Blockchain Enabled Digital Transformation: A Systematic Literature Review

Abstract

Digital transformation is an inevitable trend that impacts all industries, and blockchain is one technology that drives it along with other emerging technologies. This paper conducts a systematic literature review (SLR) on how blockchain enables digital transformation. We analyzed 41 articles to identify the current state, clarify research gaps, and highlight future research agendas. The results reveal that blockchain is a promising technology that has great potential and can offer several opportunities for various companies. Collected articles contain evidence regarding challenges and barriers, as well as potential benefits of blockchain in relation to digital transformation. We also classified the research domains where blockchain is mostly mentioned into 3 big groups. Through the detailed assessment of the chosen studies, a theoretical framework for blockchain enabled digital transformation has been developed. Finally, we highlight open issues that can be handled in future research to overcome barriers and address the challenges concerning blockchain adoption.

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Date of publication xxxx 00, 0000, date of current version xxxx 00, 0000.
Digital Object Identifier 10.1109/ACCESS.2017.Doi Number
Blockchain enabled digital transformation: a
systematic literature review
ANASTASIIA GURZHII, A. K. M. NAJMUL ISLAM, AKM BAHALUL HAQUE AND VENKATA
MARELLA.
Software Engineering, LENS, LUT University, 53850, Lappeenranta, Finland
Corresponding author: Anastasiia.Gurzhii (e-mail: anastasiia.gurzhii@lut.fi).
This work was funded by the Foundation of Economic Education (www.lsr.fi).
ABSTRACT Digital transformation is an inevitable trend that impacts all industries, and blockchain is one
technology that drives it along with other emerging technologies. This paper conducts a systematic
literature review (SLR) on how blockchain enables digital transformation. We analyzed 41 articles to
identify the current state, clarify research gaps, and highlight future research agendas. The results reveal
that blockchain is a promising technology that has great potential and can offer several opportunities for
various companies. Collected articles contain evidence regarding challenges and barriers, as well as
potential benefits of blockchain in relation to digital transformation. Through the detailed assessment of the
chosen studies, a theoretical framework for blockchain enabled digital transformation has been developed.
We highlight open issues that can be handled in future research to overcome barriers and address the
challenges concerning blockchain adoption.
INDEX TERMS Blockchain, digital transformation, systematic literature review.
I. INTRODUCTION
Modern organizations are looking for solutions to increase
competitiveness in the global market through digital
transformation, which is inextricably linked with business
requirements [1]. Digitalization affects organizational
processes, commercial establishments activities, service
providers, governments, and monetary institutions [2]. The
wide dissemination of emerging technologies has led to
process upgrading and digitalization is no longer a plain
opportunity but a strict requirement for all organizations to
satisfy business and societal expectations [2]. Thus,
companies need an effective digital strategy to succeed [3].
That is why, companies choose a digital solution and adapt
it according to their operational needs, and blockchain is a
technology that can be adopted in various needs in different
spheres.
In 2008, Satoshi Nakamoto – a person or a group of
people introduced an innovative way to make digital
payments through the use of blockchain [5, 4]. Since then,
research and development activities on blockchain
technology grew up significantly to find a way to harness it
in various spheres: supply chain [6,7], healthcare [8,9],
government [10], finance [11], etc. According to Gartner’s
new curve for blockchain, most cases will begin to have a
meaningful effect on business development in 5-10
years[12]. CIOs survey shows that about 60% of CIOs are
planning to adopt Blockchain projects in the next 3 years,
even though the effect on companies' business remains
questionable.
Blockchain and digital transformation are also connected
with Industry 4.0. Our world has been through three
industrial revolutions and the fourth one is ongoing. It can
be described as fully automated real-time controlled
processes and linked with economic structure changes by
innovation clusters [13]. Actually, innovations are
inextricably connected with the core aspects of digital
transformation and play a significant role in technological
changes. To maintain the company's continued economic
growth, it is crucial to keep in mind the expanding market
for information technology and modern alternatives [14].
The adoption of emerging technologies requires the
replacement or modernization of existing processes, the
development of new competencies in both managers and
staff, and significant financial investments. In the
blockchain case, such changes require more preparation and
training. Growing mutual understanding is the foundation
of technological progress and financial growth [15], and in
fact, an open and public understanding of blockchain is a
key factor for successful changes. There are two major
research gaps that we plan to fill with this paper. First, most
This article has been accepted for publication in IEEE Access. This is the author's version which has not been fully edited and
content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
This work is licensed under a Creative Commons Attribution 4.0 License. For more information, see https://creativecommons.org/licenses/by/4.0/

VOLUME XX, 2017 2
existing literature review studies have focused exclusively
on sectors such as healthcare [16], supply chain [17],
agriculture [18], manufacturing [19], financial [20], etc.
Therefore, prior review studies lack cross-industry
synthesis. The second gap is related to the blockchain’s
importance in terms of digital transformation in the prior
literature review. While some technologies have received a
lot of attention (e.g. cloud, IoT, analytics), blockchain is
rarely present [21]. Although there has been empirical
research and use cases in the area of blockchain-enabled
digital transformation in recent years, no systematic
literature review (SLR) synthesizing the knowledge is
available. Hence, the present study provides a deep
investigation on how blockchain can contribute to digital
transformation and what strategically important steps
should be considered.
In light of the above research gaps, the present paper
aims to delve deeper into the literature that contains
empirical evidence of blockchain technology and digital
transformation. Our aim is to provide a synthesis of main
issues, concerns, research gaps, and areas of future
development. As a result, we have conducted a systematic
review of the literature and obtained a comprehensive view
of the key themes addressed in the existing studies. The
study’s research questions are as follows: RQ1. What is the
current state of blockchain-enabled digital transformation
research? RQ2. What are the challenges and potential
values that have been derived from adopting blockchain?
RQ3. What are the future research opportunities in the area
of blockchain-enabled digital transformation?
To answer the research questions that are mentioned
above, we conducted a systematic literature review (SLR)
of 41 articles. Our thematic analysis points to a diverse set
of elements that relate to the role of blockchain in digital
transformation, which we have divided into 4 main themes:
challenges and barriers; perceived benefits; drivers of
digital transformation: emerging technologies; life
dimensions influence. We describe existing gaps and
limitations in research and use these gaps to recommend
options for future research. In addition, a complete
framework has been developed that identifies the
connections of many aspects of this research to provide an
in-depth perspective of blockchain integration according to
the long-term companies’ objectives. The research findings
can support both academia and industry by structuring
existing empirical evidence and outlining research gaps.
The paper is structured as follows. First, the paper
presents the background and description of digital
transformation and blockchain. Second, the SLR
methodology is described. Third, a synthesis of extracted
articles is described. Fourth, the future research agenda is
outlined. Fifth, the comprehensive framework is developed
and theoretical and practical implications are described.
Finally, the conclusion contains limitations and conceptual
understanding of blockchain technology in digital
transformation.
II. BACKGROUND
A. DIGITAL TRANSFORMATION
Digital transformation is a current trend and is often used
both in academia and industries. However, there are
different interpretations or conceptualizations of it. Many
research studies aimed to conceptualize digital
transformation and surrounding aspects [21]. Most of these
studies linked digital transformation with business and
organizational changes. For example, Matt et al. [22]
defined digital transformation strategy as a blueprint that
supports companies in governing the transformations that
arise owing to the integration of digital technologies, as
well as in their operations after a transformation. Kane et
al. [23] argued that digital transformation is adopting
digital technologies for business processes and practices to
help the organization compete effectively in an increasingly
digital world. In simple words, it is a way to optimize
various processes and functions by means of emerging
technologies that were previously considered impossible to
improve.
Undoubtedly, digital transformation affects all business
activities, such as planning, modernization, execution,
control, etc. [24], and has a tremendous impact on
individuals, organizations and societies. The impact of
digital transformation is rather ambiguous and divided into
both positives and negatives. Emerging technologies bring
a number of improvements in business and in everyday
activities [25]. The innovations aim to provide business
growth, scalability, customer service improvement,
operational productivity and sustainable development. At
the same time, as digitalization progresses, it has an impact
on the processes of product development, as well as the
growing importance of technologies in general [26].
Exploring complex issues surrounding digitalization can
balance the demands of multiple stakeholders without
compromising a firm's operations or its ability to maintain
competitive advantage [27].
Digital transformation is often fueled by a combination
of multiple technologies rather than a single technology.
These technologies together shape new products, services,
markets, and value. As shown in Figure 1, there are many
digital technologies that enable or drive digital
transformation. Among these digital technologies,
blockchain has been suggested to bring a lot of promises to
enable digital transformation [28].
B. BLOCKCHAIN
Blockchain is a distributed database that contains data that
has ever been created by authorized users [4, 30].
Decentralized consensus is the key innovation behind
blockchain, which enables trustless transactions without a
centralized entity’s involvement. In general, a fundamental
prerequisite for blockchain creation is the inability to reach
an adequate level of trust between interacting parties within
the process. The technology makes it possible to avoid data
tampering and various fraudulent activities.
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content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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FIGURE 1. Enabling technologies of digital transformation (Adapted
from Woensel and Archer, [29]).
There are 3 main types of blockchain [31]: public –
where any interested actor can join the network (e.g.
Bitcoin) and become a rightful member; consortium – is
created for several organizations that share responsibilities
with each other and are collectively responsible for the
network; private – the network is managed by a single
organization and other participants should request to join.
Blockchain is formed as a chain of continuously added
blocks with data, hashes, and cryptographic proof [32,33].
Once the data is added to a new block, it is verified by the
majority of network participants. Once information is added
to the blockchain, it cannot be erased [32]. In addition,
because transactions are distributed across the network
along with any useful information, the operations’
transparency is strengthened. This allows all participants in
the network to be aware of all events and builds trust
between the parties involved.
