May 2022 Download this article as a PDFAbstract

Contemporary research on technology and innovation management has gauged blockchain as a catalyst for the electronic-information era. As developing countries around the globe are facing challenges to adopt and implement blockchain, this evidence-based systematic review aims to identify the implementation challenges of blockchain technology for developing countries. A total of 1,298 published documents during the period 2016-2021 from the Scopus, Web of Science, IEEE Xplore, and ScienceDirect databases were explored to recognize 19 appropriate publications for research analysis using a PRISMA flow diagram. Based on the identified challenges from the thorough reviews of these 19 publications, using the association technique, the authors developed four comprehensive themes as broad challenges: technological, governance, organizational and environmental, and knowledge. Later, they performed bibliometric analyses using VOSviewer 1.6.17, and based on the bibliometric evidence constructed term co-occurrence network plots. The results show that developing countries face challenges vis-à-vis technological, governance, organizational and environmental, and knowledge issues when implementing blockchain technology. Hence, to make blockchain adoption and implementation processes successful in developing countries, these broad categories of challenges must be properly addressed. In addition, practitioners of disruptive technology, policymakers, consultants, IT experts, business people, top company managers, and above all, respective governments need to pay attention to these challenges for accelerating the blockchain adoption and implementation process in developing countries.

1. Introduction 
The present age is filled with science and technology. Today’s modern civilization is the gift of seamless and robust technological development. Therefore, we are going through an innovative flow of amazing technology that spreads among various sectors, like manufacturing, retail, and financial services (Chang et al., 2019; Hou et al., 2020). Blockchain is a suitable technology for various sectors to maintain a distributed ledger of transactions, properties, etc. Blockchain alters the way of doing business (Wagire et al., 2019) and has the potential of generating new business models (Gökalp et al., 2018). This technology was invented by Satoshi Nakamoto in 2008 as a transaction ledger for the cryptocurrency bitcoin, which could solve the problem of sharing transaction information among involved parties without any central control. Blockchain is a distributed database that records the transactions between parties efficiently and in a provable and enduring way (Iansiti et al., 2017).

Many organizations are enhancing their interest in blockchain technology because of the significant advantages for business. In addition to confirming data integrity, blockchain allows increases in direct transactions between suppliers and customers, along with keeping correct records of asset movement (Lacity, 2018). Blockchain also plays a vital role in enhancing the traceability of transactions, increasing cost-effectiveness, and improving the performance of banks and other financial institutions (Hassani et al., 2018; Frizzo-Barker et al., 2019; Palmie et al, 2020). Blockchain is also being adopted in real estate and public registries to take advantage of the immutability possible with distributed ledger systems (Konashevych, 2020). Likewise, educational institutions have begun to adopt blockchain technology (Bhaskar et al., 2020).

Though blockchain has the ability to improve performance in the financial sector, it faces several challenges such as scalability, security, privacy leakage, energy consumption, laws and regulations, cybercrime, and so on (Chang et al., 2020). Firms also face governance, legacy, and coordination issues at the time of adopting blockchain technology (Upadhyay, 2020). Blockchain adoption in the health sector deals with some additional challenges, such as large data sharing in hospitals, data security and management, handling socio-economic data, and so on (Attaran, 2020). Although blockchain solves some issues involved with integrating IoT-based precision agricultural systems, it still poses challenges to security and privacy (Torky & Hassanein, 2020; Ferrag et al., 2020). Blockchain has the potential to decentralize educational documents and materials which encourage lifelong learning. Yet even still, privacy, security, and proper standardising for implementation are significant challenges for educational institutions (Bhaskar et al., 2020).

After considering the potentialities and challenges of blockchain technology, many developing countries have started taking some measures to adopt blockchain technology in their organizations. Disruptive technology like blockchain can facilitate those developing countries that are on a positive path of development to accomplish Sustainable Development Goals (SDGs) (Parmentola et al., 2021). Blockchain is especially advantageous for developing countries in addressing ineffectiveness in operations, establishing legal property rights, and reducing corruption (Kshetri & Voas, 2018).

Several studies have been done on blockchain adoption, benefits, impacting factors, and blockchain in the supply chain or the financial sector (Post et al., 2018; Hye et al., 2020; Janssen et al., 2020; Garg et al., 2021). Still, studies are scarce regarding the challenges of adopting blockchain technology generally, including for developing countries. This has been referred to as a future research gap to explore further (Hoxha & Sadiku, 2019; Janssen et al., 2020; Chang et al., 2020).

By developing countries, we imply countries with a lower GDP and a less developed and sophisticated economy than developed countries. In this study, researchers focus on the previously identified gap, which will address the challenges of blockchain adoption, particularly from the perspective of some similarly developing countries, such as India, Vietnam, Indonesia, Brazil, Pakistan, Philippines, Nigeria, and Kenya. Hence, this study aims at addressing the following research question: What are the challenges of adopting blockchain technology in developing countries?

