Surfing Blockchain Wave, or Drowning Shaping The Future of Distributed Ledgers and Decentralized Technologies

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Surfing blockchain wave, or drowning? Shaping the future of distributed


ledgers and decentralized technologies

Article  in  Technological Forecasting and Social Change · April 2021


DOI: 10.1016/j.techfore.2020.120463

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Technological Forecasting & Social Change 165 (2021) 120463

Contents lists available at ScienceDirect

Technological Forecasting & Social Change


journal homepage: www.elsevier.com/locate/techfore

Surfing blockchain wave, or drowning? Shaping the future of distributed


ledgers and decentralized technologies
Piera Centobelli a, Roberto Cerchione b, *, Emilio Esposito a, Eugenio Oropallo a
a
Department of Industrial Engineering, University of Naples Federico II, P. le Tecchio 80, 80125, Naples (Italy)
b
Department of Engineering, University of Naples Parthenope, Centro Direzionale di Napoli Isola C4, 80143, Naples, (Italy)

A R T I C L E I N F O A B S T R A C T

Keywords: Blockchain is a promising technology whose four TRs (TRaceability, TRacking, TRansparency, TRrust) features
Bibliometric analysis are bound to revolutionize material, information, financial flows and transactions inside and outside organisa­
Block-chain tions. Many studies have been published showing the potential of this disruptive technology in many fields and
Decentralized technology
this number is growing exponentially in recent years. This enormous amount of papers calls for a more systematic
Distributed ledger
Literature review
approach to analyse the overall trend in this research field. A bibliometric approach based on performance
Network analysis analysis and network analysis techniques is used to examine the evolution of blockchain technology research.
Performance analysis Firstly, this paper contributes to the body of literature by discussing the most influential countries, authors,
Traceability subject areas and journals of the current blockchain research. Secondly, this paper identifies six main clusters of
Tracking blockchain-related research contributions and, based on the analysis on centrality and density measures, it
Transparency classifies research themes in motor themes, basic themes, emerging or disappearing themes, and specialised
trust themes. Despite the majority of contributions belong to the computer science subject area, many papers
belonging to the technology management subject area provide pivotal insights for practitioners and policy
makers. Specifically, they may exploit the results of this research to rethink many traditional processes in the
light of blockchain technology implementation, exploit the benefits of the four TRs to manage processes,
automate common tasks, generate actionable results, and improve daily operations.

1. Introduction necessity of distributed systems to guarantee transparency and security


for business transactions and information flows without the need for a
With the advent of the fourth industrial revolution, an enormous third trusted party (Goertzel et al., 2017; Marsal-Llacuna, 2018; Pereira
amount of data and knowledge sources about products’ life-cycles, in­ et al., 2019). Furthermore, these efforts should be coordinated within a
bound/outbound logistics, customer-supplier interactions, and market transparent and trusted mechanism, hence leading to decentralized
needs are available real-time for companies (Ardito et al., 2019; Atzori processes, managerial and organizational complexities (Chen et al.,
et al., 2010; Islam et al., 2020; Shashi et al., 2020; Wang et al., 2018). As 2012; Islam et al., 2020; Schoenherr and Speier-Pero, 2015; Vigna and
a result, business operations are moving towards more trustless, auto­ Casey, 2016; Wang et al., 2016; White et al., 2020).
mated and coordinated multi-objective systems crossed by a variety of In this context, the implementation of blockchain platforms allows
data and knowledge flows favouring the integration of demand- and companies to deal with increasing transparency, disintermediation of
supply-focused digital processes (Castagna et al., 2020; Goertzel et al., business processes, efficiency, and data quality issues, due to the un­
2017; Ranganathan et al., 2011; Roßmann et al., 2018; Schrauf and precedented volume, variety, and velocity of data that can be acquired
Berttram, 2016). The crucial issue is ensuring that the data is used in an and the transfer of ownership that can be elaborated (Cecere, 2017;
efficient, synchronised, interoperable and transparent way, and adds Hazen et al., 2014; Mancilla and Sepúlveda, 2017; Raguseo and Vitari,
value in addressing real problems and issues (Kwon et al., 2015; 2018; Tan et al., 2015).
Amankwah-Amoah, 2016; Dubey et al., 2019). With regard to the way Nevertheless, although there is a vast literature highlighting that
data is created, collected, stored and made available on a platform, a blockchain is becoming a key strategic factor in the new industrial
topic that is crucial for academicians and practitioners concerns the environment, in the field of technology management the future of

* Corresponding author: University of Naples Parthenope, Centro Direzionale di Napoli, Isola, C4, 80143, Naples, Italy.
E-mail address: roberto.cerchione@uniparthenope.it (R. Cerchione).

https://doi.org/10.1016/j.techfore.2020.120463
Received 10 April 2020; Received in revised form 8 November 2020; Accepted 9 November 2020
Available online 22 December 2020
0040-1625/© 2020 Elsevier Inc. All rights reserved.
P. Centobelli et al. Technological Forecasting & Social Change 165 (2021) 120463