Blockchain is immutable, blocks are connected with each
other and every block contains a link to the previous one.
The main features of blockchain are decentralization,
anonymity, tamper-proof, transparency and traceability [31,
34]. Blockchain can enable the creation of decentralized
digital infrastructures [35, 36]. Blockchain can be applied
to different domains (e.g. supply chain or banking) to
replace more traditional centralized institutions [21].
III. METHOD
In this study we have used a systematic literature review to
identify relevant research articles that focus on Blockchain
and Digital Transformation [39]. Additionally, the
methodology will also ensure future researchers can
recreate the steps and reproduce the findings. Another
reason for using the SLR methodology for this paper is to
create a comprehensive and coherent overview of the
current knowledge and problems existing in recent
literature [37]. The literature review follows 4 distinctive
steps which are also closely related to the main features of
the PRISMA statement [38]. Figure 2 depicts the whole
process in detail. The steps are as follows.
1. Planning the review that includes identifying key
research areas, directions and requirements.
2. Identifying the inclusion and exclusion criteria.
3. Screening and reviewing the data along with backward
snowball sampling collection.
4. Data synthesis by investigating, summarizing, and
visualizing the extracted data.
A. PLANNING THE REVIEW
The first step in conducting SLR is a review protocol
establishment. The review protocol started with the main
research questions to support the steps mentioned above.
Scopus and Web of Science were used as the primary
databases for keyword search. Google Scholar is used for
backward snowball search. Initially, “blockchain” and
“digital transformation” were used in the initial search and
after the first round the adjustments were made in the
search string (Table 1). The search was not limited by the
time frame, application areas, country or journal.
TABLE 1. Keywords
(TITLE-ABS-KEY ( "blockchain" OR "distributed
ledger technology" OR "DLT" ) AND TITLE-ABS-
KEY ( "digital transformation" OR "digitalization" OR
"business transformation" OR "emerging technologies")
B. STUDY SPECIFICATION
Inclusion and exclusion criteria are essential for an SLR.
These criteria are needed to choose the most relevant papers
for future analysis (Table 2). The present study is focused
on digitalization by means of blockchain and, therefore,
excluded articles containing various blockchain platforms’
performance rates, development stages, employment
statistics or theoretical frameworks that are not supported
by empirical testing. Only journal and conference papers
were included in the current SLR. Book chapters, notes,
short surveys, letters, theses and editorials were not
considered.
TABLE 2. Inclusion and Exclusion criteria
Inclusion criteria
Exclusion criteria
Peer-reviewed journals and
conference papers;
The paper is written in
English language;
The paper is published until
January 2022;
Full text available online;
The paper contains empirical
data (qualitative or
quantitative).
Book chapters, notes,
short surveys, letters and
editorials;
Articles with theoretical
frameworks without
empirical data collection;
Technical or engineering
aspects of digitalization
and blockchain.
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content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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VOLUME XX, 2017 2
Furthermore, the chosen papers were written only in
English but without publishing country limitations. As an
emerging topic, blockchain in digital transformation is an
interesting direction and thus cross-industrial evidence was
essential in the search string.
C. DATA EXTRACTION
The chosen keywords were transformed into a search string
by adding Boolean operators “AND” and “OR”. From the
initial search 338 articles were retrieved from the Scopus
database and 157 from the Web of Science. There were no
restrictions on the timeframe, but the blockchain has caught
scholars' attention mostly from 2017. Therefore, selected
articles were published from 2017 to 2021. After that, the
inclusion and exclusion criteria (Table 2) were applied and
duplicates removed, leaving 179 articles for further titles,
abstracts and keywords analysis. After reading the titles and
abstracts, 83 articles were eliminated for being out of the
scope of our research. After the full-text assessments, 33
articles were found to be within the scope of our research.
Most research has been excluded due to the fact that they
focused predominantly on the highly technical and
engineering aspects of blockchain development, technology
architecture, comparative analysis of the existing platforms
or their performance evaluation. Through the additional
snowball search in Google Scholar and citation chaining,
139 papers were found. 8 articles out of the 139 articles
were added to the final pool after carefully reading the full
texts. Therefore, 41 articles were selected for the SLR. The
detailed process is shown in Figure 2.
FIGURE 2. Articles’ inclusion process
D. PROFILE OF THE SELECTED ARTICLES
The yearly publication analysis presented in Figure 3
reveals the growing academia’s recent interest from 2017
and the attention substantially increased in 2020-2021. The
methods of data collection in selected articles are
interviews, case studies, observations, questionnaires,
surveys, experiments and audits. We also highlighted the
most attractive domains of knowledge (Figure 5) to
illustrate the momentum and direction of research in which
blockchain can be adopted. We found that the most
attractive spheres in research are supply chain and cross-
industrial collaboration. Nevertheless, blockchain's
potential is still being scrutinized, and other research has
confirmed the technology's applicability in various fields.
Finally, Figure 6 represents a word cloud of the main
keywords from prior literature.
FIGURE 3. Year-wise publications number
FIGURE 4. Directions and spheres of research
FIGURE 5. Word cloud
IV. SYNTHESIS OF THE CURRENT LITERATURE
To synthesize the findings of the current literature, we have
performed a thematic analysis that includes the content
analysis of the selected studies. Content analysis is
commonly used by scholars and is based on identifying and
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content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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VOLUME XX, 2017 2
classifying the themes to alleviate the subjective view of
research [40]. It is a qualitative research tool that helps to
measure and assess the existence, meaning, and relationship
of certain words, themes, or concepts. The data can be
extracted from various sources (e.g. articles or books) to
directly examine comminution and provide valuable
insights with conclusions. Among important steps are data
collection, data categorization, checking the validity and
data analysis, and, finally, results presentation. Thus, during
the articles screening, similar research directions were
grouped into 3 thematic categories. Afterward, each theme
was delved into sub-themes to finalize the thematic foci of
the extracted literature. Figure 7 depicts the main themes
and sub-themes. Next, we describe these themes and sub-
themes.
A. CHALLENGES AND BARRIERS
Challenges in blockchain-based digital transformation are
linked with various issues that might be characterized as
paradoxical tensions [40]. These issues arise from opposing
actions, beliefs, and desires. Furthermore, challenges exist
in terms of blockchain implementation [41, 42, 43], security
[40, 44, 45], awareness [46, 47, 48] and policy [49, 50].
Various types of challenges that have been identified from
the selected studies are identified as follows.
1) LEGAL REGULATIONS
Regulatory bodies around the world are mostly focused on
financial applications of blockchain [50]. As of now, not
only there are no globally accepted regulations for
blockchain and smart contract related applications [40, 45,
50, 52], but also there are no legally competent and
standard frameworks for blockchain-based applications.
Legal regulations and government support are needed to
increase user confidence and acceptance of blockchain-
based applications [48]. Furthermore, closing gaps between
regulatory compliance and blockchain-based application
development may provide a suitable interaction in the
market and further blockchain development [49].
According to Jensen et al. [52], some governments and
companies find the cost of technical setup unreasonable due
to the lack of unified standards and regulations. For
example, in 2019 only Canada and Saudi Arabia have
officially signed an agreement with TradeLens [52] and
later Germany, Netherlands, Singapore and Kuwait have
also joined the network. But it is not enough for large-scale
global implementation. Authorities around the world need
to realize the role of blockchain technology in digital
transformation so that large companies can actively work
on blockchain-based applications. Furthermore, all
innovative solutions must comply with regulatory privacy
regulations (e.g., the European Union General Data
Protection Regulation (GDPR)), which can be a barrier for
totally decentralized platforms [45]. Governments can
support blockchain initiatives with labels (a sign that shows
that the platform has fundamental support) [51] to
strengthen the confidence among users.
Developed countries, such as the UK, are publicly
promoting blockchain by investing in research centers to
support the digital economy [53]. Private and consortium
blockchains, where the number of users is limited, are the
simplest and most practical options in the nearest future
[54] as the main uncertainties are linked with public or
hybrid blockchains.
2) DATA MANAGEMENT
Data management challenges are linked with a number of
concerns from the business owners and should be taken into
consideration before blockchain implementation [57]. Some
scholars pointed out that blockchain technology cannot
replace traditional databases because of lower scalability
[54]. When the network grows and the amount of data
increases, transactions take longer and get more expensive
than usual, which limits the number of potential users [58].
FIGURE 6. Themes and sub-themes of the “blockchain in digital transformation” papers
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content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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The problem is common in public blockchains, but network
congestion is more manageable in private solutions.
Another challenge is data flexibility and storage. On one
hand, decentralization is a benefit since blockchain is a
distributed network, on the other hand, it increases storage
resource requirements for all participants [40]. Therefore,
efforts related to a large amount of data in a permanently
growing network are multiplied, leading to increased costs
due to a lack of economies of scale in this direction [58].
Additionally, Liang et al. [58] pointed out that, data
immutability causes challenges when changes in incorrect
or outdated information are needed, causing tension in the
relationship between immutability and storage.
Finally, data transferring into a digital version is mentioned
in the literature as a bottleneck. Blockchain aims to
eliminate paperwork, information transferring delays, and
inserted data manipulations [59], but the legitimacy of data
inputs cannot be fully guaranteed [55, 59]. Among
important criteria are data input standards, privacy, clarity,
and accuracy. Hence, the requirement for effective data
management is all those criteria achievement.
