A Systematic Literature Review on the Revolutionary Impact of Blockchain in Modern Business

Blockchain technology and its business applications have attracted considerable scholarly interest, leading to a surge in academic studies. While this wealth of research is beneficial, it also poses challenges in identifying the most relevant publications. Despite the availability of survey articles, research on this topic remains fragmented and concentrates on specific industrial sectors. This review addresses this gap by providing a detailed literature analysis, highlighting key themes, recent advancements, the benefits of blockchain adoption for businesses, and associated challenges. This study employs a multi-method literature review approach called bibliometric systematic literature review (B-SLR), combining bibliometric analysis with systematic literature review (SLR) techniques. This review critically examines studies of blockchain adoption in modern business from 2017 to 2023. Our findings reveal a decline in academic publications on blockchain for businesses since 2023, along with a shift in core themes from traditional supply chains to exploring blockchain’s role in environmentally sustainable supply chains, such as reverse logistics, green supply chains, and the circular economy. Additionally, there is an emerging focus on the role of blockchain in virtual environments, such as the metaverse and digital twins. Drawing from our analysis, we also present a theoretical framework and highlight ten crucial areas for future research.