Literature review on the applicability of blockchain technology in supply chain finance
The field of supply chain management has traditionally concentrated on the management of material and infor mation flows, while financial flows have been largely overlooked. However, following the global financial crisis of 2008, supply chain finance has gained importance. The global pandemic of Coronavirus (Covid-19) has exposed the vulnerabilities of traditional trade and supply chain finance systems, leading to increased interest in digital transformation for enhanced security and reduced disputes in international trade.
The advent of blockchain technology has emerged as a promising solution for supply chain finance due to its ability to offer a trusted, multilateral system that can be easily integrated. Consequently, research into the usability of blockchain technology in supply chain finance has become a new focus.
This study provides a bibliographic review of the latest applications and theoretical perspectives on the use of blockchain technology in digitizing supply chain finance systems. To this end, the extant literature spanning the period from 2015 to 2024 has been reviewed. The majority of the reviewed studies suggest that blockchain technology will open a new door for the development of supply chain finance and support the strong and healthy development of supply chain finance.
Blokzincir Teknolojisinin Tedarik Zinciri Finansmanında Kullanılabilirliğine İlişkin Literatür İncelemesi
2008 finansal krizinden önce, tedarik zinciri yönetimi malzeme ve bilgi akışlarına odaklanmış, finansal akışları ihmal etmiştir. Ancak krizden sonra tedarik zinciri finansmanı önem kazandı. Covid-19 salgını ise, geleneksel kâğıt tabanlı ticaret ve tedarik zinciri finans sistemlerinin kırılganlıklarını daha da açığa çıkararak, uluslararası ticarette anlaşmazlıkları azaltmak ve güvenliği artırmak için bir çözüm olarak dijital dönüşümün ortaya çıkmasına neden oldu. Tedarik zinciri finansmanı, çok taraflı, nispeten kapalı bir sistemdir ve destekleyici faktörler olarak kontrol edilebilir ve güvenilir veriler gerektirir. Bu açıdan, blokzincir teknolojisi, kolayca entegre edilebilen çok taraflı ve güvenilir bir sistem sunduğu için tedarik zinciri finansmanı alanında umut vaat ediyor. Bu nedenle, blok zincir teknolojisinin tedarik zinciri finansmanında kullanılabilirliğine ilişkin araştırmalar, yeni bir odak noktası haline gelmiştir.
Çalışmanın amacı, tedarik zinciri finansmanı sistemlerinde dijitalleşmeye yönelik bir araç olarak blokzincir teknolo jisinin kullanılabilirliğine ilişkin geliştirilen son teknoloji uygulamalarının ve akademik / teorik bakış açılarının bir bibliyografik incelemesini sunmaktır.
Çalışmada, blokzincir teknolojisinin tedarik zinciri finansmanına uygulanmasına ilişkin 2015 −2024 dönemini kap sayan literatür incelenmiştir. İncelenen çalışmaların çoğunluğu, blokzincir teknolojisinin, tedarik zinciri finansman ının gelişimi için yeni bir kapı açacağını ve tedarik zinciri finansmanının güçlü ve sağlıklı gelişimini destekleyeceğini ileri sürmektedir.
Until the 2008 financial crisis, supply chain management focused on material and information flows and neglected f inancial flows. However, after the crisis, supply chain finance has become more important. The Covid-19 pandemic, which began in 2020, further exposed the vulnerabilities of traditional paper-based trade and supply chain finance systems, leading to the emergence of digital transformation as a solution to reduce disputes and increase security in international trade.
Supply chain finance is a multilateral, relatively closed system that requires controllable and reliable data as a supporting factor. In this regard, blockchain technology is promising in the field of supply chain finance as it provides a multilateral and trustworthy system that can be easily integrated. Therefore, research on the applicability of blockchain technology in supply chain finance has become a new focus.
This study aims to provide a bibliographic review of the latest applications and academic/theoretical perspectives developed on the usability of blockchain technology as a tool for digitization in supply chain finance systems.
In the study, publications on the application of blockchain technology to supply chain finance between 2015 and 2024 were searched with the identified keywords mainly through Google Scholar, Web of Science, Scopus, ProQuest and other online databases related to the field accessible from the ADU library. In the literature review, three keywords, namely "supply chain finance and blockchain/blockchain technology", "relationship between supply chain f inance and blockchain technology", "usability of blockchain technology in supply chain finance", were identified in accordance with the purpose of the study. More than 40 scientific studies were obtained because of the scans made according to the determined keywords. Because of the detailed examination, 24 publications were included in the scope of the study and analyzed.
The studies on the applicability of blockchain technology in supply chain finance start with the study (book) by Erik Hofmann et al. I n 2018, in which they established the conceptual framework and discussed the potential applications of blockchain technology in SCF. most reviewed studies show that blockchain technology can be used in supply chain finance, as it has many benefits for the parties. Blockchain technology is believed to be able to solve the challenges of information asymmetry, lack of transparency, and inefficient information sharing in traditional supply chain finance. It is argued that by providing a decentralized and immutable ledger, the blockchain will enable secure and transparent transactions, build trust between supply chain participants, and thus increase the efficiency of financial processes.
One of the most important benefits of blockchain technology in supply chain finance is its ability to facilitate information sharing and eliminate information silos. Blockchain technology will provide a shared and transparent platform where all parties in the supply chain can access and verify transaction data in real time. This can increase trust and cooperation among participants, reduce the risk of fraud, and thus improve the accuracy and reliability of f inancial information.
Blockchain technology can also improve the efficiency and speed of supply chain financing processes. By automating and streamlining processes through smart contracts, the blockchain will eliminate the need for intermediaries, saving time and costs associated with manual paperwork and reconciliation. For companies in the supply chain, this means faster payments and collections, reduced administrative burden, and improved cash flow.
Blockchain technology can also improve the origin and traceability of goods in the supply chain. By recording and verifying transactions on the blockchain, it will be possible to track the movement of goods, verify their authenticity, and ensure compliance with regulations and standards. This is particularly valuable and important in sectors where traceability and quality control are critical, such as food and pharmaceutical supply chains. Despite the benefits outlined above, the adoption of blockchain technology in supply chain finance is still in its infancy and faces several challenges. These challenges include the need for industry-wide collaboration and standardization, scalability issues, and the development of the necessary infrastructure and expertise. In addition, regulatory and legal frameworks need to be addressed to ensure compliance and protect the rights and privacy of participants.
In summary, blockchain technology offers significant benefits in supply chain finance by eliminating problems such as information asymmetry, lack of transparency, and inefficient processes. It enables secure and transparent transactions, increases trust and cooperation among supply chain participants, improves efficiency, and enhances traceability. While there are challenges to overcome, the potential benefits of blockchain technology in supply chain f inance make it a promising solution for improving financial processes and fostering innovation in the supply chain.