3) TECHNOLOGICAL MATURITY
To measure technological maturity, its readiness to perform
in various situations and the ability to fully satisfy final
customers' demands should be considered [55]. While the
outcome of any technology is unclear, the uncertainty
element remains and blockchain doubts represent this form
of uncertainty [53]. Figure 8 presents the affiliations of the
authors of the selected studies and figure 9 (adapted from
[45, 57]) shows the countries that launched blockchain-
based applications but most of them are not fully
operational. Figures were created only based on extracted
literature and does not include additional sources. From the
two figures, we noticed the correlation between scientific
research and start-ups. In that case cooperation between the
business world and academia may bring positive results,
improve the current processes and facilitate the widespread
blockchain adoption. Nevertheless, while interest in
blockchain has recently increased, the amount of empirical
evidence in academic research related to the technology is
still limited, and the existing conclusions should be double-
tested in different domains. This is primarily due to the fact
that the technology is still in its infancy, is not mature
enough for global adoption in various spheres and
additional research is essential.
FIGURE 7. Authors’ contribution worldwide
FIGURE 8. Blockchain implementation in companies and startups
worldwide
4) SECURITY AND PRIVACY
Privacy and security are important elements affecting
blockchain acceptance by companies and individuals. The
first gap is linked to the consensus algorithm. When it
comes to public blockchains, theoretically, security is quite
high, and the probability of an attack is determined by the
balance of computing power between honest miners and
possible attackers [44]. However, the PoW consensus
mechanism is imperfect and the 51% attack occurs when
the user gains control under more than 50% of the network.
To ensure security and performance, other consensus
algorithms should be considered, such as PoA, PoS or
PoET [45].
According to Klöckner et al. [60], blockchain’s intrinsic
security features (e.g. anonymity, immutability, and
distributed control) aim to improve data sharing, but some
uncertainties still remain. They further point out that based
on the blockchain’s breach reports from 2011 to 2018, there
are still some technological vulnerabilities to external
threats (e.g. transparency gives a possibility to find flows in
a blockchain-based applications code, risk of losing private
keys, complexity in the system urgent shutdown, etc.) and
such controversial thoughts may hinder potential users from
blockchain adoption. An additional bottleneck in
blockchain technology is linked with smart contracts and
was mentioned by Wan et al. [61] and the authors discussed
that some existing solutions have security issues and cause
further interruptions. Therefore, nowadays smart contracts
are more prone to cyberattacks than traditional software
solutions [62]. At the same time, Supranee and
Rotchanakitumnuai [47] discussed the possibility of
revealing sensitive data to unscrupulous users and the
decreasing trust among stakeholders may hinder blockchain
adoption, especially public ones. That is why for now,
private and consortium solutions are a more viable choice
[63].
Several studies discussed that privacy concerns are
higher among prospective users who are aware of the
blockchain's potential and have greater expectations from
the technology [64, 65, 66, 67]. Therefore, confidentiality is
essential, users are reluctant to share sensitive data with
partners and will require more information about risk
This article has been accepted for publication in IEEE Access. This is the author's version which has not been fully edited and
content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
This work is licensed under a Creative Commons Attribution 4.0 License. For more information, see https://creativecommons.org/licenses/by/4.0/

VOLUME XX, 2017 2
reduction alternatives (e.g. data accessibility only for
desired actors, active trust management, fraud possibilities
reduction, etc.).
5) INTEGRATION AND IMPLEMENTATION
Several studies have discussed the challenges surrounding
blockchain implementation and integration. For example,
Gruchmann and [40] and Sternberg et al. [63] highlighted
the need for the proper infrastructure and additional
solutions (e.g. IoT, scanners, RFID) to make blockchain
attractive and implementable. Such initiative sometimes
requires significant changes and additional investments that
may be a considerable obstacle for major actors (41).
Additionally, Korpela et al. [36] and Sivula et al. [67]
discussed that there are no standards for data input and
migration in blockchain, and to connect other systems (e.g.
ERP, CRM) special interfaces and adjustments are required.
Meanwhile, according to Hasan et al. [68], big and old
companies benefit less from blockchain adoption since they
should change and adapt their complex processes.
Perceived complexity leads to limited acceptability and
adoption in different application domains although the
potential advantages in the long term can be significant
[42]. However, academic research in this direction is still
limited, and those challenges should be tested more on both
big international enterprises and SMEs.
6) READINESS LEVEL
Arefjevs et al. [50] pointed out that the current digital
transformation process is mostly linked to the controversy
between traditional and emerging technologies in issues
such as organizational culture and employees' skills,
technology competencies and applicability, governmental
support, etc. In the blockchain case, potential users often
lack comprehensive knowledge and experience, along with
a basic understanding of when and how blockchain can be
implemented [40]. Yang [69] and Liang et al. [58] argue
that sometimes top management officials are less
enthusiastic about adopting blockchain technology and do
not fully consider all technological merits unless the
benefits clearly outweigh potential risks. Therefore,
uncertainty level, complexity, and perceived risks are
affecting the intention to adopt the technology [42].
Another issue is overall awareness about all blockchain
features. According to Andoni et al. [45], the technology is
primarily associated with cryptocurrencies which are
almost untraceable and sometimes are used for ransomware
or illegal payments and this hinders blockchain adoption,
But there is a lack of adequate knowledge about emerging
technologies in general, not only blockchain [42].
Meanwhile, Lohmer and Lasch [70] discuss an issue of a
shortage of trained specialists and when big companies
invest in additional training or hiring, SMEs mostly are still
at the early stage. To overcome this challenge it is very
important to collect more empirical evidence of first-hand
knowledge from early adopters, users, and those with
preconceived notions [53].
B. PERCEIVED BENEFITS
Nowadays, companies that can acquire new knowledge or
have a learning system to stay aware of global trends are
more open to new ideas and accept additional risks of
digitalization [42]. Blockchain application providers can
develop an education program for potential users to
improve their understanding of the benefits and main
aspects of the technology [48]. There are a few corporations
that are innovative and take risks, and "early adopters" are
individuals or enterprises who can accelerate blockchain
adoption since their activities have a significant effect on
digital transformation [49]. Numerous studies are focused
on the opportunities that users can gain from blockchain
adoption which are more substantial in the long term [17].
1) BUSINESS MODELS INNOVATION
Blockchain technology adoption is a complex procedure
and the organizational transformation requires changing the
mindset of the top management employees and stakeholders
[71]. Sternberg et al. [63] discussed that sharing
information about the interactions lifecycle is a great
opportunity to earn customers' trust and strengthen the bond
between the service or product provider and their clients.
Blockchain implementation influences all aspects of how
the business model develops, captures, and distributes value
through its main features, such as traceability, transparency,
immutability, and decentralization [40, 73]. The following
sections highlight the literature on digital transformation
and blockchain. All mentioned efforts are focused on how
blockchain affects the aspects of value creation, delivery
and capture in digitalization.
i. Value creation Value creation is a part of business
planning and aims to develop better ways to serve
customers and perform efficiently within an
organization [71]. Emerging technologies in digital
transformation, and blockchain, in particular,
enables organizations to manage value by
controlling all processes and data flows while
creating value for participants [73]. Blockchain in
digital transformation allows actors involved to
communicate in a trusted environment through
several capabilities, such as the ability to operate on
the distributed ledger without intermediaries and a
centralized server [42] and enhancing market
transparency through the peer-to-peer network [51].
Additionally, product and process life cycle analysis
may be done accurately and effectively utilizing
blockchain technology, actual product data, and
collaboration with other emerging technologies (e.g.,
smart sensors, IoT, BDA, etc.) [71, 75]. Therefore,
when companies move forward to digitalization and
blockchain, they tend to create decentralized data
management and shared operational efficiency and
transform a business into a more digital and
integrated one [49, 69, 73]. Since blockchain moves
from hype to value creation in many spheres, main
technological benefits (e.g. data transparency and
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content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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immutability, smart contracts, decentralized
network, digital currencies, etc) may encourage
companies to launch blockchain-based projects.
Nevertheless, to succeed early adopters should have
a discipline and acceptance of emerging trends, like
blockchain as a service [69, 72] and asset
tokenization [57, 64].
ii.Value delivery. Value delivery is focused on
activities and processes implementation that can
provide the promised benefit [75]. Therefore,
specific resources and competencies are required,
such as technological and organizational
infrastructure, support systems, training, etc. [45,
77]. The blockchain concept delivers added value
through stakeholders and inter-organizational
cooperation, overcomes inefficiencies in processes
[17] and security risks [61]. The interest in the
technology increased recently and TradeLens with
MediLedger projects are good examples on how the
technology can deliver value to businesses [53, 79].
Some recommendations for potential users to gain
technological benefits from these two cases include:
creating a new strategy and refocusing old ones,
building mutual trust between participants and then
adopting blockchain, linking technology to strategic
plans, adapting to external changes, taking into
consideration legal regulations and policies, etc.
Nevertheless, a number of studies that highlight the
value delivery of blockchain in digital
transformation are limited, and further research
among real cases is needed.
iii.Value capture. Value capture can be defined as a
company's revenue streams and cost structure [75] or
a business's ability to generate profit from its main
activities. To capture value from digitalization,
companies that adopt blockchain can improve
revenue through reduced administrative
expenditures and other cost savings, shorter
processing time, greater interaction between actors
involved, cheaper risk mitigation costs, and
enhanced control over operations [52]. Additionally,
the value is captured through intermediaries
elimination in processes that usually require an
independent third-party verification, which can
reduce the transactional cost [74]. Blockchain's
structure and capabilities enable end-to-end
automation, easy data exchange between businesses
and minimize human intervention in approval
processes. In addition, anytime and anywhere access
to comprehensive transaction histories can
significantly improve compliance and audit
requirements and reducing costs [17]. Finally,
blockchain-based smart contracts enforce
contractual obligations using pre-defined software
code that requires no human involvement [45].