To fill the research gap on this topic, the authors reviewed the existing literature related to the topic to find out the challenges in a broader context.

2. Materials and methods

The authors traced four rudimentary levels in this evidence-based systematic review (Bahinipati et al., 2021; Breet et al., 2021). The levels are: search, assessment, synthesis, and analysis (Mengist et al., 2020; Saif et al., 2021).

2.1 Literature search

At first, we performed a systematic exploration of available research papers (Sengers et al., 2019) on blockchain implementation challenges in developing countries. Leading academic research databases were used to search and extract relevant publications (Saif & Islam, 2022). We selected 2016 as the starting year for literature exploration and all of the scientific databases, that is, Scopus, Web of Science, IEEE Xplore, and ScienceDirect exhibited exploration results from 2016.

Table 1. Search procedures

Table 1 exhibited 1,298 records that were found in those academic research databases.

2.2 Literature assessment

To assess the relevant literature, we used a PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analysis) flow diagram as previously recommended (Munn et al., 2018; Zhang et al., 2019; Page et al., 2021).

Figure 1. The result of PRISMA flow diagram

Figure 1 reveals the step-by-step progressions to trace the final number of publications. We thus finally selected 19 documents, which focus on the challenges of blockchain adoption and implementation in developing countries, to conduct this study.

2.3 Literature synthesis

After identifying 19 relevant and applicable publications, we then synthesized those pieces of literature as suggested by Borrego and colleagues (2014), and by Snyder (2019). 

2.4 Analysis and reporting

At this stage, we prepared a table, as proposed by Younas and Ali (2021), for analyzing and reporting the results. Table 2 illustrates a total of 19 papers that were traced by the PRISMA flow diagram. Based on this illustration, the researchers developed relevant themes as broad challenges for implementing blockchain in developing countries.

Table 2. Reporting the identified studies

At this stage, using the association technique, we pinned down various challenges that could be categorized mainly into the topics of: technological, governance, organizational and environmental, and knowledge.

Technological Challenges

The technological context surrounds the technical capability, difficulty, complexity, and emergence of innovations for adoption (Rogers, 1995). Many researchers have agreed that technological challenges act as the main barriers to adopting and implementing blockchain (Kouhizadeh et al., 2021). Technological amateurishness, the cost of technology, scalability, interoperability, complexity, and technology-related regulatory uncertainty are all technological challenges. Hacking and system attacks, which have happened in cryptocurrency system, raise questions about the security of blockchain (Yli-Huumo et al., 2016). Security and privacy issues pose major challenges to blockchain adoption and implementation. According to Ateniese and colleagues (2014), the lack of certification can be responsible for increasing privacy issues. They also added that the use of certified bitcoin can accelerate the acceptance of blockchain in e-commerce.

Insufficient accessibility of IT infrastructure among stakeholders hampers effective and stable blockchain implementation (Kouhizadeh et al., 2021). One of the significant technological barriers to blockchain implementation is timestamping dependability, which is directly associated with distributed network dependability (Mense & Flatscher, 2018).

Other technological challenges of stable and successful blockchain adoption and implementation include the quantum computing threat, data storage, IoT overhead, software vulnerabilities, power consumption, cybercrime threat, routing attack, complicated technical barriers, extensive computation, insufficient data storage capacity, and general shortage of IT experts.

Governance Challenges

In an organization, responsibility delegation, communication, and decision-making processes are determined by governance mechanisms (Weill & Ross, 2005). Researchers have identified several governance challenges that create obstacles to blockchain adoption and implementation. According to Rikken et al. (2019), differences among blockchain protocols are a significant hindrance to blockchain implementation.

Many countries are not yet ready to adopt blockchain technology due to a lack of effective regulations (Yadav et al., 2020). Yadav et al. (2020) also added that uncertainty about blockchain regulation issues creates hesitation among stakeholders, which serves as a barrier to properly implementing this technology.

Management scalability, inadequate government regulations, insufficient trust among stakeholders, and the lack of an active regulatory board are some of the governance challenges that directly affect blockchain adoption and implementation. Transparency of code, especially when based on smart contracts, is a vital governance challenge for blockchain implementation. Lack of accountability and responsibility among stakeholders threatens the process of blockchain implementation. Shortage of compelling distributed ledger-based apps, insufficient clarity in governance, compliance difficulties with new rules and laws, and legal issues were also considered significant governance challenges.

