Supply Chain Effects of Implementing Blockchain Technology for L.docx

Supply Chain Effects of Implementing Blockchain Technology
for Logistics
Name
Institutional Affiliation
Abstract
The blockchain technology continues to gain recognition in the
international logistics industry following the successful
adoption of Bitcoin and other cryptocurrencies as modes of
settling transactions. The technology ensures the security of
transaction data through the decentralized storage of the
transaction details as well as increasing the difficulty of
changing the data. Currently, a number of businesses have
adopted the blockchain technology in their supply chain
management to enhance their operational efficiencies and
consistency in meeting their quality demands. The current paper
focuses on identifying some of the effects of adopting the
blockchain technologies in contemporary logistics activities as
well as the suggested applications in the future.
Keywords:
Blockchain, supply chain, logistics, Bitcoin
Introduction
The primary concept in supply chain management is the
management of the flow or distribution of information, goods,
and services effectively to minimize risks and enhance

performance. Managing contemporary supply chains is a highly
complicated activity due to the number of payments,
information shared, the magnitude of distribution networks, and
geographical extent that affects company logistics. As argued
by Soosay & Hyland (2015), the rapidly occurring changes in
the economy have necessitated various organizations to
cooperate more closely to enhance the efficiency of their
processes and increase the overall performance of the supply
chain. Tsou (2013) observes that the supply chain collaboration
offers a number of benefits that include enhanced service levels
and cost reductions in addition to efficient and faster response
to changes.
Nonetheless, the success of the collaborations between firms
primarily depends on the levels of commitment and engagement
by the partners involved in the supply chains (Moreira, Ferreira,
& Zimmermann, 2018). Ralston, Richey, & Grawe (2017) point
out some of the challenges in realizing successful such as
differences in the application of information technologies in the
supply chains, contrasting organizational objectives, varying or
conflicting financial decisions, and power differences. The
increasing numbers of stakeholders involved in the supply
chains are partially responsible for such problems (Casey &
Wong, 2017).
Blockchain continues to receive significant amounts of attention
by logistics experts following the acknowledgment of the
contributions of early cryptocurrencies such as Bitcoin,
Litecoin, and Ethereum in the financial sector. Staples et al.
(2017) insist that the blockchain technology has the far-
reaching consequences that include changing industries, supply
chains, and company cultures among others. The blockchain
technology is widely considered a secure method of conducting
transactions between multiple entities through digital
decentralized ledgers while eliminating the need for mediators
(Swan, 2017). The technology is important because the

intermediaries could introduce bureaucratic processes that lead
to unnecessary disruptions or delays in supply chains. Logistics
experts tout blockchain technology as an appropriate solution to
trust problems encountered in supply chains in addition to
suggesting that companies should adopt the blockchain
applications to sustain their competitive advantages (Kshetri,
2018).
Companies such as Maersk and Walmart have already initiated
plans to incorporate the blockchain technology in their
operations due to the benefits of the application in supply chain
management. Understanding the implications of the blockchain
technology in logistics and supply chain management is
important despite its application by firms still being in its early
stages. According to Kshetri (2018), researchers already
acknowledge the potential of blockchain in improving the
quality measurement solutions and enhancing tracking and
tracing activities. Moreover, firms involved in the logistics
business have numerous opportunities with the expansion and
uptake of the blockchain technology in their operations
(Nowinski & Kozma, 2017). A potential benefit of blockchain is
the enhancement of the collaborations and increase in the
number of solutions to supply chain partners (Nakasumi, 2017).
Thus, the objective of the current paper assesses the impacts of
adopting the blockchain technology in supply chains in
contemporary companies as well as analyzing the background of
the technology.
How Blockchain Works
Heutger & Kuckelhaus (2017) describe blockchain as a
technology that involves a distributed ledger and with the
capacity to permanently and securely record any transactions
completed between entities. The technology eliminates the need
for mediators whose previous responsibilities in traditional
supply chain models included verifying, documenting, and

