Citations


Contact Us

For Marketing, Sales and Subscriptions Inquiries
Rockefeller Center, 45 Rockefeller Plaza
20th Flr Unit #5, New York, NY 10111
United States

Conference List

Financial Risk and Management Reviews

March 2021, Volume 7, 1, pp 26-35

A Blockchain Research Review

Mohammad Tariq Hasan

,

Mahadi Hasan Miraz

,

Farhana Rahman Sumi

,

Shumi Sarkar

Mohammad Tariq Hasan 1

Mahadi Hasan Miraz 2

Farhana Rahman Sumi 3 Shumi Sarkar 3 

  1. Assistant Professor, School of Business and Economics, United International University (UIU), Bangladesh. 1

  2. Assistant Principle, Inasis YAB and Muamalat, Universiti Utara Malaysia (UUM), Malaysia. 2

  3. Assistant Professor, Department of Business Studies, University of Information Technology and Sciences (UITS), Bangladesh. 3

Pages: 26-35

DOI: 10.18488/journal.89.2021.71.26.35

Share :

Article History:

Received: 08 June, 2021
Revised: 12 July, 2021
Accepted: 16 August, 2021
Published: 06 September, 2021


Abstract:

Blockchain technology was first introduced as Bitcoin’s underlying technology which is one type of distributed ledger that consists of replicated, shared, and synchronized data over the Internet. This study extends prior studies on blockchain. A fundamental framework for a blockchain research classification was proposed by analyzing 230 articles related to the study of blockchain published in Asia and around the world from 2016 to 2020. The study applies a comprehensive meta-analysis based on findings, literature sources, research objectives, research methods, and context. The objective of the study is to summarize the current blockchain research, its constraints, and future trends. Meta-analysis is characterized by the process of theory construction. It is a powerful tool to analyze the literature in a descriptive form which will guide for further study. Research shows that the study at home is more decentralized, non-systematic, and has failed to gain a certain research depth—Moreover, it lacks quantitative analysis. Future research will focus on digital currency, Internet financing, and the risk of blockchain technology research.
Contribution/ Originality
This study contributes to the existing literature by examining the previous studies in the period of 2016-20 which help us to comprehend the scope of study on blockchain.

Keywords:

Blockchain, Meta-analysis, Cryptocurrency, Bitcoin,Decentralize, Technology.

Reference:

Abou Maroun, E., Daniel, J., Zowghi, D., & Talaei-Khoei, A. (2018). Blockchain in supply chain management: Australian Manufacturer case study service research and innovation (pp. 93-107). Cham: Springer.

Al-Amin, S., Sharkar, S. R., Kaiser, M. S., & Biswas, M. (2021). Towards a blockchain-based supply chain management for e-agro business system. Paper presented at the Paper presented at the Proceedings of International Conference on Trends in Computational and Cognitive Engineering.

Ali, J., Ali, T., Alsaawy, Y., Khalid, A. S., & Musa, S. (2019). Blockchain-based smart-IoT trust zone measurement architecture. Paper presented at the Paper presented at the Proceedings of the International Conference on Omni-Layer Intelligent Systems.

Ali, O., Ally, M., & Dwivedi, Y. (2020). The state of play of blockchain technology in the financial services sector: A systematic literature review. International Journal of Information Management, 54, 102199. Available at: https://doi.org/10.1016/j.ijinfomgt.2020.102199.

Alzahrani, S., & Daim, T. U. (2019). Evaluation of the cryptocurrency adoption decision using hierarchical decision modeling (HDM). Paper presented at the Paper presented at the 2019 Portland International Conference on Management of Engineering and Technology (PICMET).

Asaduzzaman, M., Hasib, F., & Hafiz, Z. B. (2020). Towards using blockchain technology for microcredit industry in Bangladesh. Paper presented at the Paper presented at the 2020 23rd International Conference on Computer and Information Technology (ICCIT).

Aste, T., Tasca, P., & Di Matteo, T. (2017). Blockchain technologies: The foreseeable impact on society and industry. Computer, 50(9), 18-28. Available at: https://doi.org/10.1109/mc.2017.3571064.

Aste, T. (2019). Cryptocurrency market structure: Connecting emotions and economics. Digital Finance, 1(1-4), 5-21. Available at: https://doi.org/10.1007/s42521-019-00008-9.

