The problem of lacking trust and its impeding effect on Internet usage as a platform for product and service exchange may provide a potential field of application for blockchain technology. These figures are also likely related to persistent distrust in online payment systems among organizations and customers alike (Rinehart, Myers, and Eckert 2004). The rise of secure socket layer (SSL) encryption and the dominant role of third parties, such as Alibaba, Amazon, or MasterCard, have contributed scarce change to this situation. For example, a recent Statista ( 2017a) report reveals that e-commerce-despite its 8.8% share of the retail sector-is trusted by merely 72.4% of all European customers and by merely 57.8% of customers if the seller is visibly situated in another European country. While the infrastructure competition involved in the provision of Internet access has likely not comprehensively affected societal welfare (Höffler 2007), the Internet’s positive effect on trade has formulated clear political demands that Internet access and use be facilitated for firms and customers alike these demands are now mirrored in numerous political agendas around the globe (Singh, Alhorr, and Bartikowski 2010 Datta 2011).įrom the Internet’s beginnings, however, online trade has been accompanied by three problem areas: privacy, security, and inclusion (Tapscott and Tapscott 2016). Internet usage has been demonstrated to provide new business opportunities and increase economic services as well as product trade figures (Bauer, Berne, and Maitland 2002 Rao, Goldsby, and Iyengar 2009 Choi 2010). The rise of the Internet has played an integral role in global economic development (Choi 2010). The present study’s valuation of BAAs advances theory and will likely affect business strategies by indicating where, when, and why businesses should participate in blockchain networks. Two newly identified BAAs-logistics and delivery systems-and token-curated registries rank among the top four most relevant. ![]() Interestingly, we anticipate the least likely adoption of blockchains to occur for document-signing processes despite arguments within the literature that suggest otherwise. Verified customer reviews and product quality certification are identified as the most relevant blockchain usages in SC transactions. ![]() The results further our understanding of blockchains’ business opportunities among SC transactions and verify and extend Iansiti and Lakhani’s ( Harvard Business Review 2017 95: 118) blockchain adoption framework. This study combines the findings from three methodological approaches: an extant literature review, a Delphi study, and a survey of 151 German machinery and equipment sector business managers. The present study clarifies the discussion about blockchain application areas (BAAs) in SC transactions and their relevance for businesses. Researchers and business managers must understand where and when blockchains’ application may be expected and investigated. ![]() Blockchains, a disruptive technology with potentially many applications in modern-day supply chain (SC) transactions, have not been adequately reflected by theory.
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