Blockchain technology is synonymous with technological innovation, and more and more organizations and enterprises are adopting it for sustainable development. The security, transparency, and privacy characteristics of blockchain technology are used to solve the issues of centralization and information sharing involved in the logistics process. Therefore, the primary research purpose of this study is to evaluate the application of blockchain technology in the logistics industry. The availability of blockchain technology applications, especially in the areas of supply chain management, maritime, and aviation, will be illustrated with the characteristics of blockchain technology and the issues encountered in logistics development. In addition, empirical analyses will be conducted to reveal whether these applications will contribute to the sustainability of logistics listed companies, that is, the benefits of the blockchain technology applications.
This study starts with the concept, architecture, and characteristics of blockchain technology to explain what blockchain is, how it works, and the unique characteristics that make it widely used. Then sort out the applications in various industries, especially in supply chain management, maritime, and aviation, through literature review and real cases. Moreover, a visualization method is employed to reveal the research status, hotspots, and trends of blockchain technology in the logistics industry. The literature review and visualization methods illustrate that blockchain technology is entering the blockchain 4.0 era of business applications.
For the relationship between blockchain technology applications and sustainability, the empirical analysis utilizes a binary choice model relying on panel data to analyze the organizational characteristics affecting blockchain technology applications in Chinese logistics companies. The results reveal that firm size, ownership structure, and employee educational level are critical organizational characteristics that significantly affect the application of blockchain technology.
After identifying these organizational characteristics, companies choose whether or not to use blockchain technology based on their situation. If a company applies blockchain technology, will it affect its sustainable development? Then, the impact of the application of blockchain technology on the economic, social, and environmental dimensions are examined separately according to the triple bottom line principle. The results indicate that the application of blockchain technology has a positive impact on the sustainable development of companies. The heterogeneity test finds that small and medium-sized enterprises, as well as state-owned enterprises, are more likely to facilitate the sustainable development of enterprises after using blockchain technology.
In all, this study indicates that blockchain technology has been deployed in various types of logistics companies. The application of blockchain technology may improve privacy and security, information traceability, transaction compliance, data authenticity, the process processing efficiency of companies, which brings new opportunities and promotes the sustainability of logistics companies.