distributed ledgers and decentralized technologies still seems to be reports the conclusions and implications of this research.
neglected. This latter point is also underlined by the two reviews dealing
with the analysis of the body of literature (Firdaus et al., 2019; Miau and 2. Review methodology and data collection
Yang, 2018). Miau and Yang (2018) reviewed papers published from
2008 to March 2017 and evaluated the author productivity using the Compared to other review approaches, the proposed literature re­
Lotka’s law and K-S test to verify reliability. The review analyses the view approach allows authors to integrate previous studies and provide
three main stages of blockchain research evolution. The review also qualitative and quantitative insights on the topic investigated. Despite
shows that more features and data can be added to evaluate the pathway the growing interest in the field, there is a scarcity of contributions
from multiple viewpoints, especially the changes of technologies and analysing how the academic research on the topic has evolved over the
related domains. Firdaus et al. (2019) reviewed mainly technical papers time. Thus, the aim of the proposed approach is to bridge this gap and
published between 2013 and 2018. Authors mainly analysed the extent provide insights into the topic analysing the papers published in leading
to which consensus algorithms support the development of blockchain academic journals and the evolving scenario of the contributions in the
solutions. scientific literature using bibliometric and network analysis.
Both these reviews highlight an increasing interest in the develop­ In this paper, a bibliometric analysis based on performance analysis
ment of blockchain solutions. Nevertheless, they do not analyse the and science mapping is adopted for two main reasons. Firstly, biblio­
literature highlighting the specificity of the diverse application fields metric analysis can deeply analyse, with mathematical and statistical
and do not even indicate the context-specific factors affecting block­ methods, relationships amongst different bibliometric objects (e.g., au­
chain design in different industries and domains. However, these thors, country, affiliation, keywords, citations) (Aria and Cuccurullo,
analytical perspectives are crucial and could identify important addi­ 2017; De Bellis, 2009; Mora et al., 2019). Secondly, the mapping
tional issues to fill previous gaps through advanced network analysis approach helps readers to easily identify the different research themes in
techniques. the field (Yunting et al., 2017). Therefore, performance analysis was
In this context, the main aim of this paper is to conduct a bibliometric conducted to offer a comprehensive overview of the large scientific
review of blockchain literature that is complementary to the previous literature on the topic. Further, science mapping was used to map
reviews. Scholars widely acknowledged the imperative role of classi­ research developments (Jia et al., 2014; Li and Hale, 2016) and find
fying the research published on an exponentially growing research field most important topics and existing research gaps analysing the different
to facilitate researchers and practitioners in attaining a deeper under­ co-citations based clusters of cited references and authors (Cancino et al.
standing of the field (Blanco-Mesa et al., 2017; Merigó et al., 2016; 2017; Laengle et al. 2017; Zyoud and Fuchs-Hanusch, 2017).
Nunen et al., 2018). The application of the bibliometric approach based Fig. 1 reports a conceptual scheme of the methodology adopted in
on performance analysis and network analysis techniques may enable to this paper which consists of three main steps:
achieve this objective.
To provide a structured and encompassing overview of the block­ 1 Material collection phase. It includes a detailed discussion about
chain research field, this paper proposes: (1) a review of the literature of the academic database and keywords used to collect papers.
blockchain dating back to its appearance; (2) a robust insight into the 2 Material pre-processing. It includes all the pre-processing opera­
research field by using performance analysis and network analysis tions to clean data and remove spelling mistakes from the database.
applied to a total of 2233 publications to identify key contributing au­ 3 Results analysis. It consists of two sub-phases:
thors, countries, institutions and journals in the field; (3) a comparison a Performance analysis. This phase classifies papers by different
of the most influential contributions according to the citations; and (4) descriptive and citation perspectives:
the identification of research clusters based on co-citation analysis and i Papers by time. Chronological distribution of publications;
co-occurrence analysis within the blockchain research domain. By ii Papers by country. Papers distribution per country;
analysing the papers and citations received, we identified the impact of iii Papers by journal. Distribution of papers by journal;
the most influential contributions and authors which represent the iv Papers by subject area. Papers distribution by subject area;
theoretical and empirical foundations of this field, the relationships v Keywords analysis. Distribution of most used author’s keywords;
between papers and authors, the topics already covered, and, as a result, vi Most relevant contributions. Analysis of most cited papers.
new research streams for further investigations. b Network analysis. In this phase statistical and mathematical
Therefore, this paper tends to bridge a research gap concerning the methods are used to examine different aspects of a research field
lack of a comprehensive overview of blockchain using a robust analyt­ from an objective and quantitative perspective, and identify
ical approach, by offering the broad qualitative and quantitative insights different maps based on the research field structure (De Bellis,
of blockchain research through bibliometric analysis methods. The 2009; Ding et al., 2001; Godin, 2006; Mora et al., 2019). These
outcomes of this analysis offer deep insights into contemporary discus­ maps are complex networks in which two or more units can be
sions, advancing the research field related to the contextual and multi- interconnected each other (Ding et al., 2001; Hashem et al., 2016;
level phenomenon of blockchain, and pointing out directions for Mora et al., 2019) and they make it possible to understand “how
future research. specific research fields are conceptually, intellectually and socially
This review is expected to make considerable contributions to the structured” (M.J. Cobo et al., 2011, p. 1382). Once defined the
extant literature for the following reasons: 1) it offers a wide overview of aspect of the paper to analyse (e.g., authors, journals, documents,
the blockchain literature; 2) it provides significant information for cited references, institutions, and countries), it is possible to build
future researchers summarizing the most significant contributions, the a graph where the nodes are the bibliographical elements
most cited outlets (as represented by journals), the most prolific coun­ considered and the edges are the link between them (e.g.,
tries, the most cited authors in this field; and 3) it identifies research co-citation and co-occurrence). The similarity degree between
scopes and empirical issues adopted by this stream of research. In each node affects the network connection degree (Mora et al.,
addition, this study identifies new research streams and perspectives for 2019) and according to the similarity criteria, connections in the
further investigation. network can be different. The most common criteria used to
The remainder of the paper is structured as follows. After the intro­ measure similarity are co-citation analysis, coupling analysis, and
duction, Section 2 analyses the review methodology and data collection co-occurrence analysis (He, 1999). According to M.J. Cobo et al.
process. Section 3 presents the results of performance analysis, whereas (2011), network analysis can be classified into different
the Section 4 deals with the network analysis. Future trajectories for perspectives:
research on the topic are discussed in Section 5. Finally, Section 6

2
P. Centobelli et al. Technological Forecasting & Social Change 165 (2021) 120463

Fig. 1. Methodology proposed.

i Intellectual structure. Intellectual structure is a scientific cogni­ Journal Citation Report; third, bibliometric researchers consider WoS
tive network where edges represent co-citations. When two the most relevant database because it provides a set of metadata that is
different documents are cited by a third document, they are co- essential for this type of analysis with complete and consistently
cited (Small, 1973). It is possible to assume that co-citation formatted citation information for its entries (Trujillo and Long, 2018).
measures the similarity degree in terms of cognitive proximity This database represents a reliable and high-quality data source for
and contents (Gmur, 2003; Small, 1973; White and McCain, literature analysis (Johnsen et al., 2017; Rebs et al., 2019). The search
1998). For co-citation analysis it is possible to take in account string used includes the words “blockchain*” AND “block chain*” to get
different bibliometric objects such as authors, sources, and cited all the documents dealing explicitly with the topic investigated. The
references. In this paper, co-citation analysis of cited references asterisk was used to include a wide range of results (Chen and Jung,
is performed to analyse the intellectual structure of blockchain 2019). Data collection phase was conducted in October 2019. As for
literature. exclusion criteria, only papers in English language published between
ii Conceptual structure. Co-occurrence analysis is a content analysis 1989 (first year available in WoS database to collect data) and 2019
technique that provides information about similarity between were considered in the final sample. Finally, to ensure the quality of
two data by considering the references that they cite (Callon review analysis, as second exclusion criterion, conference proceedings
et al., 1991; He, 1999). Co-occurrence analysis gives informa­ and book chapters were excluded, and only articles and reviews pub­
tion about data proximity and generates a cluster network lished in peer-reviewed journals were included in the final sample
(Nianxin, 2016). This analysis can also provide thematic maps (David and Han, 2004; Newbert, 2007). In addition, we adopted
about the scientific field. Thematic map is a very intuitive dia­ refinement and validation criteria to minimize the chances of missing
gram and allows to analyse themes according to two parame­ any article on the domain (inclusion criterion). Specifically, using the
ters: centrality (i.e., how frequently a node/edge is visited, and functionalities provided by the academic database adopted we have
therefore a proportion of importance in the network) (Marsden, validated our strings by comparing our keywords with other keywords
2015) and density (i.e., proportion of connection amongst all used by the individual papers identified in the initial list. This validation
the nodes of a network than all the possible connections) criterion allows us to identify and retrieve any important papers cited in
(Giuffre, 2015). A low network density indicates that network is the literature, but not selected using the selected databases and key­
in the early/last stage and the number of connections between words. The total number of papers is 2233.
papers is low, whereas high density indicates network vitality.
The combination of these two parameters defines four macro
thematic areas: motor themes (high centrality and high density), 2.2. Material pre-processing
basic themes (high centrality and low density), emerging or dis­
appearing themes (low centrality and low density), and special­ During this phase, the file including the database of papers was
ized themes (low centrality and high density) (Callon et al., 1991; submitted to a pre-processing process to avoid duplications for spelling
M. Cobo et al., 2011; He, 1999; Valentín et al., 2018). mistakes or contractions (e.g., blockchain and block-chain, IoT and
Internet of Things or Internet-of-Things).
The details of each step will be discussed in the following sections.
3. Performance analysis