coordinating transactions (Swan, 2015). Blockchain achieves
this by allowing various parties to share databases without the
need for third parties thus changing the supply chains into
distributed systems rather than centralized or decentralized
systems. As such, the blockchain technology has the effect of
freeing data from centralized storage systems and enhancing the
sharing of information between business partners (Nakasumi,
2017). As Pilkington (2016) observes, the completed
transactions are secured through the application of
cryptographic methods and this eliminates the risks of hacking
or data losses. The three important features of the blockchain
technology include decentralization, verification, and
immutability.
The decentralization results from the operation of the network
by members rather than depending on a centralized
infrastructure or authority that established trust in the
traditional supply chain models. Any transaction added to the
digital ledger has to be shared inside the peer-to-peer network
in blockchain and all the members retain local copies of the
contracts. The requirement for all entities in the network to use
public-private-key cryptography prior to sharing transactions
with other partners over the network ensures that blockchain is
verified. Furthermore, only the firms or individuals who hold
the private keys have the ability to initiate the transactions and
this helps in eliminating interference in the system by
unauthorized persons. Nonetheless, the observed risk of the
technology is that the disassociation of the private keys from
real-world identities allows the partners to remain anonymous
and this creates the risks of abuse (Staples et al., 2017).
The immutability of the blockchain technology results from the
application of consensus algorithm that allows various
transactions to be sorted together into new blocks. The created
blocks are accessible to the network members who have the
authority to assess and confirm the recorded transactions. A

block is rejected in situations where the network members
cannot agree on its validity following its addition to the chain.
The block is confirmed and added to the network if the members
reach a consensus on the validity of the recorded transactions.
The verification of each block leads to the generation of a
cryptographic hash that connects different blocks created
earlier. Consequently, the connection and interdependency that
exists between the various blocks result in the formation of a
chain. The attempts to retroactively change the recorded
transactions are impossible due to the need to manually change
the local transaction records entered in the members’ devices as
well as changing each block’s cryptographic hash throughout
the entire chain.
Blockchain addresses a number of shortcomings associated with
centralized architectures in supply chain management due to its
distributed nature. For instance, the technology allows all the
network members to access similar and verified information in
addition to increasing the trust levels among the members
without the need of third parties. Moreover, the technology
automatically records all transactions between different entities
in the network while eliminating the role of mediators. Smith
(2018) suggest that such transactions could include various
deeds of ownership, carbon credits, and digital money among
others. The recording and distribution of all transactions over a
number of nodes ensure that the blockchain technology is highly
transparent to all members while the elimination of a central
authority in managing the blockchain ensures that it is scalable
and efficient. The records cannot be erased and this also
enhances transparency. Blockchain also helps organizations to
complete transactions without relying on traditional banks or
exposing themselves to the effects of currency exchange rates.
However, the early stages of adoption of blockchain in supply
chain management, data security concerns, low acceptance by
industry stakeholder, regulatory uncertainty, and limited
throughput are some of the challenges that are associated with

the technology.
Background of Blockchain Technology
The successful operations of industries and governments depend
on vital transactions such as process coordination, registration,
voting, notarization, escrow, and payments. Various trusted
third-parties including banks, service providers in particular
industries, accounting firms, legal firms, banks, and government
agencies had central roles in facilitating such transactions in
traditional models. According to Heutger & Kuckelhaus (2017),
the idea of a distributed computing has existed for almost three
decades following its introduction in the early 1990s. Pilkington
(2016) observes that the initial purpose of introducing the
concept of the distributed computing aimed at preventing
double-spending although issues such as anonymity and lack of
compatibility between centralization reduced its early
incorporation in supply chains. However, the roots of
blockchain can be traced to Satoshi Nakamoto who invented
Bitcoin and pioneered the idea of the technology to develop
decentralized digital ledgers that could be operated through
anonymous consensus in 2008. The introduction of blockchains
revolutionized the approaches used in supporting the
transactions by eliminating the need for trusted third parties.
Instead, the entities involved in a transaction would depend on
the blockchains operated on a technology platform. This
resulted in the creation of the Bitcoin cryptocurrency that was
used as the public account of the transactions completed on the
blockchain network.
Petersen, Hackius, & See (2017) suggest that an increased
recognition of the blockchain technology in financial activities
occurred during 2015 although the logistics and supply chain
community was slower in realizing the importance of
blockchain in their processes. The original paper published by
Satoshi Nakamoto initially separated block and chain although

