Journal of Innovation & Knowledge 9 (2024) 100605

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Journal of Innovation & Knowledge

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An overview of blockchain research and future agenda: Insights from

structural topic modeling
Anuja Shukla a,* , Poornima Jirli b, Anubhav Mishra c , Alok Kumar Singh d
a
Jaipuria Institute of Management, D 1429, Gaur Atulyam, Omicron 1, Greater Noida, UP 201309, India
b
Swiss School of Business Management, Geneva, Switzerland
c
Jaipuria Institute of Management, Lucknow, Vineet Khand, Lucknow, UP 226010, India
d
Indian Institute of Management, Nagpur, India

A R T I C L E I N F O A B S T R A C T

JEL classification: As a disruptive technology, blockchain has become a strategic priority for many businesses. A vast amount of
O32 research exists on blockchain’s innovative nature and immense potential for multiple industries. This study aims
O33 to synthesize the existing research to classify the findings into various themes and propose avenues for further
Keywords: research. A total of 2,360 academic articles were analyzed using the text-mining method of structural topic
Structural topic modeling modeling. The identified fifteen topics were mapped to the four quadrants of the Datatopia model, leading to the
Blockchain
development of the Datatopia-blockchain (DBlock) framework. The results present future scenarios that provide
Scenario building
Datatopia
an understanding of what is known about blockchain, its characteristics, and potential research areas. The
Natural language processing contributions to the theory and implications to the practitioners are discussed in detail.
Emerging technologies

Introduction decentralized nature of blockchain applications (Zheng et al., 2022),

while others focus on challenges like transparency and flexibility in its
Blockchain is a disruptive technology that has become a strategic scalability (Sheikh & Sifat, 2024). A literature review of 443 articles
priority for many businesses (Chittipaka et al., 2023; Pawczuk et al., from 77 Information Systems journals (2016 to 2022) reflected highly
2020). The technology is expected to contribute 1.76 trillion USD to the skewed research on blockchain system design (Lei & Ngai, 2023).
global economy by 2030 (Davies, 2020). The trust issues with the However, the impact of recent advancements in blockchain on society
existing technologies inspired practitioners and governments to focus on and its immense prospective across industries has not yet been explored
alternative options such as blockchain (Rainie & Anderson, 2017; Tan & in detail (Sheikh & Sifat, 2024).
Saraniemi, 2023). It is a decentralized, transactional database technol­ A vast amount of research has examined the role of blockchain across
ogy that facilitates validated and consistent transactions across industries such as agriculture (Sharma et al., 2022), supply chain (Jain
numerous participants (Beck et al., 2018). Technology is known for its et al., 2020), food safety (Yadav et al., 2023) and E-Waste (Chaudhary
transparency and traceability, which drive significant innovations et al., 2021). Blockchain has numerous applications to improve effi­
across diverse domains, including crowdfunding and supply chain (Agi ciency (Charles et al., 2023; Chittipaka et al., 2023), accuracy (Gauthier
& Jha, 2022; Aslam et al., 2021). Furthermore, blockchain and NFTs in & Brender, 2021), and sustainability (Treiblmaier & Garaus, 2023; Vu
real estate emphasize their capability to fractionate and track assets et al., 2023). However, on the negative side, it may raise concerns about
(Chen et al., 2024; Souza et al., 2024). A vast amount of research exists privacy (Chenthara et al., 2020) and security (Warkentin & Orgeron,
on blockchain’s innovative nature and potential, highlighting the need 2020). Furthermore, many questions need to be answered about the
for studies to synthesize and integrate the existing research to identify future of blockchain and its acceptance in society. Hence, there is a need
emerging possibilities (Nguyen & Nguyen, 2023; Toufaily et al., 2021). to integrate the fragmented research, particularly emphasizing social
Recent research has focused on various aspects of blockchain. For acceptance of technology, its characteristic, and avenues for future
example, some research scholars highlight the benefits of the research. Thus, this study aims to answer the following research

* Corresponding author.
E-mail addresses: [Link]@[Link] (A. Shukla), [Link]@[Link] (A. Mishra), alok@[Link] (A.K. Singh).