Ayedh, A., Echchabi, A., Battour, M., & Omar, M. (2020). Malaysian Muslim investors’ behaviour towards the blockchain-based Bitcoin cryptocurrency market. Journal of Islamic Marketing, 12(4), 690-704. Available at: https://doi.org/10.1108/JIMA-04-2019-0081.

Bashir, I. (2018). Mastering Blockchain: Distributed ledger technology, decentralization, and smart contracts explained. USA.: Packt Publishing Ltd.

Beck, R., Stenum Czepluch, J., Lollike, N., & Malone, S. (2016). Blockchain–the gateway to trust-free cryptographic transactions. Research Papers. 153. Retrieved from: https://aisel.aisnet.org/ecis2016_rp/153.

Berg, C., Novak, M., Potts, J., & Thomas, S. J. (2018). From industry associations to ecosystem associations: Blockchain, interest groups and public choice. Interest Groups and Public Choice (November 16, 2018). Available at SSRN: https://ssrn.com/abstract=3285647 or http://dx.doi.org/10.2139/ssrn.3285647.

Biswas, B., & Gupta, R. (2019). Analysis of barriers to implement blockchain in industry and service sectors. Computers & Industrial Engineering, 136, 225-241. Available at: https://doi.org/10.1016/j.cie.2019.07.005.

Böhme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, technology, and governance. Journal of Economic Perspectives, 29(2), 213-238. Available at: https://doi.org/10.1257/jep.29.2.213.

Bronder, P. (2018). Effective disruption: How blockchain technology can transform the energy sector Sustainable Innovation and Impact (1st ed., pp. 208-212). London: Routledge.

Cao, S., Cao, Y., Wang, X., & Lu, Y. (2017). A review of researches on blockchain. Paper presented at the Paper presented at the Wuhan International Conference on e-Business.

Carson, B., Romanelli, G., Walsh, P., & Zhumaev, A. (2018). Blockchain beyond the hype: What is the strategic business value (pp. 1-13): McKinsey & Company.

Chishti, S., & Barberis, J. (2016). The Fintech book: The financial technology handbook for investors, entrepreneurs and visionaries: John Wiley & Sons.

Chu, S., & Gao, C. (2019). Intellectual property protection and creative enterprises’ investment efficiency: Alleviating financing constraints or inhibiting agency problem? Asia-Pacific Journal of Accounting & Economics, 26(6), 747-766. Available at: https://doi.org/10.1080/16081625.2019.1566010.

Fosso Wamba, S., Kala Kamdjoug, J. R., Epie Bawack, R., & Keogh, J. G. (2020). Bitcoin, Blockchain and Fintech: A systematic review and case studies in the supply chain. Production Planning & Control, 31(2-3), 115-142. Available at: https://doi.org/10.1080/09537287.2019.1631460.

Gatteschi, V., Lamberti, F., Demartini, C., Pranteda, C., & Santamaría, V. (2018). Blockchain and smart contracts for insurance: Is the technology mature enough? Future Internet, 10(2), 1-16. Available at: https://doi.org/10.3390/fi10020020.

Hou, H. (2017). The application of blockchain technology in E-government in China. Paper presented at the Paper presented at the 2017 26th International Conference on Computer Communication and Networks (ICCCN).

Kim, H. M., & Laskowski, M. (2018). Toward an ontology-driven blockchain design for supply-chain provenance. Intelligent Systems in Accounting, Finance and Management, 25(1), 18-27. Available at: https://doi.org/10.1002/isaf.1424.

Ku-Mahamud, K. R., Omar, M., Bakar, N. A. A., & Muraina, I. D. (2019). Awareness, trust, and adoption of blockchain technology and cryptocurrency among blockchain communities in Malaysia. International Journal on Advance Science Engineering Information Technology, 9(4), 1217-1222. Available at: https://doi.org/10.18517/ijaseit.9.4.6280.

Latif, S., Idrees, Z., Ahmad, J., Zheng, L., & Zou, Z. (2021). A blockchain-based architecture for secure and trustworthy operations in the industrial Internet of Things. Journal of Industrial Information Integration, 21, 100190. Available at: https://doi.org/10.1016/j.jii.2020.100190.

Lee, J., Azamfar, M., & Singh, J. (2019). A blockchain enabled cyber-physical system architecture for Industry 4.0 manufacturing systems. Manufacturing Letters, 20, 34-39. Available at: https://doi.org/10.1016/j.mfglet.2019.05.003.