the two words were joined to form “blockchain” around 2016.
The original application of blockchain was in supporting the
Bitcoin cryptocurrency although the application of the
technology has expanded significantly in other platforms. The
concept of blockchain 2.0 was first introduced in 2014 to
describe a number of emerging applications based on the
technology. An example is a newly developed programming
language that supports the creation of sophisticated smart
contracts that feature self-paying invoices following the
delivery of shipments as well as the automated share certificates
that release dividends to shareholders when their profits exceed
specified limits.
The financial sector has undoubtedly been the most significant
adopter of blockchain technology. However, the blockchains
can be used in representing information or transactions
conducted by entities in any society or industry in a similar
fashion as the traditional databases. Nonetheless, the
blockchains have significant unique properties that distinguish
them from the traditional databases. The blockchains are widely
categorized as private, consortium, and public blockchains
depending on the level of participation in the use and operation
of their use (Staples et al., 2017). The private blockchains
incorporate strong access control to reduce the influence of the
public in the databases. The stability of the blockchains depends
on the technical protocols and system’s software’s correctness,
confirmation of integrity criteria, application of strong
cryptographic measures, and various incentives to increase the
participation of members in the system.
Current Effects of Blockchain Technology on Supply Chains
The blockchain technology has had significant impacts on the
financial sector following the introduction of several
cryptocurrencies that continue to gain recognition as acceptable
alternative payment methods in many regions. Blockchains are

currently used widely as distributed accounts for various
cryptocurrencies such as Litecoin, Bitcoin, and Ethereum among
others. Maintaining track of financial records is a critical
activity in logistics due to the importance of such data in
planning processes and assessment of an organization’s
performance (Dobrovnik, Herold, Furst, & Kummer, 2018). The
stability, reliability, and security of the Bitcoin cryptocurrency
demonstrate the potential of the blockchain technology in
overcoming the shortcomings of traditional systems. For
instance, most of the centralized infrastructures associated with
the traditional supply chain management systems have been
exposed to hacking and other malpractices from the central
authorities. However, many firms involved in the logistics and
supply chain management businesses show considerable levels
of reluctance in incorporating the technology in their critical
operations due to fears of risks.
Trust is an integral concept in global supply chain management
as various entities build their relationships with their foreign
partners based on this trait (Moreira, Ferreira, & Zimmermann,
2018). In traditional supply chain models, third-party mediators
such as lawyers and various government agencies used signed
contracts to help in ensuring organizations delivered the
services and goods. However, the introduction of the blockchain
technologies has resulted in reduced reliance on the third parties
in completing the international transactions as the contemporary
organizations use established networks to maintain the trust
levels. The terms of exchange during the international
transactions are also important due to the legal implications of
failing to adhere to agreed conditions as well as the influence of
foreign governments in business activities. One of the current
effects of the blockchain technologies in supply chains is
determining the nature of the exchanges and their working
through established network protocols. The technology also
ensures that the members of the shared networks understand the
possibilities and limitations of their international transactions.