2.1. Material collection phase This section reports the descriptive analysis results which will be
discussed in detail in the following subsections.
Thomson Reuters’ Web of Science (WoS) database was used to Papers by time
collect data. The choice of WoS is motivated by the following reasons: The first analysis is an historical distribution of papers. The theo­
first, WoS is considered as one of the leading databases worldwide retical foundation of the blockchain concept dates back to Nakamoto
including a broad range of publications; second, although other data­ (2008). Fig. 2 highlights that there are 340 papers published between
bases index more sources, WoS is more selective in terms of quality of 1985 and 2007. However, between these years there are no papers
sources indexed, including only journals indexed by the International dealing with the present conceptualization of blockchain and, in addi­
Scientific Indexing (ISI) (Yong-Hak, 2013) and with impact scores in the tion, in the author’s keywords field the term blockchain is never

3
P. Centobelli et al. Technological Forecasting & Social Change 165 (2021) 120463

Fig. 2. Chronological distribution of publications.

mentioned. Between 2008 and 2016 the interest in the topic began to investigate how the blockchain interest is spread amongst countries.
grow slowly, in fact only the 26% of papers published in these years Considering the papers published on the topic, the top country is China
focus on blockchain topic. From 2016 until 2019, the interest on this (417 papers - 20%), followed by USA (325 papers - 16%) and Germany
topic - according to most popular conceptualisation available nowadays (129 papers - 6%). Fig. 3 presents the top 10 countries in terms of
- has grown and the number of papers published started to increase publications. The results highlight a significant difference between the
significantly (Fig. 2), due to pivotal factors and events affecting the first two countries (i.e., China and USA) and the remaining countries.
blockchain domain (e.g., during the World Economic Forum there was a Defining the single country publication (SCP), multi country publication
session on the development of blockchain-based governance models, (MCP), and single country publication ratio (SCP Ratio) as the ratio
IBM obtained from the Chamber of Digital Commerce the authorization between single country publications and total country publications (i.e.,
to open a research centre to investigate the impact of blockchain tech­ SCP + MCP), Fig. 4 shows a prevalence of SCP and in Fig. 5 the SCP ratio
nology). Therefore, the following analysis includes the papers published was used to analyse the papers published by each country. The countries
starting from 2008 to reduce the bias derived from the inclusion of no with lowest SCP ratio values are Germany, Italy and France. The SCP
relevant contributions. ratio of European countries is almost always around to 50% (filled in
Papers by country yellow in Fig. 5), whereas Japan presents the maximum SCP ratio (80%).
After the analysis of the evolution of papers by year, it is essential to In USA the SCP ratio is equal to 79%; this value is lower for Canada and

Fig. 3. Papers distribution per country (grey countries do not belong to the list).

4
P. Centobelli et al. Technological Forecasting & Social Change 165 (2021) 120463

Fig. 4. Country distribution classified for SCP\MCP.

Fig. 5. Citation distribution per country (grey countries do not belong to the list).

Chile. Asian countries values are around the 75%. Finally, we found that its frequency. As expected, basic terms like blockchain, cryptocurrency,
there are countries (e.g., Saudi Arabia and Morocco) which are more internet of thing, and smart contract are the most frequent keywords. On
inclined to conduct scientific research with other countries. the contrary, there is a low frequency of the other keywords like supply
Papers by subject area chain, data privacy, machine learning, big data, sustainability, and
The analysis of papers by subject area (Fig. 6) reveals that blockchain business models.
is a transversal topic for different subject areas. The transversal nature of Most relevant contributions
the topic investigated highlights that it is not possible to identify a This analysis shows how papers are ranked according to the number
specific thematic area. The most productive area is represented by of total citations or the weighted citations on its timespan.
Computer Science (39.87% of papers), followed by Engineering According to Strozzi et al. (2017), in order to find breakthrough
(24.97%). This finding suggests that blockchain technology leverages on papers representing potentially impactful and promising scientific con­
computer science and engineering competences. Another significant tributions, papers have to be ranked according to the weighted citation
area is represented by Economics, Finance, Management and Account­ score (Table 1). The weighted citation score (TCS/Year) index gives
ing (13.63%) domains. information about popularity along timespan. Except for the second
Keywords analysis paper, all the papers reported in Table 1 deal with the integration of
Fig. 7 depicts a word cloud of the top 100 keywords included in the blockchain with other Industry 4.0 (I4.0) enabling technologies in pro­
dataset. The dimension of each keyword in the word cloud depends on duction processes (papers ranked in positions 5, 6 and 9), supply chain

5
P. Centobelli et al. Technological Forecasting & Social Change 165 (2021) 120463

Fig. 6. Papers by subject area.

Fig. 7. Keyword word cloud.

management (papers ranked in positions 3, 8 and 10), and information Internet of Things” (Christidis and Devetsikiotis, 2016), “Blockchain
management (papers ranked in positions 1, 4, and 7). meets IoT: an architecture for scalable access management in IoT”
The same analysis has been conducted for the cited references and (Novo, 2018), “Blockchain Thinking: the Brain as a Decentralized
Table 2 reports the related top 10 most cited references. All the refer­ Autonomous Corporation” (Swan, 2015), and “A Software defined fog
ences aim to apply blockchain in different industrial contexts, some­ node based distributed blockchain cloud architecture for IoT” (Sharma
times with the integration of other Industry 4.0 enabling technologies. et al., 2018).
Comparing the top 10 of the most cited papers based on the classi­
fication reported in Table 1 and the most cited references (Table 2), it is
possible to assume that there is a thematic coherence between the top
cited papers and the top cited references. There are four papers that are
present in both the lists: “Blockchains and Smart Contracts for the

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P. Centobelli et al. Technological Forecasting & Social Change 165 (2021) 120463

Table 1
Top ten ranking of most cited papers per year.
Ranking Title Authors Journal TCS TCS/ Pub.
Year Year