[Link]
Received 22 April 2024; Accepted 19 October 2024
Available online 9 November 2024
2444-569X/© 2024 Published by Elsevier España, S.L.U. on behalf of Journal of Innovation & Knowledge. This is an open access article under the CC BY-NC-ND
license ([Link]
A. Shukla et al. Journal of Innovation & Knowledge 9 (2024) 100605

questions based on extensive literature review: Table 1

Application of blockchain technology across various domains.
RQ1: What are the focus areas and topics related to blockchain S. Field Application Authors
technology in academic research? No.
RQ2: What are the emerging research questions that can help shape 1 Finance Improving how transactions Chen and Bellavitis
future scenarios for blockchain research? are processed and records (2020); Tapscott and
are kept. Tapscott (2016)
We examined the academic progress of blockchain technology by 2 Agriculture Facilitating improved Chen and Bellavitis
traceability and promoting (2020); Sharma et al.
analyzing 2360 articles extracted from the Scopus database. We use sustainable agricultural (2022)
structural topic modeling (STM) to uncover the underlying semantic practices.
structures that shape academic discussion in blockchain. The topics 3 Public Sectors Refining governance Warkentin and Orgeron
identified by STM were mapped to the Datatopia model (Gartner, 2014), protocols and the (2020); Xiao et al.
maintenance of public (2020)
which led to four possible scenarios. We discover three layers of
records.
knowledge for each quadrant inspired by the eWOM model (King et al., 4 Supply Chain Amplifying product Jain et al. (2020);
2014). At the first layer, we evaluated the available knowledge under Management traceability and enhancing Treiblmaier and Garaus
the heading. In the second layer, the literature review led to the iden­ supplier trustworthiness, (2023); Tian (2017); Vu
tification of the characteristics of blockchain. The third layer presents fostering quality assurance, et al., (2023); Charles
and ensuring current data et al. (2023)
the emerging research questions from the integration of STM results, accessibility for all
characteristics of blockchain, and literature review. The study results stakeholders.
provide theoretical foresight for industry stakeholders, policymakers, 5 Healthcare Reinforcing patient data Hajian et al. (2023);
and academicians. For example, blockchain can make faster global confidentiality and Tanwar et al. (2020);
streamlining medication Yue et al. (2016)
transactions (Sharma et al., 2022), more secure financial dealings (Liu
traceability. Facilitating the
et al., 2023; Warkentin & Orgeron, 2020), and efficient supply chain design of robust information
decisions (Zheng et al., 2022). Further, in the oil industry, operational systems that potentiate
performance can be improved (Aslam et al., 2021), and cost efficiency patient empowerment,
can be achieved using blockchain. The study also presents emerging elevate patient confidence
in record control, minimize
research questions for future researchers, such as exploring measures to
medical inaccuracies, and
reduce carbon footprint, identification of skills needed for people in the optimize disease
blockchain industry, or how to create trust among the masses towards management.
the technology. 6 Food Safety Blockchain introduces a Murray (2018); Yadav
realm of transparency, et al. (2023)
potentially a deterrent to
Theoretical framework contamination incidents.
7 E-Waste Enhancing waste Chaudhary et al. (2021)
The concept of blockchain and distributed ledger technology (DLT) Management management’s monitoring
came into existence with the launch of Bitcoin (Nakamoto, 2008) in and tracking capabilities
leads to sustainable and
early 2008 (Treiblmaier & Sillaber, 2021). Since then, blockchain has efficient disposal methods.
revolutionized online transactions. 8 Academic Blockchain provides a Xu et al. (2023)
Blockchain can disrupt the industry’s functioning as it is a tamper­ Research & Data secure platform for
proof technology (Casey & Vigna, 2018). Blockchain mechanism func­ Analysis academic papers, ensuring
the authenticity and
tions at three levels - public, private, and consortium (Xiao et al., 2020).
permanence of research.
Public blockchain allows anyone to integrate with the network by This extends to protecting
enabling robust encryption methods that provide security and ensure and validating datasets used
secure transactions worldwide in an unrestricted environment. Public in complex data analyses,
blockchains work centrally by providing transparency and mitigating such as trend prediction via
topic modeling, ensuring
the challenges of handling transactions at scale and velocity (Tyma the data’s consistency and
et al., 2022). In contrast, private blockchains focus on high performance legitimacy.
and faster transactions at scale. Here, the participants are verified, and
transactions are controlled in a firm-specific centralized way (Gourisetti
et al., 2020). Such blockchain provides access to only authorized users. (Murray, 2018). Han et al. (2023) emphasizes the transformative po­
The third type of blockchain is a consortium, managed by selected tential of blockchain and AI in auditing and accounting, stressing the
participants or organizations called nodes. Consortium blockchain is importance of transparency and reliable decision-making in modern
helpful because it provides a secure network at scale (Zohar, 2017), an accounting practices. Blockchain necessitates a comprehensive
ongoing challenge in public blockchain. approach to regulatory efforts, particularly in asset tokenization within
Blockchain technology (BCT) has progressively integrated into financial markets. Integrating blockchain with existing legal structures,
multiple domains, transforming traditional operational frameworks such as in bankruptcy scenarios, highlights the need for collaboration
(Table 1). For example, tracking funds in NGOs (Kuruppu et al., 2022; among lawyers, coders, and lawmakers to ensure regulatory effective­
Tripathi & Maas, 2022) and bank financial transactions (Zhang & ness (Hughes, 2021). Furthermore, blockchain can potentially automate
Huang, 2022). However, blockchain also poses a threat of funding compliance processes, leading to more trustworthy regulatory de­
terrorism through untraceable transactions (Antonyan & Aminov, velopments (Hughes, 2021).
2019). Thus, technology may outgrow human control and run the world The Datatopia model (Gartner, 2014) presents scenarios for the
due to the centralization of power in the case of a public blockchain. In future of blockchain. According to this model, society will be conflicted
contrast, a private blockchain system can overcome this challenge. or connected (Fig. 1). In the conflicted world, technologies are often
Implementing blockchain in contracting and corporate governance used to block other technologies since the goals conflict. In contrast, in
can revolutionize these areas by reducing specific transaction costs and the connected world, all kinds of technologies interact with each other
introducing new costs not present in traditional contracts (Ziolkowski since the goals are aligned. Further, the technology will either be amok
et al., 2020). Additionally, it may mitigate agency costs in organizations or in control. When technology runs amok, society does nothing but

