# A Systematic Literature Review on the Revolutionary Impact of Blockchain in Modern Business
###### Abstract  
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. blockchain technology; adoption decision; business; literature review; conceptual framework +
Footnote †: journal: Applied sciences  
Medina Ayta Mohammed  
1 Department of Business Economics (Administration, Management and Organization), Applied Economics II and Fundamentals of Economic Analysis, Universidad Rey Juan Carlos, Paseo de Los Artilleros s/n, 28032 Madrid, Spain; [EMAIL_ADDRESS]  
2 Department of Applied Economy I, Universidad Rey Juan Carlos, Paseo de Los Artilleros s/n, 28032 Madrid, Spain; [EMAIL_ADDRESS]  
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as demonstrated by the increasing number of studies conducted. Blockchain business use cases include supply chain management [4; 5; 6], financial services [7; 8; 9], data management [10], the Internet of Things (IoT) [11; 12], healthcare [13; 14; 15], e-commerce [16; 17], among various other applications. The primary strength of blockchain technology lies in its ability to transmit information securely without centralized oversight. Nevertheless, the absence of a third party necessitates consensus among all participants [18]. These and other potential challenges stemming from technological, organizational, environmental, and individual factors have prompted numerous studies to investigate the obstacles to blockchain adoption in business settings. The existing literature on blockchain technology for businesses is highly fragmented, making it challenging to obtain a deeper understanding of its potential for business applications. Although numerous literature reviews have been published, they are dispersed across various topics and sectors. Previous review articles on the potential of blockchain technology in business have typically focused on specific applications or aspects. Some studies have concentrated on particular sectors, such as supply chain management [19; 20; 21], healthcare [22], and financial services [23; 24]. Other studies are industry-specific [25; 26; 27; 28; 29]. Additionally, certain reviews exclusively examine either the advantages [30; 31] or the obstacles [32; 33; 34; 35] associated with blockchain technology. To address this gap, this study reviews research on the impact of blockchain on modern business by examining major themes, recent advancements, and the evolution of research on blockchain adoption. Moreover, it identifies the potential benefits, barriers to adoption, and areas where further progress is needed.