Nevertheless, in the case of blockchain technology,
firms should evaluate their approach to risk
mitigation, as risk-sharing is a common industry
practice. Firms can also add value by creating new
income sources, such as increasing demand from a
different set of clients. For example, a blockchain-
based platform TradeLens is run by big market
players IBM and Maersk, and other members should
pay the commission for the participation [52].
2) PROCESSES OPTIMIZATION AND
INTEGRATION WITH OTHER TECHNOLOGIES
In the current review we found that scholars focus on the
ways how to optimize existing processes and blockchain
facilitates companies to minimize transaction costs,
removes intermediaries, and reduces manual processes in
data aggregation, amendment and sharing [68]. Kopyto et
al. [54] discussed that blockchain integration with other
technologies can benefit the adopters to drive the digital
transformation process. Companies with strong IT
capabilities can create in-house blockchain solutions which
are not dependent solely on third-party service providers
[60]. For example, the collaboration between TMS
(Transportation Management System) and blockchain can
reduce the flexibility of changing service and product
providers [40]. TradeLens is a real initiative by Maersk and
IBM that supports blockchain integration with traditional IT
systems in the supply chain, Enterprise Resource Planning,
and warehouse management [52]. At the same time,
Norström and Lindman [57] discussed a prototype of
blockchain usage in municipal use cases that was
implemented to reduce costs by eliminating the manual
labor of employees and preventing coupons from double-
spending among citizens. Furthermore, blockchain-based
digital identification systems can be used to improve the
quality of electronic services [73]. One-stop services are
highly popular at the governmental level but without a
proper identity management system, there is a huge risk
with user credential authorization and data management
inside a decentralized control system [79]. Additionally,
combining blockchain with as artificial intelligence, IoT,
machine learning can strengthen those revolutionary
technologies benefits and create new business models for
industries and society. Therefore, blockchain integration
with other technologies can increase the quality of
providing services. Additionally, some studies focused on
how blockchain can optimize data structuring [45, 54, 72].
Since data is available to all actors in the network, the
decentralized nature of blockchain technology increases the
transparency of information. Additionally, the data is
structured in chronological order and cannot be tampered
with. This increases the quality of many operations, such as
audits, reporting, or data analysis.
3) AUTOMATION
The main process optimization approach is to reduce costs
while increasing productivity. Blockchain implementation
requires a favorable atmosphere, and the business
environment in countries with developed economies
provides enough infrastructure, both technological and
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content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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VOLUME XX, 2017 2
organizational [80]. Collaborative networks with various
actors involved can function in a highly automated way
[70] and smart contacts are facilitators that help maintain
secure and immutable transactions between multiple
stakeholders when predetermined conditions are met [17].
An important role of smart contacts in automation is
highlighted by many researchers and among the most
promising areas where they can be used are payments
between various actors [71], peer-to-peer communication
[81], opportunism reduction [70], instant tracking [82],
products authenticity [67], etc.
Blockchain-based process automation can reduce
political, personnel-related, economic or regulatory risks
with minimum productive sacrifice [77]. When all
participants have permanent access to the data and
immediate updates about all processes, they can adjust their
activities and maintain control [67]. Therefore, blockchain
solutions can help businesses turn their operations into
more efficient ones and connect those services back to their
core processes.
4) DATA IMMUTABILITY
Several studies pointed out that blockchain provides a new
and promising approach to overcome data protection
challenges [83, 84]. Blockchain in that case is a ubiquitous
and secure environment that serves as a data repository and
a trusted platform. The technology facilitates data sharing
in a secure manner by combining both private and public
blockchains [84] and these types of blockchains can be
used to securely monitor and log whole processes, provide
secure asset sharing, data tracking, and robust peer-to-peer
communication [40]. For example, Andoni et al. [45]
discussed Keyless Signature Infrastructure (KSI), a
blockchain-based system created by Guardtime that uses
hash-based encryption and digital signature-based
authentication to ensure both security and scalability.
Additionally, blockchain usage can solve the data
management issue by documenting all processes in the
network so that the data and transaction log cannot be
easily tampered with [17]. For example, in municipal cases
(e.g., voting), blockchain immutability ensures that the data
will not be modified or removed from the system [57].
Another example was described by Mattke et al. [78].
“MediLedger project” is a blockchain-based ecosystem for
pharmaceutical lifecycle management. This system has
different functionalities like product traceability and
verification, intellectual property control and counterfeit
prevention. Based on empirical evidence, scholars
concluded that blockchain technology should become more
mature to exploit its full potential in data protection and if
the customers are assured about their data immutability,
security and safety barriers between a company and a client
are more likely to disappear [65].
5) TRANSPARENT INTRA AND INTER
ORGANIZATIONAL COLLABORATION
A few studies discussed how blockchain implementation
can support transparent business collaboration, both internal
and external [82]. Internal processes occur within the
company and sometimes in big enterprises departments are
not properly linked with each other, which may cause
critical disruptions [76]. The authors argue that blockchain
aims to solve the information asymmetry problem since it
ensures fair interaction, creates a trusting environment,
helps to organize documentation, and improves the
informational flow.
At the same time, Qian and Papadonikolaki [81] and
Zavolokina et al. [51] discussed the role of blockchain
technology in external business collaboration. Such
collaborations are important because various spheres are
linked with other and the functional network becomes
extremely complex (e.g. manufacturers, logistic providers,
retailers, etc. in the supply chain). Among the main reasons
why companies are interested in blockchain-based
applications and collaboration with other industries are
perceived technological benefits (e.g. cost savings,
transparency, disintermediation, ), access to new forms of
business interaction, or fear of potential loss of profit.
Additionally, blockchain dissolves barriers between large
and small organizations, allowing them to interact with
each other and the global community.
According to prior literature [47, 53, 79], large
organizations have already been collaborating with their
partners using blockchain-based digital platforms.
However, SMEs have been either slow or still considering
how to benefit from blockchain platforms [43, 48, 71].
Nevertheless, companies are considering adopting
blockchain after being aware of the technology and
recognizing its merits.
6) GLOBALIZATION
Since the speed of digitalization accelerates globally, the
need to maintain transparent interaction between various
actors, such as individuals, companies, and governments is
crucial [17]. Another call for blockchain adoption is caused
by the geographical expansion of business networks and
increased demand for data transparency, safety and
accountability [54]. Global partnership has a significant
effect on various spheres and timely disruptions in global
collaboration can be eliminated with blockchain and
cryptocurrency adoption [50]. Because of the distributed
nature of blockchain technology, nodes can be created in
any geographical location, join the network and interact
easily with all actors involved, Additionally, globalization
causes increased competitiveness and business vulnerability
for companies in the world market. In this regard,
blockchain technology may support transparent and faster
data exchange to increase resiliency or proactive reaction to
a rapidly changing environment. Additionally, such an
initiative may create a new financial system for a cashless
society without service provision borders and
intermediaries [74]. In simple words, because of the
immutable ledger, decentralization and peer-to-peer
transactions, the data exchange can be managed faster and
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content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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VOLUME XX, 2017 2
freely across borders without the local regulations and
authorities' influence.
7) SUSTAINABLE DEVELOPMENT
According to the prior literature, there are 3 main directions
on how blockchain can contribute to sustainability [53, 57,
81]. First, achieving strategic business goals through new
platform creation, cost saving of future infrastructure
projects, and increasing liquidity and transparency. Second,
the technology adoption can help to achieve alignment
visibility with Sustainable Development Goals (e.g.
industry, innovation and infrastructure; sustainable cities
and communities, climate action, etc.) [85] permanently
track data, and collaboratively with other emerging
technologies to assess the performance rate. Third, by
functioning as a transaction-enabling infrastructure for new
market models, it can increase awareness and accessibility
for prospective users. A crucial component of stable
development is identifying important instruments or
indicators that will have an impact on the digitalization
objectives [86]. Penzenstadler and Femmer [87] proposed 5
dimensions: economic, technical, environmental, social,
and individual which are balanced together to create
prerequisites for sustainable development. This means that
the development of one dimension should not have a
negative influence on four others. The findings from the
extracted literature regarding the effects on the five high-
level dimensions are summarized below, and together they
provide the model on how blockchain contributes to
sustainability.
i. Economic. Economic sustainability refers to the
increased value of main economic indicators (e.g.
GDP, PMI, or CPI), including capital and added
value by means of the technology implementation
[87] for every company or country. Blockchain
adoption can foster economic growth in various
sectors and connect businesses with communities.
The expected impact on sustainability includes value
for all stakeholders involved [72], strong business
resiliency [54], data transparency and security [65],
e-commerce and global partnership (e.g. through
faster and secure transactions both locally and
internationally) [60], increased stability and
profitability of business operations [77], and
economic value across various industries from
government and public services to more specific
areas (e.g. supply chain, healthcare, manufacturing,
etc) [71, 77, 79].
ii. Technical. Technical sustainability is linked with
long-term technology usage and its adjustability to
the changing environment [87]. From this
dimension, blockchain’s main features (e.g.
immutability, tamper-proof, and decentralization)
can contribute to sustainable development through
enhanced security, increased processing time or
block creation speed, and strengthened resilience to
cyber-attacks. In the examined literature the authors
focus on the development of new technical models
[63], collaborative possibilities for process
automation [79], solutions for system independence
and increased transactions speed [61]. Nevertheless,
future technical sustainability compliance may be
projected to be enforced using blockchain-based
solutions, while simultaneously receiving other
technologies' support.
iii. Environmental. Achieving environmental
sustainability aims by means of technology
implementation to minimize ecological footprint and
improve well-being [87]. In the observed literature,
the authors point out that blockchain is not mature
enough to foster a sustainable digital transformation
from this dimension and most projects are still at the
preoperational stage [56]. For example, choosing the
right consensus algorithm is very crucial to
blockchain-based application development. The
PoS, PoA or PoH algorithms are more energy-
efficient and ecologically friendly than others (e.g.