Some other challenges, such as conflict resolution, incidences of tax evasion, and integration issues with various laws and regulations (Hans et al., 2017; Hye, Min, & Hong, 2017; Kwok & Koh, 2019) are also categorized under governance challenges for blockchain implementation. In some cases, a government’s unwillingness to adopt has thwarted efforts at blockchain implementation. A lack of clear incentives and rewards by the government for successful implementations of blockchain systems serves to demotivate professionals and experts in adopting this technology. In most developing countries, the blockchain adoption process suffers due to a lack of standardization, whereas the state-backed Blockchain Services Network (BSN) in China appears to be a further advanced standardization effort. With this initiative, China is promoting its digital yuan currency and establishing a non-fungible token (NFT) market apart from cryptocurrencies.

Organizational and Environmental Challenges

Several studies (Dutta et al., 2020; Lu et al., 2020; Kouhizadeh et al., 2021; Saheb et al., 2021; Toufaily et al., 2021) have emphasized and addressed organizational and environmental challenges for the successful adoption and implementation of blockchain systems. Organizational readiness, inter-organizational connectedness, management lifecycle, business process, status quo mindset, shortage of compelling apps, uncertain return on investment (ROI), lack of integration with the existing legacy system, lack of disrupting business model, business model alignment, inadequate infrastructure, lack of data integrity and trust, and a lack of willingness to adopt blockchain were all considered as organizational challenges (Dutta et al., 2020; Saheb et al., 2021; Lu et al., 2020; Kouhizadeh et al., 2021).

Organizational culture in companies guides employees through work discipline and expected behaviors towards other organizations (Kouhizadeh et al., 2021). Kouhizadeh and colleagues (2021) opined in their study that resistance to change in organizational culture acts as an obstacle to blockchain implementation. Organizations typically hesitate to replace or alter legacy systems, which creates a major blockage for blockchain adoption.

Environmental and external characteristics, ecosystem readiness, rules and regulations requirements regarding environmental protection, marketing noise of confusion and mistrust (credibility of blockchain), political resistance, environmental cost, and intellectual property concerns were also considered environmental challenges.

Knowledge Challenges

Technological adoption may not be successful due to the limitation of knowledge (Li et al., 2019). Lack of familiarity regarding blockchain technology, insufficient knowledge of stakeholders about blockchain, and lack of skilled and knowledgeable professionals are considered major knowledge challenges for blockchain implementation in developing countries (Li et al., 2019). All stakeholders require awareness-raising and training to adapt to this new system. But most organizations are unable to ensure proper training and orientation for their staff, which is a significant barrier in the path of blockchain adoption and implementation. Another challenge that falls under this category is little support from top management. Without the full support and cooperation of top management, it is impossible to integrate blockchain with existing legacy systems. Lack of understanding creates a lack of trust among stakeholders, including IT experts, technicians, business people and managers, security experts, policymakers, and professionals. Lack of trust also disrupts the blockchain implementation process (Li et al., 2019)

3. Results of bibliometric analysis

For bibliometric analysis, we used several graphs and charts to present the outcome of scientific works recorded in the scientific research databases.

Figure 2 depicts the trend of publications on blockchain adoption challenges, especially in developing countries for the period 2016-2021.

Figure 2. Trend of publications

Source: Authors’ articulation based on the data from the research databases

This figure represents an upward trend in publications on this issue. Before 2016, no significant research work on the challenges of blockchain implementation had been performed. One of the reasons is that implementation challenges often do not come up before elementary adoption and execution. The most work done on this issue was between 2016 and 2021. In 2021, publications on blockchain implementation challenges were peaking as blockchain adoption and implementation are still in their infancy in many parts of the world.

Figure 3 represents country-based publications on the topic of blockchain implementation challenges. The most work in this field has been performed in India, which proves that India is emphasizing blockchain implementation. Till 2021, India had around 190 publications in the databases.

Figure 3. Country-wise publications

Source: Authors’ articulation based on the data from the research databases

While China and the United States of America have contributed to the literature almost equally in the specific domain of blockchain implementation, France among those in the survey has made the lowest literature contribution.

Figure 4 below exhibits that research articles (65.6%), reviews (17.4%), and conference papers (10.2%) were the major forms of publications from 2016 to 2021.

Figure 4. Types of publications

Source: Authors’ articulation based on the data from the research databases

Taken in context, it can be argued that researchers and academicians are more interested to present their work in journals and to share their thoughts at conferences so that they can receive specific suggestions, comments, and feedback from reviewers and fellow participants.

Figure 5 represents the publications based on different subject areas about blockchain implementation challenges for developing countries from 2016 to 2021. From Figure 5, it is clear that researchers in various fields are concerned about the issue of blockchain.

Figure 5. Publications based on subject areas

Source: Authors’ articulation based on the data from the research databases

Among the subject areas, business management, computer science, and engineering were the most significant from which more than 44% of the research was published. Publications from some other subject areas, such as decision science, economics, medicine, and mathematics are very scarce. Therefore, this finding calls for more research in these particular subject areas.