1 BLOCKCHAIN AND SMART CONTRACT FOR CHRISTIDIS, K; DEVETSIKIOTIS, M IEEE ACCESS 395 131.67 2016
THE INTERNET OF THING
2 COOPERATIVE INSERTION OF CO2 IN MCDONALD, TM;MASON, JA;KONG, XQ;BLOCH, NATURE 461 115.25 2015
DIAMINE-APPENDED METAL-ORGANIC ED;GYGI, D;DANI, A;CROCELLA, V;GIORDANINO,
FRAMEWORKS F;ODOH, SO;DRISDELL, WS;VLAISAVLJEVICH, B;
DZUBAK, AL;POLONI, R;SCHNELL, SK;PLANAS, N;
LEE, K;PASCAL, T;WAN, LWF;PRENDERGAST, D;
NEATON, JB;SMIT, B;KORTRIGHT, JB;
GAGLIARDI, L;BORDIGA, S;REIMER, JA;LONG, JR
3 DESIGNING MICROGRID ENERGY MARKETS MENGELKAMP, E; GARTTNER, J; ROCK, K; APPLIED ENERGY 113 113.00 2018
A CASE STUDY: THE BROOKLYN KESSLER, S; ORSINI, L; WEINHARDT, C
MICROGRID
4 SECURITY AND PRIVACY IN AITZHAN, NZ; SVETINOVIC, D IEEE TRANSACTIONS ON 105 105.00 2018
DECENTRALIZED ENERGY TRADING DEPENDABLE AND SECURE
THROUGH MULTI-SIGNATURES, COMPUTING
BLOCKCHAIN AND ANONYMOUS
MESSAGING STREAMS
5 INTERNET OF THING SECURITY: REVIEW, KHAN, MA; SALAH, K FUTURE GENERATION 100 100.00 2018
BLOCKCHAIN SOLUTIONS, AND OPEN COMPUTER SYSTEMS-THE
CHALLENGES INTERNATIONAL JOURNAL OF
ESCIENCE
6 INDUSTRY 4.0: STATE OF THE ART AND XU, LD; XU, EL; LI, L INTERNATIONAL JOURNAL OF 87 87.00 2018
FUTURE TRENDS PRODUCTION RESEARCH
7 A SOFTWARE DEFINED FOG NODE BASED SHARMA, PK; CHEN, MY; PARK, JH IEEE ACCESS 63 63.00 2018
DISTRIBUTED BLOCKCHAIN CLOUD
ARCHITECTURE FOR INTERNET OF THINGS
8 CONSORTIUM BLOCKCHAIN FOR SECURE LI, Z; KANG, J; YU, R; YE, D; DENG, Q; ZHANG, Y IEEE TRANSACTIONS ON 62 62.00 2018
ENERGY TRADING IN INDUSTRIAL INDUSTRIAL INFORMATICS
INTERNET OF THINGS
9 BLOCKCHAIN MEETS INTERNET OF THING: NOVO, O IEEE IOT JOURNAL 61 61.00 2018
AN ARCHITECTURE FOR SCALABLE ACCESS
MANAGEMENT IN INTERNET OF THINGS
10 A BLOCKCHAIN-BASED SMART GRID: MENGELKAMP, EB; BEER, C; DAUER, D; COMPUTER SCIENCE- 61 61.00 2018
TOWARDS SUSTAINABLE LOCAL ENERGY WEINHARDT, C RESEARCH AND
MARKETS DEVELOPMENT

Table 2
Top ten of most cited references.
Authors Title Year Source TCS TCS/
Year

1 NURZHAN, ZA; DAVOR S SECURITY AND PRIVACY IN DECENTRALIZED ENERGY 2018 IEEE TRANSACTIONS ON 66 66.00
TRADING THROUGH MULTI-SIGNATURES, BLOCKCHAIN AND DEPENDABLE AND SECURE
ANONYMOUS MESSAGING STREAMS COMPUTING
2 CHRISTIDIS K. DEVETSIKIOTIS M BLOCKCHAINS AND SMART CONTRACTS FOR THE INTERNET 2016 IEEE ACCESS 197 65.67
OF THINGS
3 KHALED, S; MINHAJ, AK IOT SECURITY: REVIEW, BLOCKCHAIN SOLUTIONS, AND OPEN 2018 FUTURE GENERATION 54 54.00
CHALLENGES COMPUTER SYSTEMS
4 NAKAMOTO S BITCOIN: A PEER-TO-PEER ELECTRONIC CASH SYSTEM 2008 WWW.BITCOIN.ORG 587 53.36
5 ZHETAO, L; JIAWEN, K; RONG, Y; CONSORTIUM BLOCKCHAIN FOR SECURE ENERGY TRADING IN 2018 IEEE TRANSACTIONS ON 52 52.00
DONGDONG, Y; QINGYONG, D; INDUSTRIAL INTERNET OF THINGS INDUSTRIAL INFORMATICS
YAN, Z
6 NOVO, O BLOCKCHAIN MEETS IOT: AN ARCHITECTURE FOR SCALABLE 2018 IEEE IOT JOURNAL 46 46.00
ACCESS MANAGEMENT IN IOT
7 SWAN M BLOCKCHAIN THINKING: THE BRAIN AS A DECENTRALIZED 2015 IEEE TECHNOLOGY AND SOCIETY 174 43.50
AUTONOMOUS CORPORATION MAGAZINE
8 ZHENG Z. XIE S. DAI H. CHEN X. AN OVERVIEW OF BLOCKCHAIN TECHNOLOGY: 2017 IEEE 6TH INTERNATIONAL 80 40.00
WANG H ARCHITECTURE. CONSENSUS. AND FUTURE TRENDS CONGRESS ON BIG DATA
9 SHARMA PK; CHEN MY; PARK JH A SOFTWARE DEFINED FOG NODE BASED DISTRIBUTED 2018 IEEE ACCESS 39 39.00
BLOCKCHAIN CLOUD ARCHITECTURE FOR IOT
10 ZIBIN, Z; SHAOAN, X; HONG-NING, BLOCKCHAIN CHALLENGES AND OPPORTUNITIES: A SURVEY 2018 INTERNATIONAL JOURNAL OF 39 39.00
D; XIANGPING, C; HUAIMIN, W WEB AND GRID SERVICES

4. Network analysis network is obtained considering papers with a minimum number of co-
citations equal to 12 (this value has been chosen considering that the
4.1. Intellectual structure: Co-citation analysis of cited references average citations per documents of the database is 11.66). As a result,
287 papers are included in the network.
The co-citation analysis of cited reference aims to identify not only The main cluster is the red one with 89 elements whose main article
the papers that were mostly discussed in past years, but also the papers is “BITCOIN: a peer-to-peer electronic cash system” (Nakamoto, 2008)
considered as a reference in a specific topic area. In Fig. 8 the co-citation with 587 citations. Analysing the papers included in this cluster the

7
P. Centobelli et al. Technological Forecasting & Social Change 165 (2021) 120463

Fig. 8. Co-citation of cited references.