PoW) and contribute more toward sustainability
[56]. Additionally, decentralization, elimination of
paper-based processes, and full data traceability can:
provide fair input and output analysis of various
companies' carbon emissions and environmental
pollution [45]; full tracking of products' origin and
eliminate the illicit trade [59] (e.g. plants or
animals); secure products waste minimization
monitoring [54], etc.
iv. Social. Social sustainability is linked with activities
that are focused on healthy communities creation
through innovative technologies’ adoption [87]. In
the social aspect blockchain can contribute as
follows: provide peer-to-peer transactions between
citizens and create a trustworthy partnership with
businesses or municipalities [67]; ensures a
transparent interaction between governments and
citizens, especially where the corruption level is
high [57], increase the quality of public domains
(e.g. healthcare or municipal cases) [78]; empower
start-ups and job opportunities creation [74]; focus
on customer experience and satisfaction [72].
Therefore, positive perceptions regarding blockchain
will encourage more companies to adopt blockchain
and achieve “a healthy society” [66].
v. Individual. Individual sustainability indicates the
impact of technology adoption on individuals [87].
Additionally, Barella et al (2018) characterize this
dimension as knowledge, motivation, psychological
effects and the potential for the permanent growth of
every person in all aspects of everyday life (e.g.
social activities, intellectual growth, mental health,
etc). Examples from the reviewed papers focus
mostly on the benefits for organizations and
countries, which deliver benefits for the final
customers in the long term. Nevertheless, in relation
to blockchain in digitalization, this dimension is not
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content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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VOLUME XX, 2017 2
fully covered in the literature and more research is
needed. The potential direction of research may
cover sustainability in 3 areas: for every unit in the
blockchain ecosystem, for individual investors or
users, and for regular people that are not directly
interacting with the technology but are affected by
the digitalization process.
C. DRIVERS OF DIGITAL TRANSFORMATION:
EMERGING TECHNOLOGIES
Blockchain is among the world's rapidly growing
technologies and the number of research linked with
blockchain in digitalization has increased recently [17].
We identified that scholars' attention has been drawn
toward the combination of blockchain and other emerging
technologies. Such collaboration can open new
possibilities and develop new sets of rules, allowing
digital transformation to become more automated and
efficient [17]. While there is a significant amount of
research covering the integration of blockchain with other
technologies (e.g. machine learning, artificial intelligence,
etc.), the authors in the extracted literature focused mainly
on IoT and big data.
i. Internet of Things. IoT’s main objective is to collect
data without human interaction [17] and its potential
to digitize different sectors is enormous. IoT is a
combination of different types of hardware devices
(sensors, actuators, etc) that are linked together with
wired or wireless links. This network can collect
contextual data and transfer it with the help of
communication protocol and internet connectivity
[70]. Integrity, security and privacy of IoT data can
be protected using blockchain technology [17]. In
simple words, machine-to-machine transactions will
be stored in a decentralized database, cross-checked
by multiple sources, and recorded in a general ledger
covering all nodes [70]. Therefore IoT and
blockchain have the potential to securely connect
devices without any intermediary server and help to
secure the IoT network against cyberattacks,
whereas smart contracts can take care of the
authentication and verification of physical devices
[45].
ii. Big data. Big data analytics attracts an increasing
number of companies [73]. Companies nowadays
generate a large amount of data from communication
logs, network devices, business processes, customer
data, etc. Big data that is stored in blockchain is
secure and valuable for further analysis since it is
ordered, multiple, comprehensive, and tamper-proof
[41, 68, 45]. Combining blockchain data with big
data analytics can improve planning through deep
patterns understanding [54]. A permanent big data
analytics is essential for companies to track
transactions and make better strategic decisions.
Additionally, blockchain can be used in places that
require constant storage of unchanging information,
as an archive or currently used database (e.g.
patients’ treatment history).
iii. Other technologies. RFID systems are becoming
incredibly popular in different spheres, such as
healthcare, supply chain or agri-food [17]. Magnetic
chips are integrated into RFIDs to store a substantial
amount of data. Besides, every product tagged with
RFID can be uniquely identified using EPC
(Electonic Product Code). Although there are
significant advantages, data storage and transmission
are insecure because it is exchanged by means of
non-IT secure methods, such as Bluetooth or NFC
[88]. In this case, blockchain technology can be used
for secure data transfer and authentication [53].
Sensors will send data directly to blockchain, which
can subsequently be accessed by all network
participants [67].
V. FUTURE RESEARCH AGENDA
Despite the increasing interest in blockchain and its
widespread adoption in various spheres, many issues have
to be addressed and solved. As the technology evolves, its
adoption is expected to penetrate more industries and
countries than those covered in the current review. A
careful evaluation of the selected literature revealed several
research gaps. Table 3 summarizes gaps, divided by
themes, and research questions.
TABLE 3. Research gaps and potential research questions
Theme
Research gaps and
potential research
questions
Potential
research
direction
Challenges
and
barriers
1. The lack of
research on
blockchain enabled
digital transformation
in large organizations.
RQ1 Why do large
organizations are
slow in adopting
blockchain?
RQ2 How do the
adoption barriers
vary between SMEs
and large
organizations?
Conducting more
research on both
SMEs and large
organizations that
have implemented
blockchain.
Comparing the
potential benefits
by studying
different real-
world use cases.
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content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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VOLUME XX, 2017 2
TABLE 3 (continued)
2. Lack of research
on blockchain
paradoxes.
RQ3 What are the
common tensions and
paradoxes
surrounding
blockchain?
RQ4 How do these
paradoxes differ in
different sectors and
how can they be
managed?
The main tensions
and solutions are
mentioned in the
supply chain in
prior literature and
the results should
be verified and
supported by
research in other
sectors. This can
support or
contradict the
results and add
possible tensions.
3. Legal regulation
and blockchain
governance.
RQ5 What are the
legal issues that must
be considered during
blockchain
development and
adoption?
RQ6 How does
blockchain
governance vary
among different
countries?
Interview legal
experts and policy
makers regarding
blockchain
governance.
Propose a unified
framework that
will create new
knowledge of
Blockchain
development
considering
compliance with
legal regulations.
4. Lack of cross-
industry research on
understanding the
reasons behind the
low level of
blockchain awareness
and acceptance.
RQ7 Why does
blockchain awareness
vary in various
sectors?
RQ8 What are the
current awareness
and blockchain
technology
acceptance levels in
different sectors?
In-depth empirical
research and
comparison in
different
industries. Gray
literature
evaluation and the
identification of
the most
promising
direction.
TABLE 3 (continued)
5. Lack of research on
whether trust is
promoted using
blockchain-based
systems.
RQ9 How to evaluate
trust among users in
a blockchain
network?
RQ10 To what extent
blockchain-based
systems increase trust
among end users?
Developing proof
of concepts and
conducting
experimental
research to
evaluate if
blockchain-based
systems increase
trust.
6. Limited research
on governmental
support.
RQ11 How can
governments
encourage blockchain
development and
innovation to reduce
skepticism?
RQ12 What are the
main government-
related use cases
where blockchain can
be used?
Understanding the
best practices
from existing
Government cases
(e.g., Estonia and
Sweden) and
identifying policy
guidelines.
Identification of
main barriers and
understanding
how to overcome
them.
7. Policy criteria for
cybersecurity and
data privacy.
RQ13 What policy
initiatives are linked
with cybersecurity
and blockchain?
RQ14 How to link
blockchain and
cybersecurity? What
emerging
technologies can be
used collaboratively
with blockchain?
A framework to
provide
cybersecurity for
blockchain-based
systems and
develop standards.
Analysis on how
to provide secure
systems using
blockchain and
other emerging
technologies.
This article has been accepted for publication in IEEE Access. This is the author's version which has not been fully edited and
content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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VOLUME XX, 2017 2
TABLE 3 (continued)
Perceived
benefits
1. The
conflicting role and
influence of various
actors in the
decentralized
network.
RQ1 How does the
interest of various
actors differ and
affect blockchain
implementation?
RQ2 How to assign
roles in the
decentralized
network?
Identification of
main actors in the
network,
understanding
how they impact
each other as well
as how they
impact the
blockchain
protocol, and
discussing how
responsibilities
are divided
between main
actors in the
system.
2. Lack of
empirical research on
future benefits of
blockchain.
RQ3 What are the key
benefits of
blockchain-enabled
digital
transformation?
RQ4 How to measure
the benefits of using
blockchain in an
organization? What
methods and
techniques can be
applied?
Case studies can
be conducted with
existing
successful cases to
identify the
potential benefits
of using
blockchain.
3. Lack of
research on the
benefits of using
blockchain in
different geographical
scope: country and
regional diversity.
RQ5 Is there any
connection between
the level of economic
development and
perceived benefits
from blockchain?
RQ6 What regions
and countries can
benefit from
blockchain adoption
more?
Comparing
developed and
developing
countries to find
dependencies and
factors that affect
blockchain
acceptance and its
potential benefits.
TABLE 3 (continued)
4. Operational
efficiency
measurement.
RQ7 How should the
operation efficiency be
measured after
blockchain
implementation and
what are the
fundamental
parameters?
Scale
development
research can be
conducted to
measure
operational
efficiency.
5. Absence of
research about
blockchain’s impact on
all 5 sustainability
dimensions (Economic,
Social, Individual,
Environmental, and
Technical).
RQ8 To what extent
does blockchain
promote sustainable
development in terms of
economic, social,
individual,
environmental, and
technical perspectives?
Providing a
deeper and
comprehensive
investigation on
how to achieve
blockchain
sustainability by
taking into
consideration
the 5
dimensions.
Creating a
framework with
relevant steps.