Figure 6 depicts the co-authorship network between countries in the field of blockchain implementation challenges. In this network, each node represents a country and the thickness of the connection between two nodes represents the intensity of collaboration between two countries.

Figure 6. Co-authorship network of countries

Source: Output generated from VOSviewer  

The above map reflects that India, the United States, and the United Kingdom are the most central collaboration countries, as they are presented by the larger nodes. On the other hand, Greece and South Africa are the least central countries for co-authorship. The increased thickness of the links between the United Kingdom and Pakistan indicates that these two countries collaborated most.

Figure 7 represents a map based on bibliographic information. This map shows all the keywords of the studied publications (considered as the unit of analysis) based on a co-occurrence analysis (considered as the type of analysis) in the area of blockchain implementation challenges. To grasp the whole picture, the authors adopted the full counting technique.

Figure 7. Network map of assembled bibliographic information

Source: Output generated from VOSviewer

This map reflects blockchain as a keyword that has the highest co-occurrence. Other keywords, such as smart contract, Internet of Things (IoT), technology adoption, data analytics, human, digital storage, traceability, developing countries, challenges, privacy, and information technology, are depicted in this map as a network of identified terms.

Figure 8 depicts the term co-occurrence map based on the selected publications’ titles and abstracts. This map is based on text data and information.

Figure 8. Term co-occurrence map

Source: Output generated from VOSviewer

According to the above map, smart contract, record keeping, internet, sustainability, IoT, architecture, use case, governance, user, innovation, barrier, quality, energy, and big data were identified as dominant terms associated with blockchain implementation challenges in the network. Although system architecture, blockchain network, blockchain platform, and e-governance are connected in the network, they are not identified as dominant terms.

4. Discussion and Conclusions

This study was conducted to identify the challenges of adopting blockchain technology in developing countries. The result of this research shows that the challenges of adopting blockchain in developing countries fall into four categories, that is, technological, governance, organizational and environmental, and knowledge. To discover this, we reviewed the existing literature related to blockchain adoption and implementation challenges in developing countries.

Despite the identified challenges, we believe that blockchain-based solutions can still benefit a large proportion of people in the developing world. In this age of technological precision, blockchain can play a significant role in achieving sustainable development goals and economic growth in developing countries. Although blockchain can enhance the performance and efficiency of operations, especially in financial sectors, the adoption rate of this technology is still very low in developing countries due to multiple factors. Several challenges slow down the process of blockchain technology adoption and implementation.

From the bibliometric analysis, we found that from 2016 to 2021 numerous studies were conducted on blockchain implementation and challenges. India had more publications compared to other developing countries during this period. Most works regarding blockchain challenges were found in the form of articles. Furthermore, blockchain adoption challenges were studied more in the business and management discipline compared to other disciplines.

Among the four obstacles, the most significant are technological challenges (Kouhizadeh et al., 2021). Technological challenges of blockchain systems involve several issues, such as privacy, cryptocurrency security, data storage, scalability, interoperability, complexity, IoT overhead, timestamp dependability, power consumption, and software vulnerabilities (Yli-Huumo et al., 2016; Mense & Flatscher, 2018). We found that digital storage, privacy, and IoT are found to co-occur with the term “blockchain”. Furthermore, IoT and cryptocurrency terms are dominantly associated with blockchain challenges, which is consistent across the technological challenges category.

The lack of governance hinders the successful implementation of blockchain systems. Therefore, to obviate the failure of blockchain implementation, stakeholders need to develop effective governance mechanisms (Yadav et al., 2020). We found that various countries are not diligent in building effective regulations, new rules, and laws for blockchain implementation (Hans et al., 2017; Hye et al., 2017). In addition, smart contracts are a daunting governance challenge. Furthermore, the government has the proclivity not to award and incentivize successful blockchain implementation, the reasons for which could be further explored.

The research showed that stakeholders tend to pay scant attention to the organizational and environmental challenges during blockchain implementation. A lack of organizational readiness, integration, trust, and infrastructure problems accentuate the organizational challenges to implementing blockchain (Toufaily et al., 2021; Kouhizadeh et al., 2021). Employees’ resistance to accepting a new technology, such as blockchain, in replacing an old system is another challenge (Kouhizadeh et al., 2021). Likewise, the changing organizational culture at a company is not a trifling matter, which behavioral research has shown as co-occurring with blockchain implementation challenges.