Firms in the logistics industry understand the importance of
committing to binding agreements when doing business with
international partners. Breaching the contracts can have several
adverse consequences on companies and their suppliers, and
these include incurred financial losses as well as lawsuits and
damaged reputations. The adoption of the blockchain
technologies allows organizations and their suppliers to form
binding contracts on established blockchain networks through
applications such as smart contracts. The smart contracts allow
the partners to recall the agreement terms as shared in the
networks(Moreira, Ferreira, & Zimmermann, 2018).
Nonetheless, the new technology does not entirely eliminate the
role of third parties in business contracts although it changes
how such agreements are recorded. Furthermore, the consensus
on the accuracy of the data stored in the networks is also
important during the reconciliation of the records.
The blockchain technologies have revolutionized how
organizations in the global supply chains achieve agreement on
the transacted information stored in their networks. For
example, meeting specified conditions grows the block chains
and ensures that these remain in the official records for future
reference. The stability of the blockchain technologies increases
when the number of members increases due to the triggering of
the network effect. Thus, the increased implementation of the
blockchain technologies by companies in the logistics and
supply chain management is important in ensuring that the
number of members exceeds the critical levels to enhance the
acceptance of the technology. Nonetheless, the initial
requirements associated with blockchain continue to inhibit the
adoption of technology.
Application of the Blockchain Technologies in Contemporary
Businesses

The ability of entities to engage in the global transfer of funds
through blockchains without relying on traditional banking
systems has increased the convenience for organizations that
have globalized supply chains. For instance, Tomcar – an
Australian automaker – has adopted Bitcoin as its primary
currency for paying its global suppliers and this helps in
ensuring that the company does not incur additional costs and
easing its international transactions. The company uses the
CoinJar payment gateway in receiving payments to ensure that
its overseas customers would not have concerns over high fees
charged on credit cards as well as the changes in exchange
rates. The move is significant because it reduces the transaction
fees from 5% to about 0.03% when the international customers
used the cryptocurrency instead of credit cards (Marr, 2018).
Moreover, opting to use the stable and secure cryptocurrencies
helps in reducing the costs of acquiring vehicle parts to Tomcar
from international the international suppliers and this reduces
the costs Tomcar vehicles thus increasing the company’s sales
volumes. Other notable companies that use cryptocurrencies in
facilitating international payments include Baidu and Bitfash.
Companies in the food business require solid records that would
assist them in tracing various ingredients or products from their
sources. Moreover, the increased customer awareness of food
production practices and the demand for ethically sourced
ingredients has led to a shift in food production practices.
Consequently, a number of companies have adopted the use of
the blockchain technologies in their supply chains to help in
enhancing accountability and ensuring consistency in quality.
For example, Walmart has adopted blockchain as a method of
keeping track of the quality of various meat products such as
beef and pork acquired from its suppliers in China. The
company uses the blockchain technology in ensuring that it
maintains all the processing, storage, and sell-by-dates of all
pieces of meat used by Walmart. The transparency that results
from using blockchain technologies helps in ensuring that the

customers understand that they are dealing with firms that
support sustainable production, environmental stewardship,
avoid genetically modified organisms, and oppose animal
brutality. The technology also helps in determining the accurate
sources of food contaminations and identifying the appropriate
remedial measures. Other notable companies that use the
blockchain technologies for the same purpose include Dole,
Tyson, Nestle, and Unilever among others.
Tracking and maintaining data is also critical to companies in
the mining sector due to the high prices of quality minerals in
the international markets. Various organizations adopt different
strategies to eliminate the risks of purchasing fake or forged
prized minerals such as diamonds and gold from their suppliers.
The blockchain technology has been cited by stakeholders in
mining as a method of overcoming such malpractices and
ensuring that the customers receive quality products. For
example, BHP Billiton – a leading mining company – has
adopted the blockchain technology in its operations to enhance
its ability to collect and store data from its international
suppliers in all stages of the mining process. Moreover, the
BHP Billiton considers the blockchain technologies as critical
in enhancing the company’s interactions with global partners.
De Beers, a large South African Diamond producing company,
also applies the technology in tracking the mined diamond
stones from their points of origin to the point where the
polished products are sold to its customers. The use of the
blockchain technology, in this case, helps in ensuring that De
Beers avoids dealing in diamonds sourced from conflict zones
(commonly referred to as “blood” or “conflict diamonds”) while
ensuring that its clients receive genuine products. Another
application of the blockchain technology in the logistics
industry is the monitoring of specific vehicles in an
organization’s fleet. The logistics companies can use the
technology in verifying the data on each vehicle’s previous