Li, C. Z., Chen, Z., Xue, F., Kong, X. T., Xiao, B., Lai, X., & Zhao, Y. (2021). A blockchain-and IoT-based smart product-service system for the sustainability of prefabricated housing construction. Journal of Cleaner Production, 286, 125391. Available at: https://doi.org/10.1016/j.jclepro.2020.125391.

Lin, J., Shen, Z., Zhang, A., & Chai, Y. (2018). Blockchain and IoT based food traceability for smart agriculture. Paper presented at the Paper presented at the Proceedings of the 3rd International Conference on Crowd Science and Engineering.

Lu, Y. (2018). Blockchain and the related issues: A review of current research topics. Journal of Management Analytics, 5(4), 231-255. Available at: https://doi.org/10.1080/23270012.2018.1516523.

Lu, Y. (2019). The blockchain: State-of-the-art and research challenges. Journal of Industrial Information Integration, 15, 80-90. Available at: https://doi.org/10.1016/j.jii.2019.04.002.

Lu, H., Huang, K., Azimi, M., & Guo, L. (2019). Blockchain technology in the oil and gas industry: A review of applications, opportunities, challenges, and risks. IEEE Access, 7, 41426-41444. Available at: https://doi.org/10.1109/access.2019.2907695.

Luther, W. J. (2016). Bitcoin and the future of digital payments. The Independent Review, 20(3), 397-404.

Maesa, D. D. F., & Mori, P. (2020). Blockchain 3.0 applications survey. Journal of Parallel and Distributed Computing, 138, 99-114. Available at: https://doi.org/10.1016/j.jpdc.2019.12.019.

Malherbe, L., Montalban, M., Bédu, N., & Granier, C. (2019). Cryptocurrencies and blockchain: Opportunities and limits of a new monetary regime. International Journal of Political Economy, 48(2), 127-152. Available at: https://doi.org/10.1080/08911916.2019.1624320.

Miraz, M. H., & Habib, M. M. (2016). ICT Adoption in small and medium enterprises: An empirical evidence of service sectors in Bangladesh Journal of Economics. Business and Management, 4(8), 481-487.

Miraz, M. H., & Ali, M. (2018). Applications of blockchain technology beyond cryptocurrency. Annals of Emerging Technologies in Computing (AETiC), 2(1), 1-6. Available at: https://doi.org/10.33166/AETiC.2018.01.001.

Miraz, M. H., Hasan, M. G., & Sharif, K. I. (2019a). Blockchain technology implementation in Malaysian retail market. Journal of Advanced Research in Dynamical & Control Systems, 11(5), 991-994.

Miraz, M. H., Hasan, M. G., & Sharif, K. I. (2019b). The numerous tactical plans affect customer and postal service relationship: The mediating role of blockchain, an empirical study in Bangladesh. Journal of Advanced Research in Dynamical and Control Systems, 11(5), 985-990.

Miraz, M. (2020). Blockchain in automotive supply chain. International Supply Chain Technology Journal, 6(6), 1-12. Available at: https://doi.org/10.20545/isctj.v06.i06.02.

Miraz, M. H., Hasan, M. G., & Sharif, K. I. (2020a). Factors affecting implementation of blockchain in retail market in Malaysia. International Journal of Supply Chain Management, 9(1), 385-391.

Miraz, M. H., Hasan, M. T., Sumi, F. R., Sarkar, S., & Majumder, M. I. (2020b). The innovation of blockchain transparency& traceability in logistic food chain. International Journal of Mechanical and Production Engineering Research and Development (IJMPERD), 10(3), 9155-9170.

Miraz, M. H., Hasan, M. T., Sumi, F. R., Sarkar, S., & Majumder, M. I. (2020c). Understanding, supervision, strategy and acceptance effect into the blockchain employment in Malaysia. International Journal of Mechanical and Production Engineering Research and Development (IJMPERD), 10(3), 8339-8360. Available at: https://doi.org/10.24247/ijmperdjun2020793.

Miraz, M. H., Hye, A. K. M., Alkurtehe, K. A. M., Habib, M. M., Ahmed, M. S., Molla, M. S., & Hasan, M. T. (2020d). The effect of blockchain in transportation Malaysia. International Supply Chain Technology Journal, 6(1), 1-10.

