The review has identified many applications of smart contracts via the detailed analysis of the related publications

The review has identified many applications of smart contracts via the detailed analysis of the related publications

6. Discussion and Framework

However, despite a plethora of research, the application of smart contracts in various industries is different and secreted around to their operational requirements. The actual use of smart contracts is still very limited in practice, especially from the procurement perspective. Nevertheless, the review also found that the widespread research and development of smart contracts in various industries have extended the original functions of smart contracts and made them more comprehensive and efficient to their project needs, such as cross-organizational collaboration and optimization of business processes.

Apart from that, a research framework of smart contracts has been developed for future procurement needs based on this mixed-method review, as shown in Figure 10. On the one hand, most studies have found the benefits of smart contracts, but current research has not gone beyond conceptual proposals and recommendations and lacks in-depth research on smart contracts in terms of procurement. How will smart contracts change the current procurement workflow? Continue reading “The review has identified many applications of smart contracts via the detailed analysis of the related publications”