Emerging
technologies
as drivers of
DT
1. Blockchain
integration with other
emerging technologies.
Some technologies
(e.g., big data or
machine learning) in
relation to blockchain
received less empirical
attention.
RQ1 What emerging
technologies can be
combined with
blockchain?
RQ2 How can machine
learning along with
blockchain drive digital
transformation?
A framework
and standards on
how to integrate
emerging
technologies
with blockchain.
What are an
important steps
to follow for a
successful
collaboration.
An empirical
investigation in
what cases can
blockchain in
collaboration
with other
technologies
benefit users
more to analyse
on how to
provide a
smooth
integration.
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content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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VOLUME XX, 2017 2
VI. DISCUSSION
To better understand the current state and future directions
of blockchain in digital transformation, we performed a
systematic literature review and identified three main
research questions. RQ1 aims to bring light on the
empirical evidence from academia regarding the current
state of blockchain in digital transformation, what are the
key benefits of the technology and what challenges
potential adopters may face. Additionally, it covers the
main emerging technologies, and how they affect
blockchain adoption widely. RQ2 explored the current
challenges and barriers that hinder potential users from
blockchain implementation and perceived technological
benefits that can bring positive value to companies.
Additionally, various domains were observed to make basic
conclusions. RQ3 focused on research gaps and future
directions that may complement the current review and
increase blockchain awareness globally. Therefore, in this
section, we have comprehensively outlined the most
important discoveries, contributions, limitations, and
opportunities for future research.
A. KEY FINDINGS & COMPREHENSIVE FRAMEWORK
In the current SLR, we examined the empirical evidence
from academia that shows the current state and future
blockchain potential in digital transformation. The findings
from the thematic analysis have been used to develop a
comprehensive framework that provides an overview of the
explored areas. The framework is not limited to one
specific domain (e.g., healthcare, supply chain,
manufacturing, etc) and can be applied in various contexts
of digitalization. In the framework, we used the ideas of
[93] that highlighted the importance of taking into
consideration the benefits of the technology adoption for
companies from the business perspective and their
alignment with 3 levels: operational, managerial (or
tactical) and strategic. In the blockchain case, the
operational level can be linked with disintermediation,
decentralization, transparent transactions, data privacy, etc.
The tactical level is characterized by management and
control within and outside the organization since
blockchain may improve the quality of operations, cuts
intermediaries, brings competitive advantage for various
spheres, etc. Finally, the strategic level explains business
goals and continuous development in the long term. In the
blockchain case this level is linked with a pragmatically
determined value from the new technology examining
effects at the granular level and focusing on solving
companies’ problems with specific use cases. Benefits can
be achieved by adapting blockchain strategies to the market
position, taking into account criteria such as the ability to
create an ecosystem and defining standards. The foundation
of all those dimensions is a proper IT infrastructure and
blockchain´s integration with other technologies can
unleash its full potential. Therefore, perceived benefits and
potential challenges that companies may face are identified
in this research and affect business models on those 3
levels.
To stay competitive and provide a long-term value to
clients, the new demand for emerging technologies (e.g.
blockchain) and business model innovations is the driving
force for continuous development and transformation [89].
As a result, blockchain adoption is linked with innovations,
that necessitate new services and procedures which define
how value is created, delivered, and captured among
various actors. We found that blockchain technology is
predicted to radically transform the existing processes and
create value by strengthening value delivery and capture.
Digital transformation strategy is defined by the visions and
goals creation, and to execute this strategy, companies
should monitor, analyze and manage their processes [90].
This may help to make quick plans and goal adjustments in
the permanently changing environment. The long-term
vision for blockchain adoption in various spheres is the
sustainability achievement and the evaluation on how the
technology affects life dimensions, such as technical,
social, environmental, economic, and individual serves as
an output. Maintaining a proper digital transformation is
accomplished through proper technologies and supporting
tools that are reinforced through a permanent control and
alignment with the value chain..
Finally, we used some elements of a research design
strategy [91] and adapted them according to results of the
current review. The purpose of such approach is to serve as
a blueprint for data collection, measurement, analysis, and
elements of communication with relevant actors [92]. First,
it is important to identify the business process that requires
digital transformation using blockchain with an appropriate
motivation and identify the specific problem that should be
addressed. It provides an awareness of the problem and the
importance of resolving the problem with blockchain.
Second, developing the blockchain solution that solves all
the complexities of the problem identified earlier and
should satisfy all the business goals (Strategic, Tactical,
Operational level). The solution can be developed with any
emerging technology along with blockchain by considering
its potential benefits and barriers. Third, the solution should
be executed to establish the required functionality and
conduct activities such as experiments, or simulations to see
how well the developed solution solved the problem.
Fourth, in the management phase, all processes and
interactions in the organization are changed to facilitate the
adoption of the digital solution. Decision-makers in the
company must determine at this stage whether to make
adjustments and go back to the previous steps or move
forward. This method is designed to be sequential,
however, it is not expected that all activities from 1 to 4
would be roughly followed and all adjustments according to
the particular case are possible. All mentioned above have
an implication for successful blockchain implementation in
digital transformation, and the framework sheds light on
these dynamics.
All mentioned above have an implication for successful
blockchain implementation in digital transformation, and
the framework sheds light on these dynamics. We found the
This article has been accepted for publication in IEEE Access. This is the author's version which has not been fully edited and
content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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VOLUME XX, 2017 2
existence importance of changes in response to an altering
environment, influenced by various barriers and factors that
complicate the transformation process. Blockchain
technology necessitates governance structures and
methods that differ from the ones. Transferring the
experience from firms working on blockchain-based
initiatives is a significant step forward while the framework
structure allows to outline potential strategic effects. Figure
10 illustrates the framework for blockchain in digital
transformation.
A. THEORETICAL IMPLICATIONS
The present study has three major theoretical contributions.
First, to the best of our knowledge, there is no review study
that synthesizes the findings on blockchain-enabled digital
transformation. Thus, with this paper, we fill this important
research gap. Additionally, some technologies, such as IoT
[17, 45, 71], big data analytics [55, 74], and other emerging
technologies alongside blockchain can drive digital
transformation. Our paper shed lights on how their
interaction with blockchain can help increase transparency,
and create a sustainable technological ecosystem.
Second, we have identified 3 major themes and sub-
themes under these major themes from our literature
analysis. The most attention is paid to implementation
challenges and the major are legal regulations [40, 45, 71],
tecnological maturity [45, 54], and internal ones, such as
security and trust [46, 59] and data management [55, 60].
Among perceived benefits, we highlighted short-term and
long-term benefits. Among short-term are processes
optimization and automation [69, 72, 75], new business
models [40, 53, 55] Among long-term, the most significant
impact is linked to sustainable development [57, 77, 79].
Those topics can be highlighted in the future and existing
findings should be verified by researchers.
Third, we found that blockchain in digital transformation
is largely industry-independent and interest in the
technology is evident in all fields. Most of the research is
focused on supply chain transformation [17, 55, 64, 68].
Nevertheless, other industries were outlined, such as
manufacturing [70], financial [46], maritime shipping [43,
70], aviation [77], gaming [48], etc. Industry factors (e.g.
rules and regulations) are critical to understanding how
blockchain adoption occurs. It is also observed that most of
the lessons learned from one industry are not easily
transferable to another and the results should be double-
checked in various domains.
Finally, we have provided a future research agenda in the
area of blockchain-enabled digital transformation. We have
identified 24 research questions and discussed possible
ways to answer these questions. Therefore, we continue to
encourage scholars to focus on developing an academic
discussion about how different industries see the utilization
of blockchain technology to innovate business models,
leading to the realization of the benefits of digitalization.
B. PRACTICAL IMPLICATION
The findings of this paper have important implications for
practitioners. First, the empirical evidence shows that
blockchain has potential, however, it has not been widely
FIGURE 9. Comprehensive framework for blockchain in digital transformation
This article has been accepted for publication in IEEE Access. This is the author's version which has not been fully edited and
content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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VOLUME XX, 2017 2
TABLE 4. Observed literature
adopted. The reasons for slow diffusion are due to the
barriers and challenges identified in this paper. The
information gathered and presented in this SLR will help
practitioners adopt a more holistic view of blockchain in
digital transformation and help them better leverage the key
benefits of the technology. Improved blockchain integration
can be achieved through the seamless exchange of data
among all stakeholders, increased awareness level, and
support from legal authorities. Managers should be aware
of the unique blockchain features, consider its potential
applications and be aware about challenges they may face.
Second, the developed comprehensive framework provides
a guide with the necessary steps to achieve successful
digital transformation using blockchain technology. It is
created in a systematic way and includes perceived benefits
or challenges, interaction with existing technologies, and
operational principles to help companies achieve their goals
on three levels. Afterwards, each company main objective
is to understand how the value is created, captured and
delivered in their particular case. In long-term business
owner should consider blockchain technology in 5
sustainability dimensions which is an important part of the
successful digital transformation.
C. LIMITATIONS
Among the main limitation of the current review is that the
authors strictly focused on the papers that were written in
English language in Scopus, Web of Science databases, and
Google Scholar search. There is still a possibility remains
that some relevant articles were missed because of these
inclusion criteria. In this SLR, book chapters and reports
were also excluded. Furthermore, we did not include the
gray literature, such as industry reports, news, and blogs.
Additionally, the review was focused completely on
empirical evidence from academia, and to complement this
study future researchers can conduct more specialized
bibliometric research in various domains.
Nevertheless, this SLR provides a comprehensive
overview of the evolving themes and research needs
concerning blockchain in digital transformation. The
findings can be a basis for future research in this area.
VII. CONCLUSION
The importance of blockchain deep investigation in digital
transformation is being more recognized in both industry
and academics. Based on a set process, the authors
collected 634 publications and chose 41 of them as primary
studies for further evaluation. The results and insights
presented in this article are derived after extracting and
summarizing the data to provide direction for future
scientists and practitioners.