main topic of this cluster is cryptocurrency. Cryptocurrency was the first property, data privacy, supply chain finance, distributed ledger, and
application of the blockchain technology that highlights how digital business models (Mainelli and Smith, 2015; Xu et al., 2019). Blockchain
currency may decrease the cost associated with physical currency and 2.0 changes completely the traditional concept of supply chain in both
improve the security of financial transactions (Kosba et al., 2016; operations and finance domains innovating purchasing and supply
Tschorsch and Scheuermann, 2016; Xu et al., 2019). management processes. This evolution stage paves the way for the
The yellow cluster (with 45 elements) contains different contribu­ development of the blockchain 3.0 phase in which also the social aspects
tions related to the evolution of business models for blockchain appli­ of technology are considered (Swam, 2015).
cations in governance (e.g., e-voting, public services), blockchain Summarizing, it is possible to assume that the clusters of the network
applications in healthcare domain (e.g. electronic health records), the reported in Fig. 8 are strictly related to these three stages. The red cluster
impact of blockchain on culture and arts (e.g., music industry and includes contributions linked to the blockchain 1.0 phase. The yellow
museum network) (Baym et al., 2019; Yue et al., 2016). The 2015 was a cluster reports elements of the blockchain 3.0. Finally, papers related to
crucial year for the development of blockchain research. In fact, there the blockchain 2.0 phase are divided between the blue cluster (mainly
are two pivotal contributions published in this year belonging to two including information technology topics) and the green cluster
additional clusters: “Decentralizing Privacy: Using Blockchain to Protect (including papers dealing with cryptocurrency of second generation and
Personal Data” (Zyskind et al., 2015) and “Blockchain Thinking: the industrial applications).
Brain as a Decentralized Autonomous Corporation” (Swam, 2015).
The first paper belongs to the blue cluster (66 papers) and focuses on
data privacy in the information management domain. This cluster in­ 4.2. Conceptual structure: Co-occurrence analysis
cludes papers focusing on security, privacy, access control and data
integrity (Christidis and Devetsikiotis, 2015; Zyskind et al., 2015). In this section the co-occurrence analysis with author’s keywords is
Together with the paper “Blockchains and Smart Contracts for the performed (Fig. 9). Ignoring isolated nodes, author’s keywords plotted
Internet of Things” (Christidis and Devetsikiotis, 2015), these contri­ are 269.
butions formalize the role of the Internet of Things in blockchain ap­ Six different macro clusters emerge in Fig. 9:
plications and lay the scientific foundation for a blockchain conceptual
evolution out of financial domain. - Cluster 1: Basic applications (red cluster with 101 keywords)
The second paper belongs to the green cluster (82 papers) and shows - Cluster 2: Industry 4.0 applications (green cluster with 46 keywords)
how blockchain has evolved over time defining three main blockchain - Cluster 3: Security & privacy applications (dark blue cluster with 35
evolution stages. Blockchain 1.0 represents the early stage of blockchain keywords)
technology where only the financial application has been analysed. After - Cluster 4: Supply chain applications (yellow cluster with 35 keywords)
this phase, there is the blockchain 2.0 in which the cryptocurrency field - Cluster 5: Financial applications (purple cluster with 30 keywords)
has evolved and other applications and concepts started to emerge (e.g., - Cluster 6: Energy applications (light blue cluster with 22 keywords)
the smart contracts and the distributed ledger). In particular, the
blockchain 2.0 includes contributions not dealing exclusively on the Cluster 1: Basic applications
second generation of cryptocurrencies, but also on smart contract, smart This cluster includes the blockchain 1.0 and 2.0 concepts (Casino
et al., 2019; Swan, 2015; Zhao et al., 2016; Zheng et al., 2018; Zyskind

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P. Centobelli et al. Technological Forecasting & Social Change 165 (2021) 120463

Fig. 9. Keyword co-occurrences.

et al., 2015) that can be adopted to design advanced blockchain appli­ information storage and management across thousands of different
cations like cryptocurrency, smart contracts, and distributed ledgers. memories spread throughout the world and without a central trusted
The papers belonging to this cluster also describe the features of the party which guarantees the system’s validity (Yuan and Wang, 2016).
blockchain technology. Cryptocurrency relies on blockchain technology Other advantages of the blockchain technology are related to fault
to create a distributed system of certification and integrity on the web tolerance, attack resistance and collusion resistance. However, it does
whenever monetary transactions occur. In the case of fiat money, a not exist any global or local regulation for cryptocurrency as equivalent
central trusted party (e.g. the central bank) guarantees the value of monetary currency (Regulation of Cryptocurrency Around the World,
money and national currencies. On the contrary, when a cryptocurrency 2019). A smart contract is a computer protocol intended to digitally
transaction is recorded, a new block is generated upgrading the account facilitate, verify and enforce the negotiation or the performance of a
positions of the involved parties on the distributed ledger, with no need contract. Smart contracts allow to perform transactions without third
to be certificated from a third entity (e.g., a bank or a payment agent). parties acting as guarantor but ensuring the process traceability and
The settlement is obtained through a consensus protocol applied by irreversibility. Proponents of smart contracts claim that many contrac­
other network participants; the protocol can be enforced by all the tual clauses might be partially or fully self-executed. The aim of smart
agents of the network. The interest of the economic world in blockchain contracts is to reduce transaction costs associated with contracting and
and distributed ledger technology arose for its ability to decentralize to provide higher levels of security than traditional contracts. Superior

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P. Centobelli et al. Technological Forecasting & Social Change 165 (2021) 120463