performance as well as their maintenance histories.
The adoption of the blockchain technologies in supply chains
has also created investment opportunities to a number of
entrepreneurs and startup supply chain businesses. For example,
Cloud Logistics has invested in expanding the adoption of
blockchain by offering various supply chain solutions based on
the technology to reduce costs and enhance efficiencies to
organizations in the supply chain industry. Experts in the
logistics business suggest that the number of vendors offering
the supply chain solutions based on the blockchain technologies
will increase in the future following the demand for novel
solutions to the logistics challenges encountered by
multinational companies. Additionally, established freighters
such as Maersk have already adopted the blockchain
technologies to assist them in effectively tracking the movement
of containers and goods through secure and authenticated data.
Maersk acknowledges that using traditional methods of
recording and storing important information based on
application programming interfaces and electronic data
interchanges are unreliable due to the risks of their
manipulations by unscrupulous entities.
Expected Future Effects of Blockchain Technology
Smart Contracts
The blockchain technology has the advantage of simplifying the
storage of transaction data of exchanged assets as well as the
execution of the stored transactions in an organization’s digital
ledger using various computer programs. Such ledgers are
referred to as “smart contracts” although such data may be
inapplicable in monitoring or executing legal contracts (Asharaf
& Adash, 2017). Smart contracts can be described as self-
executing agreements written in codes and binding between
sellers and buyers on the contract terms that are distributed and

contained in a decentralized blockchain network (Gerard, 2017).
The smart contracts allow the completion of trusted agreements
and transactions to be conducted by anonymous and disparate
parties while eliminating the need for external enforcement
mechanisms, legal systems, or central authorities. The Bitcoin
blockchain technology facilitates the formation of smart
contracts using simplified computer languages while various
competing technologies that include Litecoin and Ethereum use
the “Turing complete” computer language (Iyer & Dannen,
2018).
Despite the identified advantages of the blockchain technology
in contemporary supply chain management, the adoption of
smart contracts as substitutes to traditional legal contracts
remains underexploited. Stakeholders continue to debate on the
practicality of adopting the smart contracts created using
blockchain as alternatives to legal contracts. Additionally, the
diversity of the computer languages used in creating the smart
contracts raises problems to organizations due to the
computational complexities involved in the blockchain
technologies. The low uptake of the blockchain technologies by
organizations in the logistics business also creates challenges in
using the smart contracts in business agreements. Nonetheless,
industry players observe that smart contracts and other
blockchain technologies have the potential of revolutionizing
logistics operations in the future.
Financial Services
The adoption of the Bitcoin cryptocurrency as an alternative
form of payment to traditional methods remains in its early
stages. However, financial experts suggest that the digital
currencies formed using the blockchain technologies will have
far-reaching effects and exerting significant changes in industry
practices. The blockchain technology facilitates the secure
transfer of digital currencies between entities without such