The lack of insight people have about blockchain technology creates barriers to successful implementation (Yadav et al., 2020). Additionally, the lack of skilled IT professionals, training and orientation, along with inadequate top management support in developing countries intensifies the knowledge challenges (Sharma & Joshi, 2021; Sanka et al., 2021). We found that the term “expert” is considered as dominant in association with blockchain implementation challenges, suggesting that more expertise is needed. In many developing countries, blockchain is not yet well established due to the knowledge gap among stakeholders and policymakers, although this may also be true globally. Adequate knowledge workers with translatable expertise will be required in developing countries to ensure stable and successful local implementations of blockchain technology.

Furthermore, the current state of Central Bank Digital Currencies (CBDC) reveals that many developing and rising countries throughout the world are at various stages of blockchain and cryptocurrency adoption. The importance of CBDCs has been emphasized as a result of this, even while at various stages of experimentation and new usage. In addition, cross-border initiatives between developing and developed nations might be undertaken to promote global connections toward solving various obstacles.

5. Limitations and Future Research

The results of this article will assist policymakers in developing countries to better recognize the major challenges of adopting blockchain systems. By addressing those challenges sagaciously, developing countries will be able to maximize the benefits of blockchain innovation. Government, policymakers, and top management should ensure proper training and orientation to develop skilled workers for blockchain technology. Furthermore, a clear and transparent set of regulatory guidelines that fall under the governance category will also be required to initiate and implement blockchain systems on a wider scale for developing economies.

Effective coordination, collaboration, and communication among top management, professionals, business people, and IT experts, together with regulators and policymakers, can improve a nation or region’s process of blockchain adoption and successful implementation. Up to this point, however, research on this topic has not focused on any specific developing country. Hence, further research may be conducted on individual developing countries to augment the results. Moreover, future researchers can empirically investigate and explore further by considering the four challenges identified here, that is, technological, governance, organizational and environmental, and knowledge.

 


References

Angelis, J., & da Silva, E.R. 2019. Blockchain Adoption: A Value Driver Perspective. Business Horizons62(3): 307-314. DOI: https://doi.org/10.1016/j.bushor.2018.12.001

Ateniese, G., Faonio, A., Magri, B., & De Medeiros, B. 2014. Certified Bitcoins. International Conference on Applied Cryptography and Network Security: 80-96. DOI: https://doi.org/10.1007/978-3-319-07536-5_6   

Attaran, M. 2020. Blockchain Technology in Healthcare: Challenges and opportunities. International Journal of Healthcare Management: 1-14. DOI: https://doi.org/10.1080/20479700.2020.1843887

Bahinipati, C.S., Kumar, V., & Viswanathan, P.K. 2021. An Evidence-based Systematic Review on Farmers’ Adaptation Strategies in India. Food Security: 1-20. DOI: https://doi.org/10.1007/s12571-020-01139-3

Bamakan, S.M.H., Moghaddam, S.G., & Manshadi, S.D. 2021. Blockchain-enabled Pharmaceutical Cold Chain: applications, key challenges, and future trends. Journal of Cleaner Production: 127021. DOI: https://doi.org/10.1016/j.jclepro.2021.127021

Bhaskar, P., Tiwari, C.K., & Joshi, A. 2020. Blockchain in Education Management: present and future applications. Interactive Technology and Smart Education. DOI: https://doi.org/10.1108/itse-07-2020-0102

Bore, N., Karumba, S., Mutahi, J., Darnell, S.S., Wayua, C., & Weldemariam, K. 2017. Towards Blockchain-enabled School Information Hub. In Proceedings of the Ninth International Conference on Information and Communication Technologies and Development: 1-4. DOI: https://doi.org/10.1145/3136560.3136584

Borrego, M., Foster, M.J., & Froyd, J.E. 2014. Systematic Literature Reviews in Engineering Education and Other Developing Interdisciplinary Fields. Journal of Engineering Education103(1): 45-76.  DOI: https://doi.org/10.1002/jee.20038

Breet, E., Matooane, M., Tomlinson, M., & Bantjes, J. 2021. Systematic Review and Narrative Synthesis of Suicide Prevention in High-Schools and Universities: a research agenda for evidence-based practice. BMC public health21(1): 1-21. DOI: https://doi.org/10.1186/s12889-021-11124-w

Chang, S.E., Chen, Y.C., & Lu, M.F. 2019. Supply Chain Re-engineering Using Blockchain Technology: A case of smart contract-based tracking process. Technological Forecasting and Social Change144: 1-11. DOI: https://doi.org/10.1016/j.techfore.2019.03.015

Chang, V., Baudier, P., Zhang, H., Xu, Q., Zhang, J., & Arami, M. 2020. How Blockchain can Impact Financial Services -The overview, challenges and recommendations from expert interviewees. Technological forecasting and social change158: 120166. DOI: https://doi.org/10.1016/j.techfore.2020.120166

CisionPRNewswire. 2020. The Global Blockchain Market Size is Expected to Grow from USD 3.0 Billion in 2020 to USD 39.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 67.3%. Retrieved from Cision PR Newswire.