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A. Shukla et al. Journal of Innovation & Knowledge 9 (2024) 100605

Fig. 1. Datatopia Model (Gartner, 2014).

respond. However, in the controlled world, we know what we want

technology to do and make it so. The combination leads to the genera­
tion of four possible scenarios. First, the scenario is named Society
“Whatever”. Here, the technology is controlled, and society and goals
are conflicting. The second scenario is Datatopia - “Aspiring Creativity.”
Here, the technology is under control, society is connected, and goals are
aligned. The third scenario is the Digital Wild West “State of Nature.”
Here, the technology is amok (uncontrolled), and society and goals
conflict. When technology behaves uncontrollably, society responds to
disruptions. The fourth scenario is named Sorcerer’s Apprentice, “Ruled
by Machines.” Here, the technology is amok, society is connected, and
goals are aligned.

Methodology

Data collection
Fig. 2. Data retrieval process.
We selected the Scopus database for a keyword search to synthesize
emerging blockchain research by analyzing academic articles due to its 2360 articles. Further, the literature review was done to identify the
more comprehensive coverage (Fahimnia et al., 2015), better data characteristics of blockchain and emerging research questions from the
management, and filter options (Verma et al., 2021). We used a single research articles. The following filter criteria was used to include studies
database for analysis to avoid the potential human errors associated in the literature analysis:
with combining multiple databases (Donthu et al., 2021; Shukla et al.,
2024). Search keywords “blockchain”, “block-chain”, “blockchain” were 1) the study is published in a peer-reviewed journal
used to derive data on titles, abstracts, and keywords for 44,13 articles 2) the study’s focus is on applications of blockchain in management
(Fig. 2). The search was limited to three filter criteria. First, extracted 3) the study addresses the adoption, diffusion, or challenges of
papers were limited to business management to make the data relevant blockchain
for the management practitioners. Second, the selection was limited to
journal articles, and third, articles published in English were considered,
resulting in 2360 articles, which were further taken ahead for analysis. Descriptive analysis
Two steps were followed while analyzing the text from the extracted
articles. First, STM was used to derive topics from the textual data of all There has been a significant increase in the number of articles pub­
lished in the field of blockchain (Fig. 3). Total 690 articles were

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A. Shukla et al. Journal of Innovation & Knowledge 9 (2024) 100605

Fig. 3. Number of papers published from 2014–2023* (*as of the date of data retrieval).

