Abstract
This paper presents blockchain technology and its applications, demonstrating how small and medium enterprises (SMEs) can easily engage in blockchain initiatives. We start with an introduction to blockchain technology and its business applications. For many small enterprises, engaging in blockchain transactions remains relatively novel. Nevertheless, emerging trends indicate that large enterprises are incorporating smaller business partners, broadening the application scope across the supply chain. We demonstrate how this technology is revolutionizing both supply chain and contract management. We examine how Smart Contracts can streamline complexity and enhance business transaction transparency, facilitating more efficient and effective operations. SMEs can secure strategic business advantages through blockchain technology engagement in three primary ways: a) increasing efficiency in supply chain processes, b) adopting smart contracts, and c) leveraging the technology to collaborate with ecosystem partners. We provide examples of initiatives enabling SMEs to participate in blockchain technology without requiring significant investment in complex technologies or advanced resources. We propose a five-step approach that outlines a comprehensive roadmap for SMEs to embrace these technological advances. The paper concludes by analyzing the advantages and challenges, offering directions for future research.
Recommended Citation
Bajwa, Naeem; Tudor, Thomas; Felan, Joe T.; and Varela, Otmar E. Dr.
(2024)
"HOW CAN SMEs EFFECTIVELY LEVERAGE BLOCKCHAIN? A ROADMAP AND FIVE-STEP APPROACH,"
Pennsylvania Economic Review: Vol. 31:
No.
1, Article 5.
Available at:
https://digitalcommons.wcupa.edu/pennsylvania-economic-review/vol31/iss1/5