Cocco, L., Pinna, A., & Marchesi, M. 2017. Banking on Blockchain: Costs savings thanks to the blockchain technology. Future internet9(3): 25. DOI: https://doi.org/10.3390/fi9030025

Dutta, P., Choi, T.M., Somani, S., & Butala, R. 2020. Blockchain Technology in Supply Chain Operations: Applications, challenges and research opportunities. Transportation research part e: Logistics and transportation review142: 102067. DOI: https://doi.org/10.1016/j.tre.2020.102067

Ferrag, M.A., Shu, L., Yang, X., Derhab, A., & Maglaras, L. 2020. Security and Privacy for Green IoT-based Agriculture: Review, blockchain solutions, and challenges. IEEE access8: 32031-32053. DOI: https://doi.org/10.1109/access.2020.2973178

Frizzo-Barker, J., Chow-White, P.A., Adams, P.R., Mentanko, J., Ha, D., & Green, S. 2020. Blockchain as a Disruptive Technology for Business: A systematic review. International Journal of Information Management51: 102029. DOI: https://doi.org/10.1016/j.ijinfomgt.2019.10.014

Garg, P., Gupta, B., Chauhan, A.K., Sivarajah, U., Gupta, S., & Modgil, S. 2021. Measuring the Perceived Benefits of Implementing Blockchain Technology in the Banking Sector. Technological Forecasting and Social Change163: 120407. DOI: https://doi.org/10.1016/j.techfore.2020.120407

Gökalp, E., Gökalp, M.O., Çoban, S., & Eren, P.E. 2018. Analysing Opportunities and Challenges of Integrated Blockchain Technologies in Healthcare. In Euro symposium on systems analysis and design: 174-183. DOI: https://doi.org/10.1007/978-3-030-00060-8_13   

Guo, Y., & Liang, C. 2016. Blockchain Application and Outlook in the Banking Industry. Financial innovation2(1): 1-12. DOI: https://doi.org/10.1186/s40854-016-0034-9

Hans, R., Zuber, H., Rizk, A., & Steinmetz, R. 2017. Blockchain and Smart Contracts: Disruptive technologies for the insurance market.

Hassani, H., Huang, X., & Silva, E. 2018. Banking with Blockchain-ed Big Data. Journal of Management Analytics5(4): 256-275. DOI: https://doi.org/10.1080/23270012.2018.1528900

Hewa, T., Ylianttila, M., & Liyanage, M. 2020. Survey on Blockchain Based Smart Contracts: Applications, opportunities and challenges. Journal of Network and Computer Applications: 102857. DOI: https://doi.org/10.1016/j.jnca.2020.102857

Hou, J., Wang, C., & Luo, S. 2020. How to Improve the Competiveness of Distributed Energy Resources in China with Blockchain Technology. Technological Forecasting and Social Change151: 119744. DOI: https://doi.org/10.1016/j.techfore.2019.119744

Hoxha, V., & Sadiku, S. 2019. Study of Factors Influencing the Decision to Adopt the Blockchain Technology in Real Estate Transactions in Kosovo. Property Management. DOI: https://doi.org/10.1108/PM-01-2019-0002

Hye, A.M., Miraz, M.H., Sharif, K.I.M., & Hassan, M.G. 2020. Factors Affecting Logistic Supply Chain Performance: Mediating Role of Block chain Adoption. Test Engineering and Management: 9338-9348.

Iansiti, M., Lakhani, K.R., & Mohamed, H. 2017. It will Take Years to Transform Business, but the Journey Begins Now. Harvard Business Review95(1): 118-128.

Janssen, M., Weerakkody, V., Ismagilova, E., Sivarajah, U., & Irani, Z. 2020. A Framework for Analysing Blockchain Technology Adoption: Integrating institutional, market and technical factors. International Journal of Information Management50: 302-309.

Kim, H.R., Min, K., & Hong, S.P. 2017. A Study on Ways to Apply the Blockchain-based Online Voting System. International Journal of Control and Automation10(12): 121-130. DOI: https://doi.org/10.14257/ijca.2017.10.12.11

Konashevych, O. 2020. Constraints and Benefits of the Blockchain use for Real Estate and Property Rights. Journal of Property, Planning and Environmental Law. DOI: https://doi.org/10.1108/jppel-12-2019-0061

Kouhizadeh, M., Saberi, S., & Sarkis, J. 2021. Blockchain Technology and the Sustainable Supply Chain: Theoretically exploring adoption barriers. International Journal of Production Economics231: 107831. DOI: https://doi.org/10.1016/j.ijpe.2020.107831

Kshetri, N., & Voas, J. 2018. Blockchain in developing countries. IT Professional, 20(2): 11-14. DOI: https://doi.org/10.1109/mitp.2018.021921645

Kursh, S.R., & Gold, N.A. 2016. Adding Fintech and Blockchain to your Curriculum. Business Education Innovation Journal8(2): 6-12.