Miraz, M. H., Hye, A. K. M., Wahab, M. K., Alkurtehe, K. A. M., Majumder, M. I., Habib, M. M., & Alsabahi, M. A. (2020e). Blockchain securities to construct inclusive, digital economy globally. International Supply Chain Technology Journal, 6(1), 1-11. Available at: https://doi.org/10.20545/isctj/v06.i01.03.

Miraz, M. H., Mohd Sharif, K. I., Hassan, M. G., & Hasan, M. T. (2020f). Trust impact on Blockchain & Bitcoin monetary transaction. Journal of Advanced Research in Dynamical and Control Systems, 12(SP3), 155-162. Available at: https://doi.org/10.5373/jardcs/v12sp3/20201249.

Morkunas, V. J., Paschen, J., & Boon, E. (2019). How blockchain technologies impact your business model. Business Horizons, 62(3), 295-306. Available at: https://doi.org/10.1016/j.bushor.2019.01.009.

Nakamoto, S. (2008). Re: Bitcoin P2P e-cash paper. The cryptography mailing list. Retrieved from: http://users.encs.concordia.ca/~clark/biblio/bitcoin/Nakamoto%202008.pdf.

Nathan, S., Govindarajan, C., Saraf, A., Sethi, M., & Jayachandran, P. (2019). Blockchain meets database: Design and implementation of a blockchain relational database. arXiv preprint arXiv:1903.01919.

Nawang, N. I., & Azmi, I. M. A. G. (2020). Cryptocurrency: An insight into the Malaysian regulatory approach. Hamdard Islamicus, 43(2), 262-271.

Pandya, S., Mittapalli, M., Gulla, S. V. T., & Landau, O. (2019). Cryptocurrency: Adoption efforts and security challenges in different countries. HOLISTICA – Journal of Business and Public Administration, 10(2), 167-186. Available at: https://doi.org/10.2478/hjbpa-2019-0024.

Perera, S., Nanayakkara, S., Rodrigo, M., Senaratne, S., & Weinand, R. (2020). Blockchain technology: Is it hype or real in the construction industry? Journal of Industrial Information Integration, 17, 100125. Available at: https://doi.org/10.1016/j.jii.2020.100125.

Rugeviciute, A., & Mehrpouya, A. (2019). Blockchain, a panacea for development accountability? A study of the barriers and enablers for Blockchain’s adoption by development aid organizations. Frontiers in Blockchain, 2, 15-27. Available at: https://doi.org/10.3389/fbloc.2019.00015.

Sarwar, M. I., Nisar, K., & Khan, A. (2019). Blockchain-from cryptocurrency to vertical industries-a deep shift. Paper presented at the 2019 IEEE International Conference on Signal Processing, Communications and Computing (ICSPCC).

Saunders, M., Lewis, P., & Thornhill, A. (2003). Research methods forbusiness students. Essex: Prentice Hall.

Saunders, M., Lewis, P., & Thornhill, A. (2009). Research methods for business students. London: Pearson Education.

Schaupp, L. C., & Festa, M. (2018). Cryptocurrency adoption and the road to regulation. Paper presented at the Proceedings of the 19th Annual International Conference on Digital Government Research: Governance in the Data Age.

Șcheau, M. C., Crăciunescu, S. L., Brici, I., & Achim, M. V. (2020). A cryptocurrency spectrum short analysis. Journal of Risk and Financial Management, 13(8), 184. Available at: https://doi.org/10.3390/jrfm13080184.

Scheurich, J. J. (1997). Research method in the postmodern (1st ed.). London: Routledge.

Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach. USA: John Wiley & Sons.

Shanaev, S., Sharma, S., Ghimire, B., & Shuraeva, A. (2020). Taming the blockchain beast? Regulatory implications for the cryptocurrency Market. Research in International Business and Finance, 51, 101080. Available at: https://doi.org/10.1016/j.ribaf.2019.101080.

Sovbetov, Y. (2018). Factors influencing cryptocurrency prices: Evidence from bitcoin, ethereum, dash, litcoin, and monero. Journal of Economics and Financial Analysis, 2(2), 1-27.

Sulaiman, M. Y., & Rahim, R. A. (2019). Blockchain and distributed ledger technology (DLT) report 2019: Malaysia Industry-Government Group For Higher Education (MIGHT). 1-125. Retrieved from: https://www.might.org.my/event/malaysia-blockchain-distributed-ledger-technology-outlook-2019-report-blockchain-in-government-consultative-session/.

