level
 Wholesalers are directly selling to consumers
 Replacement of physical inventory by digital inventory
 Lot of ecommerce companies are entering
 Security of data

4. Benefits and Challenges of Blockchain Technology to supply chain

4.1 Benefits to supply chain

Even though blockchain is well recognized for offering the digital base for crypto currencies,
it has much wider range of applications due to its characteristics [56,57]. Blockchain
applications spread over from the pure digital domain to business relationships, processes
societies and products [58]. The applications of blockchain technology have been exploited in
various fields such as financial services, manufacturing, food, agriculture, pharmaceutical,
hotels, airline, healthcare and government [59].
The blockchain can be employed in supply chain as a way of tracking the complete record of
movement of goods from supplier to customers [11]. Information and Communication
Technologies have transformed supply chain by providing platform for buyers and sellers as
collaborators ensuring source and security of products [26]. In traditional supply chain, there
is no simple way to track the authenticity and provenance of a product. Some systems like
barcodes, RFID technology and unique electronic product codes are used to track items
through the supply chain. But these sophisticated systems are basically insecure as they rely
on centralized databases and centralized certificate authorities which have single points of
failure which make them vulnerable to cyberattacks and insider fraud. Blockchain technology
tackles all these supply chain management challenges including authenticity, traceability,
keeping imperative product information, accurate and timely decisions, reduced cost,
improving supply chain performance and customer satisfaction. Research has been done on
supply chain solutions grounded on blockchain to enhance traceability, transparency and
auditability of flow of material throughout the supply chain from suppliers to customers.
Blockchain presents improved transparency and traceability during the whole supply chain
owing to its decentralized nature. Every transaction is added to the Blockchain, generating an
auditable trail of all activities, involving appropriate documentation, the movement of goods
and shifts in ownership. It has been recognized that blockchain based supply chain can reduce
bullwhip effect by integration among all players lead to better product quality, customer
positioning, fast financial payback, improved productivity and profits [27].
The blockchain act as an inter-organizational system in the supply chain starting with journey
of products from raw material to end consumer [28] [29] and can significantly change supply
chain management (SCM) [30].
(Insert Figure 4.1)
Figure 4.1 represents that as the item flow from manufacturer to customer, vital details are
added in the blockchain making it convenient to trace the products journey and monitoring
quality [31]. It creates complete auditable stream of every item moving within the network
from its origin to the customer.
Smart contracts can automate several activities in the supply chain right from compliance
authentication to order accomplishment to payment processing, It lessens the requirement for
manual processes, intermediaries and paperwork bringing about improved efficiency and cost
reduction [46]. Blockchain support companies to build customer trust by providing digital id
to every product which secure all information regarding product life cycle. Technology can
reduce risk in supply chain management by endowing authenticated podiums for people to
register so as to govern their good and supplies movement and confirming that only
registered members can access the system. So blockchain based supply chain provide
transparency in the product flow which helps businesses for reducing frauds, counterfeiting
and making better decisions [32]. Immutability can be pronounced as one of the most
advantageous features of blockchain technology as it eliminates the possibility of altering the
transaction records. Further it makes auditing procedure more efficient and ensures trust and
integrity in the data organizations [33]. Blockchain technology enable supply chain network
to record tamper proof, complete and accurate details like timestamps, location,
environmental conditions of all transactions ensuring data integrity and improved regulatory
compliance [34].
Blockchain provide safer and secure mode of keeping a record of business transactions. It is
not possible to hack blockchain technology as it is so structured that when there is attempt to
hack particular block then all prior blocks in the past are tampered as well [34]. Block chain
technology makes transactions safer, secured and much faster by elimination of third-party
intermediaries and reducing human intervention [33]. It increases flexibility by substituting
outdated paper intensive manual processes with automated and self-regulated smart contract
system [19]. Table 4.1 presents several benefits of blockchain application in supply chain
[12, Narayanaswami et al., 2019, 67, Shamout, 2019, Surjandy et al., 2019a, 55).

4.2 Blockchain Technology Challenges

Even though blockchain is seemed as a favourable resolution for challenges related to supply
chain but it needed substantial modifications in cultural and technological frameworks.
Further, thorough valuation is desired to attend its challenges and realizing greatest ability of
technology. Every transaction in a blockchain network is agreed by majority of nodes and
hence limits the speed and processing power of network devices. So, it is essential to enhance
the throughput of transactions by using a private blockchain network [12]. There is no data
standard existing which is fixed by the whole supply chain posing a challenge for
implementation of blockchain. EPCIS has recommended GS1 to address this challenge but
still it is not largely acknowledged and implemented in supply chain [13]. Data recorded in
blockchain cannot be altered because of immutable nature of blockchain [14]. There is lack
of awareness of blockchain technology among business leaders which act as barrier to invest
time and money in this technology [15]. Hence to handle this market acceptability challenge,
the key stakeholders should be convinced with the benefits of blockchain. The ERP tools and
existing systems in supply chain network do not support blockchain. So, it is necessary to
either outsource or arrange in-house application development for specific supply chain [16].
In first case organization’s data privacy can be foremost concern and in the other case major
investment is needed for long term.