Future blockchain growth and development are
possible when the management model is adapted to the
requirements of a particular company and is flexible
enough. According to the current review results, research in
this area is dispersed across transdisciplinary areas. Rising
interest about blockchain in digital transformation has
stimulated the interest among researchers and the key
themes that were found are: 1. challenges and barriers; 2.
perceived benefits; 3. drivers of digital transformation:
emerging technologies. All of those themes were divided
into sub-themes to provide a more comprehensive
understanding. A detailed review of the literature highlights
the importance of an issue that seeks to explore the
enabling role of digitalization in the transition to
blockchain.
Finally, the current analysis demonstrates that
blockchain is a significant business model that drives
digitalization. The smother transformation can be achieved
and enabled by the collaboration of governmental
structures, businesses, academia, and individuals. The SLR
concludes with recommendations for future research and
possible solutions, and the comprehensive framework
development to support blockchain in digital
transformation.
Source
Data
collection
method
Sphere/
Direction
Research
design
Key findings
[40]
Interview
with 12
industry
experts
Supply chain
Qualitative
1. There are paradoxical tensions (e.g. anonymity vs.
transparency; decentralization vs. third party governance)
among blockchain, but the technology is seen as promising.
2. Some strategies (e.g. tensions transformation into more
manageable solutions) for managing mentioned tensions.
[17]
Exploratory
case study,
simulation
Supply chain
Quantitative
1. Emerging technologies ( e.g. RFID, IoT, and blockchain)
support the supply chain, reduce inefficiencies, automate
processes, provide efficient operations management, etc.
2. Comparative “As is” and “to be” scenarios.
This article has been accepted for publication in IEEE Access. This is the author's version which has not been fully edited and
content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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VOLUME XX, 2017 2
TABLE 7. (Continued) Observed literature
Source
Data
collection
method
Sphere/
Direction
Research
design
Key findings
[50]
Interview
with Latvian
industry
experts,
reports
analysis
Financial
Qualitative
1. Since the financial sector is considered an important
economic branch, technologies (including blockchain) are
incredibly important and can blur the borders of service
provision, increase the speed of transactions, provide a
fater remote interaction with customers, etc.
2. Competencies (e.g. big data analytics, data management,
proper use of ICT, etc.) are the prevalent ways how to
transform the industry.
[53]
Interview
with 20
industry
experts,
observations
Financial,
audit
Qualitative
1. Low awareness level about blockchain among experts:
slow transactions, uncertainty about benefits, inability to
make a sufficient difference in the audit practice, lack of
enthusiasm about the technology.
2. Other technologies (e.g. big data analytics, artificial
intelligence, and robotics) are more appealing to transform
the industry.
[42]
Survey
among 196
blockchain
adopters and
potential
adopters.
Cross-
industrial
Quantitative
1. Blockchain´s adoption level is still low.
2. The authors confirmed the existing TOE framework and
added other factors: information transparency,
disintermediation, the uncertainty of standards, the
learning ability of a company, and innovativeness.
3. Technological, organizational and environmental factors
play an important role in blockchain adoption.
[68]
Panel data of
30
companies
Cross-
industrial
Quantitative
1. Blockchain adoption has a positive effect on the
companies´ operational efficiency (57.76% more efficient)
2. Larger and older companies benefit less from blockchain
adoption since they should make additional changes in
their processes.
[80]
Survey
among 104
firms
Supply chain
Quantitative
1. Combination of UTAUT, TTF, and ISS models that
support a positive impact on blockchain adoption.
2. Model shows the direct factors (e.g. performance
expectancy) that affect blockchain adoption and the
moderating effects (e.g. social influence & Inter-
organizational trust = intention to adopt).
[66]
Survey
among 738
blockchain
specialists
Supply chain
Quantitative
1. Comparative analysis of blockchain current adoption
behavior among potential users in India and the USA.
2. Some hypotheses are supported in both countries (e.g.
transparency and trust), while others we controversial (e.g.
facilitation conditions or social influence).
[76]
Financial
data analysis
Cross-
industrial
Quantitative
1. The study supported the existing knowledge and
considered the value of actors involved and the
enterprises' operational capabilities (assets, preventing
costs and benefits, etc.)
2. Internal benefits (e.g. elimination of the information
asymmetry between departments).
3. External benefits (e.g. a trustworthy network based on
trust)
TABLE 4. (Continue d) Observed literature
This article has been accepted for publication in IEEE Access. This is the author's version which has not been fully edited and
content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
This work is licensed under a Creative Commons Attribution 4.0 License. For more information, see https://creativecommons.org/licenses/by/4.0/

VOLUME XX, 2017 2
TABLE 7 (Continued) Observed literature
Source
Data collection
method
Sphere/
Direction
Research
design
Key findings
[78]
MediLedger
case study
Supply chain
Qualitative
1. Potential benefits to the pharmaceutical supply chain
(e.g. counterfeit prevention) and challenges (e.g. legal
regulations, collaboration with existing systems) that
companies may face adopting blockchain.
2. Suggested solutions (e.g. hybrid blockchain: public and
private, choosing consensus algorithm other than PoW,
store transactions verification rather than transactions
themselves, etc.)
[51]
Cardossier
Consortium case
study
Inter-
organization
collaboration
Qualitative
1. Tensions in the blockchain consortia on 3 levels:
management (e.g. cooperation vs disintermediation),
business value (e.g. platform vs infrastructure),
governance (e.g. hierarchical effectiveness vs democratic
efficiency)
2. Possible solutions to the mentioned tensions (e.g.
shaping vs. using the platform).
[48]
Survey among
210 users
Blockchain-
based games
Quantitative
1. Key determinants (e.g. perceived enjoyment, ease,
usefulness, trust) that affect users' acceptance/adoption of
blockchain-based platforms (games).
2. Suggestions for the blockchain-based platform
development: regulatory support, more clarity about the
platform and security, etc.
[74]
Interviews
among 14
industry
specialists
Cross-
industrial;
Trust
Qualitative
1. The role and impact of trust in blockchain on 4
dimensions: economic, system and processes, social, and
personal (or individual).
2. Trust in blockchain can be strengthened by blockchain
features (e.g. cryptography, traceability, etc)
3. Trust leads to other benefits, such as automation, etc.
[46]
Survey among
45 industry
specialists
Financial
Qualitative
1. Benefits in the payment industry (e.g. cross-border
payments, peer-to-peer transactions, smart conrtacts, etc.)
2. Fintech companies are drivers of the industry and have
a significant role in blockchain-based application
development.
[43]
Baltic Sea ports
case study,
audits
Maritime
ports
Qualitative
1. In the sphere, blockchain collaboratively with other
technologies (e.g. IoT) can upgrade the infrastucture
through safe and secure ledger.
2. Current awareness among industry specialists about
emerging technologies, including blockchain is still low.
[81]
Interview
among 10
industry experts
Supply chain
Qualitative
1. Insights on how blockchain adoption on the
organizational level: transparency depends on the
governance rules, while on decentralization - on the
setting rules authorities.
2. Positive impact of blockchain combination with other
technologies (e.g. IoT).
3. After blockchain adoption there is no need to set
“relation-based” trust.
TABLE 4. (Continued) Observed literature
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content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
This work is licensed under a Creative Commons Attribution 4.0 License. For more information, see https://creativecommons.org/licenses/by/4.0/

VOLUME XX, 2017 2
Source
Data collection
method
Sphere/
Direction
Research
design
Key findings
[73]
Survey among
188 industry
specialists
Supply chain
Quantitative
1. Insights on digitalization and the role of 14 emerging
technologies in this process, including blockchain.
2. Awareness, acceptance, and forecasts for different
emerging technologies vary across sectors and
technologies.
[52]
TradeLens case
study
Supply chain
Qualitative
1. is an example of blockchain-based systems challenges
and lessons that are applicable to various industries.
2. The case provides insights on how to overcome cost
issues, uncertain lead times, and security concerns.
[69]
Questionnaire
among 121
industry
specialists
Maritime
shipping
Quantitative
1. Key factors (e.g. reducing paperwork, customs
clearance, standardization, etc.) that affect blockchain
acceptance in the industry.
2. Real case blockchain-based applications are proved to
be viable for increased effectiveness.
3. The level of blockchain implementation is still low and
more research is needed.
[71]
The pilot British
blockchain
consortium case
study
Supply chain
Qualitative
1. Real case blockchain consortium in the UK after 2
years of research proved its effectiveness.
2. The results address the common problems (e.g. lack of
transparency and provenance) and can be applied in
various domains.
3. Nevertheless, the results should be double-tested in
other spheres.
[45]
Case study of
140 blockchain-
based projects
Energy
sector
Qualitative
1. Blockchain can benefit the energy sector, but most of
the real projects are is still at the early stage.
2. The interest in technology increased globally in the
sector but the number of challenges (e.g. low speed of
transactions, latency, additional infrastructure for the
industry, etc.) is sufficient.
[59]
Questionnaire
among 66 coffee
industry
specialists
Supply chain
Qualitative
1. Blockchains' main properties can support the coffee
industry that still lacks technological innovations.
[49]
Survey among
157 potential
users
Acceptance
model
Quantitative
1. The awareness level of the emerging technologies is still
at a low level.
2. Users are not completely sure that blockchain can
deliver them benefits personally.
3. The results reveal only the intention to adopt blockchain,
not actual adoption.
[47]
Questionnaire
among 261
industry
specialists
Automotive
industry
Quantitative
1. Blockchain's successful adoption requires the
participation of various stakeholders and the cooperation
between them.
2. Trust and perceived benefits are the most important
factors that affect adoption.