levels of security are guaranteed by the use of the Byzantine several actors, data security and privacy have raised as crucial topics in
fault-tolerant algorithms that allow digital security through a distrib­ the debate on blockchain technology. According to Meng et al. (2018),
uted ledger (Zheng et al., 2018). The proof of work related to each cyber-attacks have become even more frequent and complex. To help in
transaction requires a digital signature that will remain the same. detecting intrusions timely, intrusion detection systems are being widely
Therefore, the Byzantine algorithm will be able to distinguish a trust implemented in different contexts (e.g., education and financial orga­
block from a corrupt one comparing the different existing distributed nizations). Blockchains can complement and improve the performance
ledgers. of an intrusion detecting system in terms of data sharing and trust
Cluster 2: Industry 4.0 applications computation. However, blockchain technology is a solution which still
This cluster includes the different applications of blockchain tech­ suffers from some limitations as high energy consumption and compu­
nology in the Industry 4.0 domain, as well as the integration of block­ tational power. Cong and He (2019) identified the lack of security and
chain and I4.0 enabling technologies. privacy in blockchain applications. It is also an attractive target for
The integration of blockchain and IoT technologies leads to a sig­ cyber-criminals, and thus it is subjected to various attacks like distrib­
nificant increase of potential applications. For instance, the distributed uted denial of service attacks and high latency in transaction conclusion
wireless sensor networks demonstrate that blockchain architecture will that would create much uncertainty for transaction participants. The
fortify IoT by reducing its deficiencies and maximising its potential blockchain technology supplies decentralized consensus and enlarges
(Kshetri, 2017; Liao et al., 2017; Özyilmaz and Yurdakul, 2017). The the contracting space through smart contracts. From this scenario, it
increasing attention and investments for implementing decentralised emerges the necessity to ensure both security and privacy in smart
IoT platforms are mainly driven by the blockchain technology and its contracts access, as well as a certification of trust information genera­
inherent capabilities (Christidis and Devetsikiotis, 2016; Novo, 2018; tion. According to Casino et al. (2019), many countries are trying to
Samaniego and Deters, 2016; Zhang and Wen, 2017). The main idea is to avoid corruption and make government services more efficient through
provide secure and auditable data exchange in heterogeneous public service delocalization, such as registration or legal documents,
context-aware scenarios (Casino et al., 2017). Blockchain interopera­ attestation, identification, marriage contracts, taxes, institutional
bility enables independent and secure real-time payment services, voting, scholar and medical records. Both electronic voting and elec­
enhancing traditional commerce, e-commerce or public and private tronic medical records put the attention on a crucial issue: the trans­
transportation systems (Christidis and Devetsikiotis, 2016). In the actional privacy. Transactional privacy is one of the most challenging
future, IoT devices may communicate directly with their problems for the blockchain technologies. Several methods have been
cryptocurrency-based bank account so that microtransactions could be proposed to improve anonymity of blockchains, such as mixing services
performed in exchange for services (Christidis and Devetsikiotis, 2016; or zero-knowledge proofs.
Huckle et al., 2016; Hwang et al., 2017), whereas similar technologies Cluster 4: Supply chain applications
may also be applied to the smart-grid domain (Rutkin, 2016; Li et al., Modern supply chains are changing radically with the introduction
2017). In field of supply chain management, distributed networks of of I4.0 enabling technologies. According to Saberi et al. (2019), supply
RFID sensors enable the automated processing of products in multiple chains are becoming very complex systems, managing new partners and
contexts, such as in operations management, transportation services or the evolution of old ones, geographically scattered and with the aim
inventory management (Liu et al., 2017; Shafagh et al., 2017). Using strictly orientated to satisfy even more demanding customers. At the
blockchain, data are stored with high integrity and resiliency and cannot same time, in a globalized supply chain, traceability and transparency
be improperly modified. When smart contracts are used for machine have become crucial requirements. Blockchain technology can help in
learning algorithms to make decisions and perform analytics, the output building supply chains not only with strong traceability and trans­
of these decisions are trusted and undisputed. The consolidation of parency characteristics (e.g. through the use of advanced RFID and GPS
Artificial Intelligence (AI) and blockchain can create secure, immutable, technologies), but also dealing with environmental, financial and social
decentralized system for the highly sensitive information that AI-driven sustainability issues. Pazaitis et al. (2017) explored how economic re­
systems collect, store, and utilize. AI can benefit from the availability of wards for certificated good practices push individuals and enterprises to
many blockchain platforms for executing machine learning algorithms keep these good practices, whereas Varsei et al. (2014) and demon­
and tracing data that are stored on decentralized P2P storage systems. strated how blockchain-based environmental metrics are easy to use and
These data are typically originated by smart connected products that trustful. The evaluation of the social impact of blockchain technology is
include variety of sources such as IoT devices, swarm robots, smart still challenging. According to Seuring (2013) and Fahimnia et al.
cities, buildings, vehicles and cyber-physical systems (Dinh and Thai, (2015a), although blockchain technology may bring great transparency
2018; Lv et al., 2018; Peng et al., 2018). Automating the process of improvement in equity, labour practices, human rights, and other social
machine learning from raw data acquisition to knowledge, reducing metrics, companies hide and tend to not share critical or personal in­
manual work, accelerating application development, and combining formation. The definition of social sustainability has not been
different machine learning models to reach better informed decisions, well-defined in the literature and is less mature also in sustainable
are the main trends in the cooperation between blockchain and AI (Lv supply chain research. Tijan et al. (2019) stated that blockchain can
et al., 2018). As a result, it emerges the need to enable the learning represent a technological revolution in logistics and supply chain man­
transfer process amongst different AI applications as well as enhance agement fields for several reasons. Blockchain technology can effec­
trust and traceability of big data belonging to complex physical systems tively contribute not only to track each asset flowing through the supply
(Dinh and Thai, 2018; Peng et al., 2018; Salah et al., 2018). According to chain nodes, but also to share information about their different process
Novo (2018), another challenge is represented by the possibility to (e.g., production, delivery, maintenance). The challenges of logistics
manage an increasing number of devices deployed worldwide simulta­ operations, such as delays in delivery, loss of documentation, unknown
neously. Although access management technologies exist, they are still source of products, and errors can be minimized and even avoided by
based on centralized architectures which implicate several technical blockchain implementation. Other benefits of integrating blockchain in
limitations to manage them simultaneously. A solution can be repre­ the supply chain are the following: increased sustainability, reduced
sented by the connection of the blockchain network using specific nodes errors and delays, minimized transport costs, faster issue identification,
called management hub nodes. They bring the versatility of having increased trust (customer and supplier trust), improved product trans­
different hub nodes distributed around the network and connected in port and inventory management (Saberi et al., 2019). It looks clear the
different ways with high flexibility. key-role of trust and transparency in blockchain for information sharing
Cluster 3: Security & privacy applications in the supply chain design for the possible partners hesitation in
In a distributed data storage where information is shared daily with revealing information. Blockchain technology has got potential to

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P. Centobelli et al. Technological Forecasting & Social Change 165 (2021) 120463

increase transparency and accountability in supply chain networks, thus electric vehicles (Huang et al., 2018; Knirsch et al., 2018).
enabling more flexible value chains (Casino et al., 2019; Kshetri, 2018).
In particular, blockchain-based applications have the potential to
generate breakthroughs in three areas of supply chain: visibility, opti­ 4.3. Conceptual structure: Thematic map
mization and demand. Blockchain technology has the potential to
improve efficiency through the use of smart contracts and artificial in­ A thematic map was developed to further analyse the clusters pre­
telligence (Ivanov et al., 2018). This innovative application helps to save sented above. Clusters of topics were obtained and plotted according to
time and reduce risk in supply chains (Fahimnia et al., 2015b). On the centrality and density indices (Callon et al., 1991; He, 1999; Valentín
other hand, the right mix of resilient network structures, situational et al., 2018) (Fig. 10). The centrality index measures how intense is the
proactive control, proactive planning and network redundancy optimi­ link of a cluster with others. The density characterises the tie strength
zation of supply chain is required to avoid ripple effect (Ivanov et al., between clusters (Mahlmann Kipper et al., 2020). This analysis allows us
2019). to identify eight clusters and classify them into four main categories: 1)
Cluster 5: Financial applications Motor themes, 2) Basic themes, 3) Emerging/Disappearing themes, and
Blockchain technology is applied to several economic and financial 4) Specialized themes.
fields (e.g., business services, settlement of financial assets, prediction The following points provide the final list of keywords included in
markets and economic transactions) and gets the potential to play a each cluster, the related frequency in round brackets and the related
pivotal role in a sustainable global economy development, bringing thematic area:
benefits to consumers, the current banking system and the society in
general (Haferkorn, and Diaz, 2015; Nguyen, 2016). New ways of using • Motor themes (high centrality and high density)
○ Cluster 4 includes the following topics: big data (18), artificial
blockchain enabled applications for financial assets may lead to massive
changes into capital markets and a more efficient way for performing intelligence (17), cloud computing (15), machine learning (12),
operations like securities and derivatives transactions (Cocco et al., deep learning (8), forecasting (3);
2017; Paech, 2017), digital payments (Gao et al., 2018; Min et al., 2016; • Basic themes (high centrality and low density)
○ Cluster 1 includes the following topics: blockchain (532), smart
Papadopoulos, 2015), loan management schemes (Gazali et al., 2017),
general banking services (Cocco et al., 2017), financial auditing (Dai and contract (105), cryptocurrency (102), internet of thing (99), se­
Vasarhelyi, 2017), cryptocurrency payment and exchange (i.e., e-wal­ curity (49), distributed ledger (47), privacy (24), decentralization
lets) (Rizzo, 2014). Example of bank cooperation is the Global Payments (20), privacy preserving (19), edge computing (19);
○ Cluster 2 includes the following topics: supply chain management
Steering Group (GPSG) (Ripple, 2016), whose members include,
amongst others, Santander, Bank of America and UniCredit. (12), traceability (11), industry 4.0 (8), sustainability (7), trans­
Cluster 6: Energy applications parency (3);
○ Cluster 3 includes the following topics: smart grid (17), game
Blockchain applications in the energy sector may have an enormous
impact on process and platform innovations (Casino et al., 2019). Smart theory (12), consortium blockchain (12), proof of work (10), peer-
grid systems introduction has improved how companies interact with to-peer (8), microgrid (6), energy (6), transactive energy (5),
their customers with regard to energy use. Gao et al. (2018) introduced a prosumer (4), peer-to-peer energy trading (4), application (4);
○ Cluster 5 including the following topics: governance (7), mobile
blockchain technology application, which guarantees transparency and
provenance. The new smart devices and applications allow consumers to health (6), cybersecurity (6), IPFS - InterPlanetary File System (5),
monitor and manage the amount of energy consumed as well as identify 5G network (5), identity (4);
the appliances that consume most, enhancing transparency, sustain­ • Emerging/Disappearing themes (low centrality and low density)
○ Cluster 8 includes the following topics: social media (3), digital
ability and security. Recent studies highlight that blockchain has also
helped in establishing energy management refuelling schemes for transformation (3);
• Specialized themes (low centrality and high density)