5 Used cases in retail supply chain

TradeLens: A Blockchain Based Shipping Solution

Maersk and IBM in 2018 introduced TradeLens: a blockchain enabled global trade
platform with a goal to digitize global supply chain in 21st century. TradeLens intends to
revolutionize the sector through: gathering all parties in supply chain on a common data
sharing and collaboration platform in order to create value in the ecosystem, automation
of cross organisational business process to foster trust, secured sharing of information
across all supply chain partners and continuous improvement through an open API
environment that allows third parties to deploy applications on TradeLens platform.
Furthermore, smart contracts and IOT devices were coupled to record the interaction in
the form of irreversible database. To evaluate the effectiveness of blockchain enabled
global trade platform, TradeLens unfurl a beta project. Reduced paperwork, less
operations cost, time and enhanced efficiency strengthen the concept of underpinning
blockchain for shipping supply. Within such a small span of time TradeLens has become
a leader in blockchain application in logistics industry. With its ground-breaking business
model it has attracted interest of major players in the logistics sector. TradeLens has
proved that implication of blockchain has enhanced the effectiveness and efficiency of
supply chain [38], [39].
 Hyperledger Fabric: Blockchain Enabled Food Tracking System
Walmart created a Hyperledger Fabric based food traceability system in order to fix
decentralised food ecosystem. The choice of Hyperledger Fabric was based on the reason
that food traceability system was mainly meant for many parties so the technology
underneath it needs to be open-source vendor -neutral system. In order to examine the
system, Walmart with its technology partner IBM developed two POC (proof of concept)
projects. One POC was about tracking the origin of Mangoes sold in US Walmart stores
and the second POC was to track Pork sold in china Walmart stores. Research Team at
Walmat claim the blockchain adoption in the system has been proved as an efficiency
enhancer. For Mangoes in US the time spent to trace their provenance has gone down from
7 days to 2.2 seconds and for pork in china, it allowed to upload certificate of authenticity
which further develops trust in the system. The success of two POC has given boost to
expand the system outside Walmart and make it an open system. Walmart in collaboration
with IBM and other food industry giants Nestle and Unilever launched IBM Food Trust. In
continuation to the same, now company claims that Hyperledger Fabric based food
traceability system has the ability to trace the genesis of more than 25 products like
vegetables, fruits, meat and poultry, dairy products and multi-ingredient products from
five different suppliers. Walmart have plans to roll out the Hyperledger Fabric traceability
system for other product categories in near future [40].

Intel: Blockchain technology for tracking seafood in the supply chain

Intel explored the implementation of blockchain technology for tracking seafood in the
supply chain. They designed a network which supports several parties in food storage
conditions like temperature control and tracking the food from sea to table. Numerous
records of this development which are public are accessible on the Blockchain website for
traceability [53]. These records tell the usage of blockchain technology for collecting data on
seafood product for example locations, temperatures, time-stamps, owners etc. within the
whole supply chain network right from fishermen to transports and to restaurants. This
blockchain technology enabled seafood supply chain can promote more trust between sellers
and customers and further speed up and improve the safety of seafood supply chain network
and augment consumer experiences.
6 Theoretical Perceptions Used for Blockchain and Supply Chain Management
Research
There are several benefits of using blockchain in retail supply chain and further future
research opportunities. Retail supply chain involves plenty of risk at manufacturer stage,
freight transport and logistics. Various information theories can be implied to analyse the
adoption intention and actual adoption behaviour of blockchain in retail supply chain.

The resource-based view (RBV) introduced by Barney [61] and Wernerfelt [62] tells the
competitive advantage of an organization, ownership of resources, and competences that are
unique, valuable and hard to replicate. Further Treiblmaier [63] recommended that for
blockchain adoption, RBV can help to examine the organizational resource requirements.

Principal Agent Theory (PAT) given by Eisenhardt [64] reflects the usage and inference of
information asymmetry and several interests between principals and agents. PAT may inspect
how different groups relate in the blockchain structure in consideration of the transparency
stipulated by blockchain [65].

Information processing theory given by Galbraith [66] contemplates that organizations need
to process information to bring down uncertainty. Organizations can implement information
processing theory to estimate the competitiveness of different blockchain networks [67], to
investigate how blockchain transparency can enhance prevailing information processing
competences and to find information processing requirements from blockchain adoption [68].

Transaction cost analysis theory (TCA) given by Coase [69] and Williamson [70] examines
the costs of organizational transactions and can be adopted to study the impact of distributed
ledger technologies (DLT) on reducing supply chain transaction costs, reducing reliance on
third parties and amending work distribution between suppliers and buyers [71]

Institutional theory given by Hirsch [72] studies the influence of external pressures on
organizations and norms by which organizations are ingrained. Institutional theory is used to
examine whether external or internal pressures determine blockchain adoption [68].