TABLE 4. (Continued) Observed literature
This article has been accepted for publication in IEEE Access. This is the author's version which has not been fully edited and
content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
This work is licensed under a Creative Commons Attribution 4.0 License. For more information, see https://creativecommons.org/licenses/by/4.0/

VOLUME XX, 2017 2
Source
Data collection
method
Sphere/
Direction
Research
design
Key findings
[70]
Interview with
10 experts from
various domains
with a work
experience of
more than 5
years
Cross-
industrial
Qualitative
1. Current barriers that have an impact on blockchain
adoption: inter-organizational (e.g. lack of empirical
evidence), intra-organizational (e.g. full data transparency),
technological (e.g. lack of scalability), and external (e.g.
legal regulations).
2. Possible solutions to the mentioned contradictions:
collaboration (e.g. equality), linking with IoT, new
business models (e.g. tokenization), and smart contracts.
[64]
Survey among
420 students
Data security
Quantitative
1. The desire to share data among potential users and the
dependency on the different protection mechanisms.
2. Factors (e.g. technical affinity, previous knowledge, and
experience) affect data privacy concerns among potential
users of blockchain.
3. Lack of awareness (about 82% of respondents have
never heard about data privacy in blockchain).
[44]
Crypto market
daily reports
analysis (2014-
2021)
Security
Quantitative
1. The main direction of the study is the PoW algorithm,
which is imperfect.
2. Security in the network, in that case, is intrinsically
linked with cryptocurrencies' price and minig reward.
3. Mining costs vary in different regions.
[56]
85 apps
analysis: white
papers,
interviews,
reports, and
social media
statements
Sustainable
energy
Quantitative
1. To become fully operational, “green” blockchain-based
platforms should choose the right consensus algorithm
(e.g. PoA, PoS, etc.)
2. The sector has a crucial role (energy trading companies
are less interested in “green blockchains”)
3. Nevertheless, all companies have the potential to adopt
“green blockchains” (all sizes and origins) and contribute
to environmental sustainability.
[82]
Anonymous
bank case study
+ 5 interviews
among
departments
directors.
Financial
Qualitative
1. Three stages of the blockchain innovation processes
were observed: discovery, incubation, and acceleration.
2. Most companies are in the discovery (finding the
benefits of blockchain technology) and incubation
(transforming an opportunity into a business proposal)
phase. A limited number of companies are at the final
stage, where they can gain a commercial advantage from
the technology.
[57]
Municipal use
cases study
Public sector
Qualitative
1. Successful digital transformation by means of
blockchain technology is possible when 3 types of
stakeholders are involved: industry (e.g. a strong
collaboration between companies and municipality),
municipality organizations (e.g. automate internal
processes and eliminate some people from administrative
tasks), social (e.g. increased transparency of operations and
decentralization of services).
TABLE 4. (Continued) Observed literature
This article has been accepted for publication in IEEE Access. This is the author's version which has not been fully edited and
content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
This work is licensed under a Creative Commons Attribution 4.0 License. For more information, see https://creativecommons.org/licenses/by/4.0/

VOLUME XX, 2017 2
Source
Data collection
method
Sphere/
Direction
Research
design
Key findings
[77]
Questionnaire
among 119
industry
specialists
Aviation
industry
Qualitative
1. Analysis of blockchain’s perceived usefulness and
ease of use in the particular domain and country
(Korea).
2. Regulatory governance and support from authorities
may increase the intention to adopt the technology.
[63]
ReLog Case
study
Supply chain
Qualitative
1. 10 factors (e.g. traceability, trust, data availability,
etc.) that positively and 10 factors negatively (e.g. IT
complexity, investments, possible nuisance, etc.) affect
blockchain adoption.
2. Tensions of blockchain adoption in the supply chain
(e.g. visibility&privacy; traceability-efficiency;
performance &commitment; trust&investment
(paradox))
[58]
Survey among
242 managers
Cross-
industrial
Qualitative
1. Existing technologies can be replaced by emerging
ones (e.g. blockchain) or complemented with them to
gain maximum benefits.
2. Factors (e.g. reputation of the stakeholders, when
benefits are vivid, proper infrastructure, etc.) lead to
blockchain adoption.
[41]
Interview
among 21
experts
Mining
industry
Qualitative
1. 24 themes insights regarding emerging technologies
in the industry including blockchain.
2. “Early majority” need more support from the
technologies providers (because of the industry
requirements). While “late majority” should be
additionally pushed to consider other possibilities.
[67]
3 case studies
Supply chain
Qualitative
1. Insights about blockchain implementation challenges
(lack of standards, regulations, current development
stage, lack of real cases) and future possibilities
(improved services, data sharing, transparency, usage of
cryptocurrencies in the industry, etc).
2. Still, blockchain is not fully operational in various
domains.
[61]
13 interviews,
156 surveys
among smart
contracts
specialists
Security
Quantitative
1. Smart contacts lack security. There is a disconnect
between smart contract practitioners and security
awareness.
2. Possible solutions (e.g. code reusage, proactive
protection, and various tools implications) on how to
overcome security issues in smart contracts.
[54]
Survey among
108 experts
Supply chain
Quantitative
1. Positive and promising predictions about blockchain
future in supply chain until 2035.
2. Main barriers (e.g. technological, lack of specialists,
data privacy, security, data availability, etc.) that can
hinder blockchain adoption.
3. Additional aspects (political, economic,
technological, and social) were considered.
TABLE 4. (Continued) Observed literature
This article has been accepted for publication in IEEE Access. This is the author's version which has not been fully edited and
content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
This work is licensed under a Creative Commons Attribution 4.0 License. For more information, see https://creativecommons.org/licenses/by/4.0/

VOLUME XX, 2017 2
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Source
Data collection
method
Sphere/
Direction
Research
design
Key findings
[72]
Interview
among 11
industry experts
Business
network
interactions
Qualitative
1. Insights and guidance based on the trust relation,
goals alignment, performance, network composition, etc
for managers and potential blockchain adopters that are
seeking new business models
[79]
Survey among
130 officials
E-
government
Quantitative
1. A digital identity system should be implemented
alongside blockchain on the one-stop services.
2. Risks of blockchain adoption on the governmental
level (e.g. no digital identity system and authorization
system).
[65]
Questionnaire
among 254
potential users
Acceptance
model
Quantitative
1. Blockchain's technical features (e.g.security, fairness,
and transparency) can improve trust level.
2. Positive effect of trust and the quality of information
on blockchain adoption among users.
3. Users mostly accept blockchain because they gain a
proper understanding of the technology, not because of
hype.
[60]
Statistical data
analysis (175
announcements)
Economic
sector
Quantitative
1. The positive impact of the blockchain initiatives on
the market value of firms.
2. Announcements that impact positively (e.g.
collaboration with other technologies) or negatively (e.g.
using blockchain to trace sensitive data or personal
information) on the firms' value.
3. R&D increases the value of blockchain initiatives.
TABLE 4. (Continued) Observed literature
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content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
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VOLUME XX, 2017 2
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ACKNOWLEDGMENT
ANASTASIIA GURZHII is a doctoral student
and a Junior Researcher in the Department of
Software Engineering at LUT, Lappeenranta.
She did her masters in the Software Engineering
and Digital Transformation program at LUT in
2022. She did her bachelor's in the Economics
department at Saint-Petersburg Polytechnic
University. Her works were excepted in Elsevier
journal and Springer Science. Her research
interests include blockchain, digitalization, and
DeFi.
A. K. M. NAJMUL ISLAM received the Ph.D.
degree in information systems from the
University of Turku, Finland, and the M.Sc.
(Eng.) degree from the Tampere University of
Technology, Fin- land. He is currently an
Adjunct Professor with Tampere University,
Finland. He is also an Associate Professor with
LUT University, Finland. His research has been
published in top outlets, such as IEEE ACCESS,
European Journal of Information Systems,
Information Systems Journal, Journal of
Strategic Information Systems, Technological Forecasting and Social
Change, Computers in Human Behavior, Internet Research, Computers &
Education, Journal of Medical Internet Research, Information Technology
& People, Telematics & Informatics, Journal of Retailing and Consumer
Research, Communications of the AIS, Journal of Information Systems
Edu- cation, AIS Transaction on Human-Computer Interaction, and
Behaviour & Information Technology. His research interest includes
human–cantered computing.
MR. AKM BAHALUL HAQUE is a Junior
Researcher in the Department of Software
Engineering at LUT University. Earlier he was
a lecturer at the Department of Electrical and
Computer Engineering, North South University.
He works have been accepted and published in
international conferences and peer reviewed
journals including IEEE Access, Expert
Systems, Cybernetics and Systems, various
international conference proceedings, Tylor and
Francis Books, and Springer Book. His research
interests include Explainable AI, blockchain,
data privacy and protection, and human–computer interaction
VENKATA MARELLA is currently a
postdoctoral researcher at Lappeenranta University
of Technology (LUT) in the Department of
Software Engineering. He did his doctoral
dissertation on the topic, "Understanding the
Aspects of Trust in Blockchain and
Cryptocurrencies" from Aalto University. He holds
a Master's Degree in Business Administration from
Illinois State University and another Master's
Degree in Computer Science from Kent State
University. He did his Bachelor’s degree in
Computer Science Engineering from Jawaharlal Nehru Technical
University, India. His research interests include Blockchain, Non-
Fungible Tokens, Gaming, and Cryptocurrencies.
This article has been accepted for publication in IEEE Access. This is the author's version which has not been fully edited and
content may change prior to final publication. Citation information: DOI 10.1109/ACCESS.2022.3194004
This work is licensed under a Creative Commons Attribution 4.0 License. For more information, see https://creativecommons.org/licenses/by/4.0/