Kwok, A.O., & Koh, S.G. 2019. Is Blockchain Technology a Watershed for Tourism Development? Current Issues in Tourism22(20): 2447-2452. DOI: https://doi.org/10.1080/13683500.2018.1513460

Lacity, M.C. 2018. Addressing Key Challenges to Making Enterprise Blockchain Applications a Reality. MIS Quarterly Executive17(3): 201-222.

Li, J., Greenwood, D., & Kassem, M. 2019. Blockchain in the built environment and construction industry: A systematic review, conceptual models and practical use cases. Automation in Construction102: 288-307. DOI: https://doi.org/10.1016/j.autcon.2019.02.005

Lu, Y. 2019. The Blockchain: State-of-the-art and research challenges. Journal of Industrial Information Integration15: 80-90. DOI: https://doi.org/10.1016/j.jii.2019.04.002

Makhdoom, I., Abolhasan, M., Abbas, H., & Ni, W. 2019. Blockchain's Adoption in IoT: The challenges, and a way forward. Journal of Network and Computer Applications125: 251-279. DOI: https://doi.org/10.1016/j.jnca.2018.10.019

McGhin, T., Choo, K.K.R., Liu, C.Z., & He, D. 2019. Blockchain in Healthcare Applications: Research challenges and opportunities. Journal of Network and Computer Applications135: 62-75. DOI: https://doi.org/10.1016/j.jnca.2019.02.027

Mengist, W., Soromessa, T., & Legese, G. 2020. Method for Conducting Systematic Literature Review and Meta-Analysis for Environmental Science Research. Methods X7: 100777. DOI: https://doi.org/10.1016/j.mex.2019.100777

Mense, A., & Flatscher, M. 2018. Security Vulnerabilities in Ethereum Smart Contracts. In Proceedings of the 20th international conference on information integration and web-based applications & services - iiWAS2018: 375-380. New York, USA: ACM Press. DOI: https://doi.org/10.1145/3282373.3282419

Munn, Z., Peters, M.D., Stern, C., Tufanaru, C., McArthur, A., & Aromataris, E. 2018. Systematic review or scoping review? Guidance for authors when choosing between a systematic or scoping review approach. BMC medical research methodology18(1): 1-7.  DOI: https://doi.org/10.1186/s12874-018-0611-x

Page, M.J., McKenzie, J.E., Bossuyt, P.M., Boutron, I., Hoffmann, T.C., Mulrow, C.D., & Moher, D. 2021. The PRISMA 2020 Statement: an updated guideline for reporting systematic reviews. Bmj372.  DOI: https://doi.org/10.1136/bmj.n71

Palmié, M., Wincent, J., Parida, V., & Caglar, U. 2020. The Evolution of the Financial Technology Ecosystem: An introduction and agenda for future research on disruptive innovations in ecosystems. Technological Forecasting and Social Change151: 119779. DOI: https://doi.org/10.1016/j.techfore.2019.119779

Parmentola, A., Petrillo, A., Tutore, I., & De Felice, F. 2021. Is Blockchain Able to Enhance Environmental Sustainability? A systematic review and research agenda from the perspective of Sustainable Development Goals (SDGs). Business Strategy and the Environment. DOI: https://doi.org/10.1002/bse.2882

Post, R., Smit, K., & Zoet, M. 2018. Identifying Factors Affecting Blockchain Technology Diffusion. ???

PwC. 2020. Time for Trust: How blockchain will transform business and the economy. Retrieved October 4, 2021, Available online at: https://www.pwc.com/gx/en/industries/technology/publications/blockchain-report-transform-business-economy.html.

Queiroz, M.M., & Wamba, S.F. 2019. Blockchain Adoption Challenges in Supply Chain: An empirical investigation of the main drivers in India and the USA. International Journal of Information Management46: 70-82. DOI: https://doi.org/10.1016/j.ijinfomgt.2018.11.021

Reyna, A., Martín, C., Chen, J., Soler, E., & Díaz, M. 2018. On Blockchain and its Integration with IoT. Challenges and opportunities. Future generation computer systems88: 173-190. DOI: https://doi.org/10.1016/j.future.2018.05.046

Rikken, O., Janssen, M., & Kwee, Z. 2019. Governance Challenges of Blockchain and Decentralized Autonomous Organizations. Information Polity24(4): 397-417. DOI: https://doi.org/10.3233/ip-190154

Rogers Everett, M. 1995. Diffusion of Innovations, 12. New York.