published in 2022, an increment from 491 articles in 2021 and 433 in of topics. SearchK allows the user to specify a range of values for k and
2020, thus representing the growing interest in the field of blockchain. then provides multiple goodness-of-fit measures to decide the best fit for
the data (Shukla et al., 2024). The intersection of held-out likelihood
and semantic coherence was met at 15, thus providing an optimum
Structural topic modelling
number of topics (Fig. 4).
Further, semantic coherence and exclusivity were used to measure
This study employs the rigorous text-mining technique of STM to
topic models’ quality (Röder et al., 2015). A topic’s semantic coherence
examine qualitative data from academic articles (Karmakar & Shukla,
measures the degree of similarity between its top words, whereas its
2023; Manning et al., 2009). STM is a machine learning-based text-­
exclusivity measures the degree of difference between the top words and
mining technique identifying latent topics within a document corpus
those in other topics (Lau et al., 2014). The average exclusivity scores for
(Roberts et al., 2014). STM has been used in previous research to
all topics range from 9.245 to 9.983, and the average semantic coher­
identify topics in multiple types of text data, such as open-ended survey
ence ranges from -210.359 to -54.704 (Table 2). According to the dif­
responses, hotel and restaurant reviews, airline reviews, and employees’
ference in semantic coherence values between two topics, the top words
online reviews (Hu et al., 2019;Kuhn, 2018). STM is similar to the Latent
of one topic do not co-occur equally with the top words of the other
Dirichlet Allocation (LDA) topic modeling method with the added
topic.
advantage of incorporating metadata into the analysis (Blei et al., 2003;
Table 2 summarizes the top 10 words associated with each latent
Sharma et al., 2021).
topic based on FREX and Lift scores. Kuhn (2018) defines FREX as the
STM was performed in RStudio, an open-source software. First, we
ratio of term frequency compared to topic exclusivity. The topic labels
cleaned the data by removing white spaces, lower case and custom stop
were coded per identified words in highest probability and FREX by
words. Then, we used searchK function to identify the optimum number

Fig. 4. Extracted topic labels and proportions.

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Table 2
Extracted topics from STM.
S. Topic Labels Highest Prob FREX Semantic Exclusivity
No. Coherence

1 Supply chain and supply, chain, agriculture blockchain, food, food, supply, chains, chain, traceability, agricultural, -54.704 9.543
technology traceability, management, logistics, transparency, logistics, agriculture, supplier, pandemic
technology
2 Problem-solving in problems, promise, get, hype, work, opportunity, problems, promise, hype, get, solid, deeper, -176.834 9.983
Pharma pharmaceutical, block, increasing, professionals accordance, profound, strategically, conducts
3 Emerging technologies, digital, industry, emerging, intelligence, intelligence, artificial, systematic, circular, -85.079 9.585
sustainable artificial, sustainable, sustainability, management, technologies, bibliometric, papers, analytics, trends,
technology authors themes
4 BFSI financial, services, risks, risk, sector, fintech, banking, financial, fintech, banking, risks, services, banks, -102.497 9.96
institutions, companies, service institutions, insurance, sector, risk
5 Transaction and bitcoin, transactions, market, transaction, network, bitcoin, stock, miners, media, correlation, portfolio, -99.526 9.304
mining blockchain, media, price, time, exchange period, mining, sentiment, fees
6 Smart Contracts smart, contracts, blockchain, system, trust, energy, smart, contracts, energy, carbon, contract, sharing, -88.953 9.548
sharing, contract, proposed, network trust, power, electricity, emissions
7 Accounting and blockchain, accounting, systems, information, accounting, audit, auditing, case, standards, reporting, -109.299 9.355
audit technology, solutions, challenges, audit, case, auditors, construction, solutions, accountability
construction
8 Data Privacy blockchain, security, system, IoT, privacy, information, privacy, records, healthcare, medical, health, security, -87.192 9.245
technology, healthcare, proposed, secure secure, devices, IoT, authentication
9 Adoption of blockchain, adoption, technology, barriers, experts, barriers, limited, perceived, adoption, diffusion, -78.194 9.343
Blockchain performance, industry, management, framework, acceptance, readiness, structural, fuzzy, experts
limited
10 Payments using cryptocurrency, cryptocurrencies, tourism, crypto, tourism, crypto, cryptocurrency, propositions, -125.788 9.877
crypto payment, currency, payments, asset, industry, virtual hospitality, payments, cryptocurrencies, currency,
payment, monetary
11 Cyber security finance, learning, work, money, machine, currencies, Crisis, learning, patent, machine, finance, laundering, -210.359 9.974
patent, deep, cybersecurity, crisis money, technology, cybersecurity, deep,
12 Initial coin offering market, initial, nft tokens, icos, coin, capital, investors, ico, tokens, market, entrepreneurial, funding, offerings, -63.528 9.926
offerings, token coin, nft, initial, token
13 Governance blockchain, technology, business, applications, business, innovation, applications, creation, -85.954 9.805
innovation, potential, application, governance, organizations, ecosystem, governance, actors,
organizations, models ecosystems, organizational
14 International law digital, development, economic, technologies, global, international, legal, national, economic, enterprise, -90.996 9.822
and economy international, economy, public, legal, rights property, law, tax, trade, estate
15 Challenges in blockchain, technology, platform, information, cost, optimal, game, demand, retailer, cost, strategy, -101.343 9.576
adoption quality, demand, platforms, adoption, strategy platform, channel, technology, profit