Taherdoost, H. (2016). Sampling methods in research methodology; how to choose a sampling technique for research. International Journal of Academic Research in Management (IJARM), 5(3), 18-27.

Urbach, N., & Ahlemann, F. (2010). Structural equation modeling in information systems research using partial least squares. Journal of Information Technology Theory and Application, 11(2), 5-40.

Weijters, B., & Baumgartner, H. (2012). Misresponse to reversed and negated items in surveys: A review. Journal of Marketing Research, 49(5), 737-747. Available at: https://doi.org/10.1509/jmr.11.0368.

Wong, L.-W., Tan, G. W.-H., Lee, V.-H., Ooi, K.-B., & Sohal, A. (2020). Unearthing the determinants of Blockchain adoption in supply chain management. International Journal of Production Research, 58(7), 2100-2123. Available at: https://doi.org/10.1080/00207543.2020.1730463.

Xiong, J., & Tang, Y. (2020). Mobile cryptocurrency for development in Asia-moderating effects of advantage, complexity, and compatibility. Paper presented at the AMCIS 2020 Proceedings. 9.

Yang, M. (2016). Cryptocurrency in China: Light-touch regulation in demand.

Yusof, H., Munir, M. F. M. B., Zolkaply, Z., Jing, C. L., Hao, C. Y., Ying, D. S., . . . Leong, T. K. (2018). Behavioral intention to adopt blockchain technology: Viewpoint of the banking institutions in Malaysia. International Journal of Advanced Scientific Research and Management, 3(10), 274-279.

Zhang, X., & Chen, X. (2019). Data security sharing and storage based on a consortium blockchain in a vehicular ad-hoc network. IEEE Access, 7, 58241-58254. Available at: https://doi.org/10.1109/ACCESS.2018.2890736.

Zikmund, W., Babin, B., Carr, J., & Griffin, M. (1991). Business research methods. New Year: Harcourt Brace Jovanovich, Inc.

Zulhuda, S., & Sayuti, A. (2017). Whither policing cryptocurrency in Malaysia? IIUM Law Journal, 25(2), 179-196. Available at: https://doi.org/10.31436/iiumlj.v25i2.342.

Statistics:

Google Scholor ideas Microsoft Academic Search bing Google Scholor

Funding:

This study received no specific financial support.

Competing Interests:

The authors declare that they have no competing interests.

Acknowledgement:

All authors contributed equally to the conception and design of the study.

Related Article

( 1 ) A Blockchain Research Review
( 2 ) Coaching in Action Research
( 3 ) An Analysis of Chinas Poverty Research Based on CiteSpace
( 4 ) An Entrepreneurship Research in Singapore: Basic Psychological Needs and Motivation
( 5 ) Family Leadership and Small to Medium Sized Enterprises Research and Development Investments
( 6 ) State and Evolution of Public and Private Research and Development in Bulgarian Agriculture
( 7 ) Research on the Construction and Application of Chinese Enterprises Overseas Port Investment Confidence Index Based on D-S Evidence Theory
( 9 ) Human Research Management: Effect of Covid-19 On Workers in the UK Who Have Previously Lost One or Both Arms
( 10 ) A Review on Criteria for Green Infrastructure to be Adopted by Local Authorities
( 11 ) Just-In-Time: Review of Empirical Studies
( 12 ) A Theoretical Review on Critical Success Factors (CSFS) of Entrepreneurship Programs in Community College
( 13 ) Gun Violence in United States of America Systematic Reviews and Meta-Analyses
( 14 ) Stock Market Index Prediction with Neural Network during Financial Crises: A Review on Bist-100
( 15 ) Republic of Zimbabwe National Water Policy: A Desk Review of the Gaps between the Policy and Its Implementation
( 16 ) A Review upon the Changes Which Come With the Model upon Turkish Metropolitan Municipality within the Provincial Administrative Boundaries
( 17 ) A Review on EU Transportation Projects within the Case of Turkey for European Union Regional Development Policy
( 18 ) A Review of Cross Border Higher Education in Africa: Focus on Graduate Level Training in Engineering and Technology
( 19 ) Critical Review of Literature on Brand Equity and Customer Loyalty