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Blockchain in Global Supply Chains and Cross Border Trade A Critical Synthesis of the State-of-the-Art Challenges and Opportunities

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Document pages: 51 pages

Abstract: Blockchain in supply chain management is expected to boom over the next fiveyears. It is estimated that the global blockchain supply chain market wouldgrow at a compound annual growth rate of 87 and increase from $45 million in2018 to $3,314.6 million by 2023. Blockchain will improve business for allglobal supply chain stakeholders by providing enhanced traceability,facilitating digitisation, and securing chain-of-custody. This paper provides asynthesis of the existing challenges in global supply chain and tradeoperations, as well as the relevant capabilities and potential of blockchain.We further present leading pilot initiatives on applying blockchains to supplychains and the logistics industry to fulfill a range of needs. Finally, wediscuss the implications of blockchain on customs and governmental agencies,summarize challenges in enabling the wide scale deployment of blockchain inglobal supply chain management, and identify future research directions.

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