analyzing specific words related to these topics within a given document & Shirley, 2014).
corpus. Topic-1 is labeled as “Supply chain and technology,” showing
the topic distribution for words – ‘supply, chain, chains, blockchain, Results
food, traceability, management, logistics, transparency, technology
food, supply, chains, chain, traceability, agricultural, logistics, agricul­ STM was applied to 2360 Scopus articles leading to identification of
ture, supplier, pandemic.’ Topic 2 is labeled ‘Problem-solving in phar­ 15 topics using ‘searchK’ function in RStudio. Four clusters emerged in
maceuticals’. Topic-3, which is titled ‘Emerging sustainable technology,’ the dendrogram by grouping 15 topics using hierarchical clustering
contains probabilistic distributions over words that have semantic (Fig. 7). The first cluster was composed of four topics (topic 12, topic 10,
analogies to words like ‘technology,’ ‘digital,’ ‘industry,’ ‘emerging,’ topic 4, topic 11), the second cluster was composed of three topics (topic
‘intelligence,’ ‘artificial,’ ‘sustainable,’ ‘sustainable management’ and 5, topic 6, topic 8), the third cluster was composed of four topics: topic
‘authors’. A similar technique was used to add labels to the extracted 14, topic 3, topic 7, topic 13), fourth cluster composed of three topics:
topics. topic 9, topic 1, topic 15), whereas Topic 2 (Blockchain technology for
An estimated marginal topic proportion and correlation matrix were enhancing IoT security) emerged as a separate overarching topic
determined to examine the relationship among the extracted topics encompassing all clusters. This topic explains the importance of security
(Fig. 5). In the literature, correlation values above 0.7 are considered in the blockchain, which is of utmost importance in all four scenarios.
vital, while correlation values between 0.3 and 0.7 are considered Further, the four clusters were mapped to the four quadrants of the
moderate (Ratner, 2009). Positive correlations between latent topics Datatopia model (Gartner, 2014) to develop future scenarios for
indicate that many documents include both topics equally. All correla­ blockchain (Fig. 8).
tion values for the extracted topics in this study were less than 0.3,
indicating a weak or non-existent correlation between them (Sharma
Scenario 1: society, Inc. – “whatever” (Control-conflicted)
et al., 2021), verifying that each topic was unique and non-overlapping.
A histogram plot of MAP estimates topic loadings across all research
In the first scenario, labeled as “Society,” goals conflict, and society
articles (Fig. 6). This histogram assesses the distribution of topics among
controls technology. This segment is characterized by extensive block­
documents. In STM-based topic modeling, this plot provides a rough
chain adoption and includes four main topics: Initial Coin Offerings
estimate of the distribution of topics across the documents. Based on the
(Topic 12), Payments using crypto (Topic 10), Banking, Finance, and
plot, several research documents appear to have little or no relationship
Insurance [BFSI] (Topic 4), and Cybersecurity (Topic 11). Blockchain’s
with latent topics (no multi-collinearity). Further, the dendrogram was
utilization in Initial Coin Offerings (ICOs) empowers businesses and
generated to represent a hierarchical clustering of the topics based on
governments to securely manage, verify, and enforce fundraising ac­
distance (Fig. 7). The identified 15 topics were arranged into hierar­
tivities, which impacts societal structures. Furthermore, blockchain
chical clusters to examine the interconnection of specific topics (Sievert
technology has made significant progress in facilitating financial

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Fig. 5. Correlations among topics.

transactions, primarily using cryptocurrencies (Sharma et al., 2022; for society (Karmakar & Shukla, 2023). Blockchain improves precision
Zohar, 2017). Blockchain advances security features to ensure financial and efficiency in auditing and accounting to ensure effective
operations are stable and controlled, for example, blockchain has made governance.
data management efficient and secure in the Banking and Financial
sector (BFSI) (Mishra & Kaushik, 2023).
Scenario 4: Sorcerer’s Apprentice “Ruled by Machines”: Amok-connected