Saheb, T., & Mamaghani, F.H. 2021. Exploring the Barriers and Organizational Values of Blockchain Adoption in the Banking Industry. The Journal of High Technology Management Research: 100417. DOI: https://doi.org/10.1016/j.hitech.2021.100417

Saif, A.N.M., & Islam, M.A. 2022. Blockchain in Human Resource Management: a systematic review and bibliometric analysis. Technology Analysis & Strategic Management: 1-16. DOI: https://doi.org/10.1080/09537325.2022.2049226

Saif, A.N.M., Rahman, A.A., & Mostafa, R. 2021. Post-implementation Challenges of ERP Adoption in Apparel Industry of Developing Country. Log Forum, 17(4): 519-529.

Sanka, A.I., Irfan, M., Huang, I., & Cheung, R.C. 2021. A Survey of Breakthrough in Blockchain Technology: Adoptions, applications, challenges and future research. Computer Communications. DOI: https://doi.org/10.1016/j.comcom.2020.12.028

Sengers, F., Wieczorek, A.J., & Raven, R. 2019. Experimenting for Sustainability Transitions: A systematic literature review. Technological Forecasting and Social Change145: 153-164. DOI: https://doi.org/10.1016/j.techfore.2016.08.031

Sharma, M., & Joshi, S. 2021. Barriers to Blockchain Adoption in Health-care Industry: an Indian perspective. Journal of Global Operations and Strategic Sourcing. DOI: https://doi.org/10.1108/JGOSS-06-2020-0026

Snyder, H. 2019. Literature Review as a Research Methodology: An overview and guidelines. Journal of Business Research104: 333-339. DOI: https://doi.org/10.1016/j.jbusres.2019.07.039

Torky, M., & Hassanein, A.E. 2020. Integrating Blockchain and the Internet of Things in Precision Agriculture: Analysis, opportunities, and challenges. Computers and Electronics in Agriculture: 105476. DOI: https://doi.org/10.1016/j.compag.2020.105476

Toufaily, E., Zalan, T., & Dhaou, S.B. 2021. A Framework of Blockchain Technology Adoption: An investigation of challenges and expected value. Information & Management58(3): 103444. DOI: https://doi.org/10.1016/j.im.2021.103444

Treiblmaier, H. 2018. The Impact of the Blockchain on the Supply Chain: a theory-based research framework and a call for action. Supply Chain Management: An International Journal. DOI: https://doi.org/10.1108/SCM-01-2018-0029

Upadhyay, N. 2020. Demystifying Blockchain: A critical analysis of challenges, applications and opportunities. International Journal of Information Management54: 102120. DOI: https://doi.org/10.1016/j.ijinfomgt.2020.102120

Wagire, A.A., Rathore, A.P.S., & Jain, R. 2019. Analysis and Synthesis of Industry 4.0 Research Landscape: using latent semantic analysis approach. Journal of Manufacturing Technology Management, 31(1). DOI: https://doi.org/10.1108/JMTM-10-2018-0349

Weill, P., & Ross, J.W. 2005. A Matrixed Approach to Designing IT Governance. MIT Sloan Management Review, 46(2): 26-34.

Yadav, V.S., Singh, A.R., Raut, R.D., & Govindarajan, U.H. 2020. Blockchain Technology Adoption Barriers in the Indian Agricultural Supply Chain: an integrated approach. Resources, Conservation and Recycling161: 104877. DOI: https://doi.org/10.1016/j.resconrec.2020.104877

Yli-Huumo, J., Ko, D., Choi, S., Park, S., & Smolander, K. 2016. Where is Current Research on Blockchain Technology? A systematic review. Plos one11(10): e0163477. DOI: https://doi.org/10.1371/journal.pone.0163477

Younas, A., & Ali, P. 2021. Five Tips for Developing Useful Literature Summary Tables for Writing Review Articles. Evidence-Based Nursing24(2): 32-34. DOI: http://dx.doi.org/10.1136/ebnurs-2021-103417

Zhang, J., Han, L., Shields, L., Tian, J., & Wang, J. 2019. A PRISMA Assessment of the Reporting Quality of Systematic Reviews of Nursing Published in the Cochrane Library and Paper-Based Journals. Medicine98(49). DOI: https://dx.doi.org/10.1097%2FMD.0000000000018099

Zhou, Y., Soh, Y.S., Loh, H.S., & Yuen, K.F. 2020. The Key Challenges and Critical Success Factors of Blockchain Implementation: Policy implications for Singapore’s maritime industry. Marine Policy122: 104265. DOI: https://doi.org/10.1016/j.marpol.2020.104265

Share this article:

Cite this article:

Rate This Content: 
13 votes have been cast, with an average score of 2.46 stars

Keywords: bibliometric analysis, blockchain, challenges, developing country, implementation, PRISMA, systematic review, VOSviewer