Key Success Factors and Challenges in Integrating Blockchain Technology in Global Supply Chains

Global supply chains are complex and need to meet increasing demands, requiring more transparency and traceability. Blockchain technology (BCT) is a potential solution to address these demands due to its inherent immutability, decentralization and transparency. However, BCT integration in global supply chain management (SCM) is not always successful, resulting in sunk costs and wasted resources. This paper identifies the key success factors and challenges of blockchain integration in global supply chains. The research in this paper extracts primary data from ten semi-structured industry expert interviews and secondary data from literature. Based on the findings, key success factors encompass adequate education on BCT with the right level of abstraction for each supply chain participant, and the willingness to agree on standards, considering geographical variations and infrastructural development. Conversely, key challenges involve deciding which data to put on the blockchain, stakeholder collaboration and interoperability with existing systems. This paper concludes with recommendations for successfully implementing BCT projects.