transfers being subjected to recording or processing by payment
services or banks. Consequently, the experts suggest that the
blockchain technologies have the ability to create and
supporting “programmable money” that comprises of various
currencies with policies that are automatically enforced (Staples
et al., 2017). Moreover, firms involved in logistics and supply
chain management can use the digital currencies and blockchain
technologies in making or receiving international payments
from suppliers in other countries. One of the projected
advantages of using Bitcoin and other digital currencies in
international payment is that it protects logistics companies
from the problems associated with currency fluctuations due to
inflation, natural disasters, or political interferences. The
logistics and supply chain management industry can also use the
blockchain technologies in registering, clearing, and settling
securities.
Anonymity is a key feature in the blockchain technology
because the real-world identities of individuals or organizations
involved in various transactions are not mandatory following
the use of cryptographic keys. For instance, the blockchain
technology allows agents transacting Bitcoins to identify
themselves pseudonymously and this raises the risks of
financial malpractices and other unethical practices. As such,
the use of blockchain technologies in receiving or making
payments with foreign-based partners faces significant
challenges due to international regulations such as the Counter-
Terrorism Financing and Anti-Money Laundering policies.
Another significant problem that continues to inhibit the
adoption of the blockchain technologies in logistics and supply
chains is the issue of loss in confidentiality and privacy during
the integration of personal data in various blockchain-based
systems to conform to the CTF/AML requirements.
Summary and Conclusions

The objective of the current study was identifying the effects of
adopting the blockchain technology in logistics, and the paper
reviews some of the current and future effects of blockchain on
supply chains. The blockchain technology is an important
emergent technology that has the capacity to enhance
operational efficiencies and lower transaction costs to firms in
the logistics business during supply management activities.
However, Heutger & Kuckelhaus (2017) suggest that the idea of
distributed computing has been in existence for more than two
decades although the recognition of Bitcoin and other
cryptocurrencies based on blockchain increased significantly
around 2015. The current study reveals that the blockchain
technology has a number of potential benefits in supply chain
management and logistics operations. One of the advantages of
adopting the technology is that it eliminates the role of third
parties in mediating transactions thus overcoming the problems
associated with trust issues between partners while hastening
the completion of business agreements. Supply chain
management primarily focuses on managing the flow of goods
and services effectively to eliminate the risks of losses.
However, the numbers of payments, the quantity of shared
information, and the extent of distribution networks have made
logistics a complicated operation in contemporary
organizations. Consequently, industry players point out the need
for the introduction of innovative solutions to address some of
the challenges in modern supply chains. The blockchain
technology is widely regarded as one of the future technologies
that have the potential of changing supply chain management
activities following the introduction of cryptocurrencies such as
Bitcoin, Litecoin, and Ethereum (Staples et al., 2017).
Swan (2017) argues that the blockchain technology offers a safe
platform for conducting transactions with multiple entities via
digital decentralized ledgers while concurrently removing the
roles of third-party mediators. This is important in
contemporary organizations due to the need to prevent

unnecessary disruptions and delays in supply chains that can be
caused by the bureaucratic processes associated with traditional
methods of conducting transactions. Moreover, Kshetri (2018)
observes that experts in the logistics industry widely consider
the blockchain technology as the most preferable solution in
addressing trust issues between partners. Decentralization and
immutability are important features of the blockchain
technology because they help in ensuring the validity of the
completed transactions while increasing accessibility to network
members. Another important benefit of adopting the blockchain
technology in logistics is that it helps in simplifying the storage
of transaction data of exchanged goods. Asharaf & Adash
(2017) propose that organizations in the logistics business
should consider adopting the “smart contracts” applications to
automate the completion of business agreements.
Cryptocurrencies based on the blockchain technology have also
proven stable and secure since Bitcoin was first used as a mode
of payment in 2009. The stability is important in logistics
because it helps in protecting organizations in the logistics
business from problems associated with issues such as currency
fluctuations, exchange rates, and inflation among others.
However, the adoption of the blockchain technologies in supply
chain management remains low due to the number of challenges
that must be addressed before blockchain receives widespread
approval from logistics companies. For example, the
transactions conducted through the blockchain technology are
anonymous in nature and this prevents authorities from
reviewing the activities of some of the users to identify
criminals and fraudsters. Bitcoin’s anonymity has been accused
of facilitating illegal activities on the dark web and this raises
serious concerns among the industry players in the logistics
business. Nonetheless, gaining acceptance in the logistics
industry is critical because it determines the effectiveness of
blockchain technology in changing operations and business
practices.

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