Social network theory given by Mitchell [73] explores the relationships and linkages among
organizations and its effect on the network management. Social network theory is important
to examine key drivers for blockchain adoption in the supply chain [74]
Technology Adoption Model (TAM) introduced by Fred D. Davis [41] is a widely used
information system theory since its inception for examining user technology adoption. TAM
core decision variables perceived ease of use and perceived usefulness are personal belief for
specific information system that creates a significant influence on the individual attitude
towards the actual adoption of technology [42]. Perceived ease of use and perceived
usefulness in TAM act as a focal point to measure individual belief. Belief act as an
individual’s cognitive response to use a specific technology, which further determines the
individual attitude towards the use or dispose of technology [43]. Literature highlights
extended TAM by addition of some new constructs for understanding user acceptance for
particular information system or technology. On theoretical grounds the conceptual
framework represented in Figure 6.1 is an extension of TAM by adopting additional variables
on the basis of technology, organisational, environmental (TOE) factors given by Tornatzky
[75]. TOE framework should be used for examining prominent factors behind adoption and
actual use of blockchain in retail supply chain. Safety, security and privacy were integrated as
social factors. Traceability and transparency was identified key behind application of
blockchain technology [44]. Propositions could be formulated to examine causal relationship
between constructs in the extended TAM model for blockchain adoption.

(Insert Figure 6.1)

Other information technology theories used for examining prominent factors behind
technology adoption and actual use of blockchain in retail supply chain include the theory of
planned behaviour (TBP) [76], task-technology fit (TTF) [77], technology readiness index
(TRI) [78] and unified theory of acceptance and use of technology (UTAUT) [79]. Some
researchers also suggested to integrate numerous organizational and information systems
theories to give collective perspectives. For instance, Fosso [80] adopted both the TAM and
UTAUT theories to get a improved model which examined the relation between adoption of
blockchain and supply chain performance.

7. Research Implications
While there is a growing body of academic literature on blockchain in the supply chain
management field but still research on testing the blockchain- SCM theories has been limited
so far. The past literature studies discusses several factors and barriers to blockchain adoption
and deployment in the supply chain. However, these studies provide only limited insights that
can further advance research in this field. The adoption of blockchain as an inter-
organizational technology across dispersed multi-tier supply chains requires in-depth
investigations of the technology, its capabilities, adoption requirements, benefits, and
implications on different supply chain actors, as well as on the design and management of
supply chains. With the increasing experimentation and piloting of blockchain technology in
academia and practice, more empirical evidence will be generated that can lay the foundation
for further investigation using a range of theoretical lenses to advance theory development in
this emerging field.

This research presents a comprehensive framework to underpin and guide future theory-
driven research on blockchain adoption, deployment, and use in the supply chain. The
framework provides structured guidance on the most appropriate theoretical perspectives that
can be used, alone or in combination, in future studies to advance the blockchain-SCM field
of research. Despite the wide range of theories presented, the framework calls for adopting
multi-disciplinary research approaches to overcome the limitations of isolated studies and
create opportunities for developing a better understanding of the wider implications of
blockchain adoption and deployment in the supply chain. Depending on the context and focus
of a research study, the framework encourages examining a broad range of theories to
investigate the emerging phenomenon. The framework aims primarily to guide researchers on
the various theories relevant to blockchain-SCM research. However, there is a lack of
empirical evidence to date. Therefore, the research community is strongly encouraged to
engage with practitioners, leading companies interested in blockchain applications, standards
and regulatory bodies, and other agencies to further develop and enhance knowledge [58].
The structured framework can be helpful in indicating the type and nature of engagement that
will be beneficial to address specific research questions using a particular theory or
combinations of theories. For instance, engaging with existing blockchain consortia and with
commercial blockchain platform providers may be valuable for conducting inter-
organizational research. Engaging with regulatory and consumer bodies may be valuable to
examine how the external environment influences blockchain adoption.

8 Conclusion
Blockchain technology, a foundation for bitcoin introduced in the year 2009 has a capacity to
revolutionize retail supply chain. At present bitcoin is not able to fulfil the role of money
because of its current form. Based on the capabilities of blockchain discussed in chapter,
undoubtedly it has the ability to bring transparency and security in retail supply chain. The
decentralised platform to perform any form of transaction and making a permanent
immutable record of it makes this technology a real game changer. Collaboration of channel
partners, increase in efficiency of supply chain, transparency, traceability, security, safety and
permanent historical record makes it the future of supply chain. Blockchain has the ability to
make supply chain more robust for future challenges but an enterprise has to choose relevant
use cases which have the ability to maximise the benefit. There is tremendous opportunity to
study enterprise behavioural intent for blockchain adoption in retail supply chain based on the
proposed research framework in cross cultural and longitudinal research context.
Furthermore, the proposed model may be extended to investigate the influence of government
intervention, current industry trend, organisational structure, peer pressure, management
support in blockchain adoption and recent technological advancement like artificial
intelligence, big data and cloud computing. An empirical analysis can also be performed to
examine perceived benefit against perceived risk in adopting blockchain technology. Prior
studies have found the importance of adequate training in technological context for dealing
perceived risk and security in adopting blockchain technology [45]. Furthermore an extended
research to understand individual viewpoint for drivers and barriers in adopting technology
would add value for practitioners.

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