Fig. 10. Thematic map (2018–2019).

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P. Centobelli et al. Technological Forecasting & Social Change 165 (2021) 120463

○ Cluster 6 includes the following topics: cryptography (7), data improved are just some examples of the benefits of blockchain tech­
privacy (5), spectrum sensing (4), provenance (4), distributed nology (Casino et al., 2019; Fahimnia et al., 2015b; Ivanov et al., 2018;
database (3); Kshetri, 2018). Despite previous studies have shown how economic and
○ Cluster 7 includes the following topics: supply chain (13), crowd­ environmental sustainability can be improved with blockchain tech­
sourcing (4), collaborative network (3). nology (Pazaitis et al., 2017; Varsei et al., 2014), the social return is not
yet proved, and further empirical studies are required. The second
Starting from motor themes, the papers included in cluster 4 mainly critical issue is linked to data privacy and security. Blockchain is a secure
focus on big data and machine learning techniques. For instance, system to store data, since after the hashing no alteration or deletion can
Esposito et al. (2018) highlight how blockchain technology is going to be done. However, in several domains where data availability is time
manage not only linear and transactional data, but also cyclic data limited or under the protection of privacy laws, new blockchain tech­
containing image files and data with a limited privacy. Machine learning nologies have to be developed with novel privacy policies and hash al­
techniques are also used as protection from cyber-attacks in IoT-based gorithms. Therefore, there is the necessity of more tolerant blockchain
devices (Kumar et al., 2019; Meng et al., 2018). In this context, new systems, but with the same security levels for cyberattacks (Cong and
hashes are going to be developed to avoid fake digital signals and con­ He, 2019; Meng et al., 2018). Security and data privacy need to be
tents (Hasan and Salah, 2019). Despite cluster 4 presents a high value of investigated further for the development of different blockchain algo­
centrality and density, it has not the highest value of frequency. This rithms. In addition, it emerges the necessity to develop novel algorithms
may be justified by the fact that many cluster themes represent new detecting deep fake that can be generated in the digital environment.
research avenues in the blockchain domain.
Basic themes are characterized by high centrality and low-density 6. Conclusions and implications
measures representing the main theoretical contributions in the field
(Callon et al., 1991). More in detail, almost all the keywords of cluster 1 This research aimed to provide a comprehensive overview of the
belong to the domain of blockchain 1.0 and 2.0 technologies. Cluster 2, blockchain technology through bibliometric analysis of the literature.
cluster 3 and cluster 5 deal with more transversal topics developed in the Performance analysis and network analysis techniques were used to
last years. In fact, even though the papers included in these three clusters outline the complex knowledge patterns of this research field - by means
mainly leverage on the theoretical contributions included in cluster 1, of statistical and mathematical methods - and monitor the field
they represent research topics that may become full motor themes in next evolution.
years. For instance, the increasing importance of blockchain applica­ The outcomes of this two-step analysis offer an overview of
tions in energy domain may transform cluster 3 in a future motor theme. contemporary debate about the blockchain technology, pointing out the
It is possible to assume the same for the cluster 5 dealing with gover­ most developed research applications and the directions for future
nance issues. research. As for the theoretical implications, this study contributes to the
As for the area focusing on specialized themes, it includes topics current body of knowledge on the blockchain by analysing the evolution
focused on two main different subject areas: 1) data privacy and security of this research field, trends and emerging topics that are under-
of distributed databases and 2) new approaches for managing supply represented and require additional investigation.
chain partnerships. In future years, these topics may migrate in the area The main findings highlight that blockchain, cryptocurrency,
of motor themes by exploring practical applications in various domains distributed ledger and IoT technologies represent the main building
and, therefore, increasing their centrality. blocks for the development of the research domain and the design of
integrated technologies and applications in financial, energy and IT
5. Discussion of future research trajectories fields, and for the development of new ones arising in supply chain,
government and security domains. In the next future, blockchain ap­
The results of the analysis of the literature have allowed us to obtain plications will be interested by a great transformation. In this context, a
a comprehensive overview on blockchain technology. As a result, we pivotal role concerns the time-limited privacy in blockchain and the
have identified research trajectories which offer interesting insights transactional privacy. In the public sector, the results show that elec­
about the future research agenda on blockchain. Firstly, the analysis tronic voting and digital health records are the main applications dis­
conducted shows that researchers have exploited the benefits of infor­ cussed and they have the potential to significantly impact
mation technologies (e.g., smart contract, Internet of Things and environmental, financial and social sustainability issues. New security
distributed ledger technology) in several domains (e.g., supply chain and privacy protocols must be developed for new distributed databases
management, security and privacy, edge computing, artificial intelli­ where data privacy and security are guaranteed by regulations. With
gence and consortium blockchain). Secondly, papers analysis highlights regard to the supply chain domain, it is necessary to design new business
that technology implementation changes its integration stage depending models involving all the supply network partners. The next step in
on the specific business sector (Grover et al., 2019). This depends on the blockchain technology evolution will be able to open new research
different nature of the sector and the level of adoption of these tech­ frontiers and lay the foundation of a new blockchain paradigm, namely a
nologies in each sector. As suggested by Davis et al. (2012) and Strozzi blockchain 4.0, characterised by high transactional privacy and a minor
et al. (2017), the effort in changes drives the research and development amount of energy consumption. As for the managerial implications of
process. this study, maintaining records distributed in a shared ledger allows the
Blockchain applications in supply chain, data privacy, and deep flow of information about products and processes without an exclusive
learning are theoretically still under development and their imple­ centralized authority. Therefore, this aspect will improve the opera­
mentation may carry out a radical change in the ordinary conditions. tional efficiency of business processes in terms of cost reduction, time
Other technologies (e.g., smart contract, cryptocurrency, distributed efficiency and system automation. Stakeholders act as nodes partici­
ledger, big data, artificial intelligence) are already developed and well pating in the distributed network to improve the scalability of the sys­
consolidated, even though further development may be implemented tem. In this context, it emerges the necessity that companies focus on
incrementally to improve them. developing intelligent contract systems that operate with or without
Blockchain implementation will bring a new way to manage the traditional systems. However, a simplified process that meets the
supply chain, with the introduction of new actors and different tasks for various needs requires greater verification in practical operations.
those already present. High traceability and transparency, errors and Companies are encouraged to determine what information should be
delays reduced, issue identification speeded, consumer and partner trust included in the blockchain, as well as to manage the individual firm’s
increased, transport costs minimised, and product transportation permissions to approve and visualise transactions. In addition, the

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Dubey, R., Gunasekaran, A., Childe, S.J., Papadopoulos, T., Luo, Z., Wamba, S.F.,
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Piera Centobelli is Asst. Professor of Business Economics and Organization at the
Pereira, J., Tavalaei, M.M., Ozalp, H., 2019. Blockchain-based platforms: decentralized
Department of Industrial Engineering of the University of Naples Federico II. From 2013
infrastructures and its boundary conditions. Technol Forecast Soc Change 146,
until 2016 she joined the Fraunhofer Joint Laboratory of Excellence on Advanced Pro­
94–102.
duction Technology (J-LEAPT) in partnership with Fh-IWU of Chemnitz. She published
Raguseo, E., Vitari, C., 2018. Investments in big data analytics and firm performance: an
more than forty papers in top journals and conference proceedings. She acts as guest editor
empirical investigation of direct and mediating effects. Int J Production Research 56
and reviewer for several peer-reviewed journals. Her research interests focus on knowl­
(15), 5206–5221.
edge and technology management, operations management, logistics and supply chain
Ranganathan, C., Teo, T.S.H., Dhaliwal, J., 2011. Web-enabled supply chain
management, decision support systems, Industry 4.0, digital transformation, digital fac­
management: key antecedents and performance impacts. Int J Inf Manage 31,
tory, circular economy, triple bottom line, environmental, economic and social
533–545.
sustainability.
Rebs, T., Brandenburg, M., Seuring, S., 2019. System dynamics modelling for sustainable
supply chain management: a literature review and systems thinking approach.
J Clean Prod 208, 1265–1280. Roberto Cerchione is Delegate of Engineering Management Committee, Director of Startup
Regulation of Cryptocurrency Around the World, 2019. Retrieved from: https://www. Grind University (SGu), and Professor of ‘Business Management’ at the University of
loc.gov/law/help/cryptocurrency/world-survey.php. Naples Parthenope, Literature Review and Bibliometric Methods in the PhD Doctoral
Ripple, 2016. Global Payments Steering Group. Retrieved from: https://ripple.com/ins Course in “Technology, Innovation and Management” at the University of Bergamo and
ights/announcing-ripples-global-payments-steeringgroup. the University of Naples Federico II, and ‘Advanced Logistics Systems and Sustainable
Rizzo, P., 2014. How Kipochi Is Taking Bitcoin into Africa. Retrieved from: http://www. Supply Chain Management’ at the Aerotech Academy, joint project between Leonardo and
coindesk.com/kipochi-taking-bitcoin-africa. the University of Naples Federico II to offer advanced training courses on leading engi­
Roßmann, B., Canzaniello, A., von der Gracht, H., Hartmann, E., 2018. The future and neering issues. He serves as Co-Editor-in-Chief of the “Journal of Entrepreneurship Edu­
social impact of Big Data Analytics in Supply Chain Management: results from a cation”, and acts as guest editor and editorial board member for several journals. He is
Delphi study. Technol Forecast Soc Change 130, 135–149. widely recognised for his research projects in the field of knowledge management, tech­
Rutkin, A., 2016. Blockchain-based microgrid gives power to consumers in New York. nology management, supply chain management, environmental sustainability manage­
New Scientist. Retreived from: https://www.newscientist.com/article/2079334-blo ment, entrepreneurship and technology transfer, digital transformation, Industry 4.0,
ckchain-based-microgrid-gives-power-to-consumers-in-new-york/. blockchain, big data and business analytics. He has co-authored more than 70 publications
Saberi, S., Kouhizadeh, M., Sarkis, J., Shen, L., 2019. Blockchain technology and its including articles published in leading peer-reviewed journals, book chapters, conference
relationships to sustainable supply chain management. Int J Production Research 57 proceedings, research reports. He has won an “Emerald Literati Award” and a research
(7), 2117–2135. award from the European Conference on Knowledge Management (ECKM) Committee for
Samaniego, M., Deters, R., 2016. Blockchain as a Service for IoT. IEEE International the year 2019, two research awards from the Multidisciplinary Digital Publishing Institute
Conference on Internet of Things (iThings) and IEEE Green Computing and for the year 2018, a Project Award from the Italian Association of Engineering Manage­
Communications (GreenCom)and IEEE Cyber, Physical and Social Computing ment (AiIG), and several outstanding reviewer recognitions from peer-reviewed journals.
(CPSCom) and IEEE Smart Data (SmartData) 433–436.
Schoenherr, T., Speier-Pero, C., 2015. Data science, predictive analytics, and big data in
Emilio Esposito is Full Professor of Engineering Management at the Department of In­
supply chain management: current state and future potential. J Business Logistics 36
dustrial Engineering of the University of Naples Federico II. He held a PhD in Economics of
(1), 120–132.
Technological Change by the University of Naples Federico II. He has been Chair of the
Schrauf, S., Berttram, P., 2016. Industry 4.0: how digitization makes the supply chain
Logistics and Manufacturing Management Engineering Degree Council of the University of
more efficient, agile, and customer-focused. Retrieved form: http://www.strategyan
Naples Federico II. His-current scientific interests include knowledge management in
d.pwc.com/reports/industry4.0.
SMEs, technology management, supply chain management, environmental sustainability,
industrial organization in high tech industries.

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P. Centobelli et al. Technological Forecasting & Social Change 165 (2021) 120463

Dr. Eugenio Oropallo is PhD Candidate at the Department of Industrial Engineering - technologies, blockchain, big data and business analytics in supply chain management
University of Naples Federico II (Italy). He received the M.Sc. degree in Engineering domain.
Management. His-current scientific interests concern the role of Industry 4.0 enabling

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