Scenario 2: Datatopia “Aspiring creativity” (Control-connected) The fourth scenario, “Sorcerer’s Apprentice ‘Ruled by Machines,’”
describes a situation where technology is uncontrolled while society is
The second scenario, “Datatopia ‘Aspiring Creativity’”, depicts a interconnected, and goals are aligned. This quadrant refers to a state
state where technology is well-regulated, society is interconnected, and where blockchain has become a fundamental societal need. The topics
goals are aligned. This connection between society and technology leads mapped to this quadrant are Supply Chain and Technology (Topic 1),
to the innovative use of blockchain. Three topics are mapped in this Adoption of Blockchain (Topic 9), and Challenges in Adoption (Topic
quadrant: Transaction and mining (Topic 5), Smart Contracts (Topic 6), 15). This represents that academic literature primarily explores the
and Data Privacy (Topic 8). Blockchain is reshaping the way financial adoption of blockchain across various industries, its role in driving so­
transactions and mining procedures by making it more connected to the cietal changes and the challenges. For example, blockchain significantly
world. By automating contractual obligations and providing trans­ improves supply chain transparency, efficiency, and traceability
parency and security in transactions, blockchain has made significant (Chittipaka et al., 2023).
progress in smart contracts. Hence, blockchain can provide data privacy
and ensure control and trust in the digital world (Tan & Saraniemi,
Discussion
2023).
The analysis of 2360 articles reflects emerging trends in the field of
Scenario 3: Digital Wild West “State of the Nature” (Amok-conflicted) blockchain. The STM analysis identified 15 distinct topics, such as pri­
vacy protection, the changing work landscape, blockchain’s involve­
The third scenario, the “Digital Wild West ‘State of Nature,” depicts a ment in intellectual property, and finance. The 15 topics were mapped to
scenario where technology is uncontrolled and in conflict with society four futuristic scenarios by combining the Datatopia model (Gartner,
and its goals. In this scenario, the technology spirals out of control, and 2014) and the eWOM model (King et al., 2014) leading to the devel­
society’s only recourse is to react. The quadrant discusses four distinct opment of the DBlock framework (Fig. 9). Further, literature review was
topics: International Law and Economy (Topic 14), Emerging Sustain­ done to find research gaps, such as identifying the role of blockchain
able Technology (Topic 3), Audit and Accounting (Topic 7) and toward sustainability, adoption challenges, potential risks in industries
Governance (Topic 13). Blockchain offers alternative frameworks for like hospitality, and concerns related to security. Based on the eWOM
legal and economic sectors within the International Law and Economy model (King et al., 2014), we identified three layers of knowledge
(Antonyan & Aminov, 2019; Hughes, 2021). Additionally, it emphasizes available on the blockchain for each quadrant. First, we evaluated the
the use of sustainable technologies which thus leads to new challenges available knowledge under the heading “What do we know.” Second, the

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Fig. 6. Topic proportions within documents.

Fig. 7. Dendrogram.

literature review led to the identification of characteristics of block­ scenarios (Fig. 9).
chain, which were mapped to each quadrant. Third, the emerging
research questions from the literature were mapped under the heading
“What do we need to know” providing a holistic view of emerging

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Fig. 8. Datatopia Model with STM topics.

Fig. 9. DBlock framework.

Quadrant 1: control-conflicted secure because of its key features like being spread out over many places,
complex to change, and well-encrypted (Hajian et al., 2023; Tanwar
What do we know? et al., 2020; Yue et al., 2016). This shows how blockchain significantly
Recently, blockchain technology has transformed how the money is impacts how money is handled and keeps information safe online.
raised, payments are made and online transactions. Initial Coin Offer­
ings (ICOs) are a new way for small companies to get money by selling Characteristics of blockchain
their own digital coins for other well-known digital currencies like bit­ The Control-Conflicted quadrant emphasizes blockchain’s charac­
coin (Nakamoto, 2008). This method skips the old way of getting money teristics such as decentralization, decentralization, immutability,
through banks or investors (Chen & Bellavitis, 2020; Tapscott & Taps­ transparency and traceability. Decentralization (C1), enhances system
cott, 2016). Also, paying with cryptocurrencies makes sending money resilience and security against attacks; Data Immutability (C2) ensures
worldwide faster, easier, and safer without needing regular banks (Chen the integrity and authenticity of data, preventing fraud and tampering;
& Bellavitis, 2020; Sharma et al., 2022). In banking and insurance, Transparency (C3) makes all transactions visible to all participants,
adding blockchain means making financial dealings more secure, open, enabling collaboration and trust; Traceability (C4) helps in identifica­
and efficient (Tian, 2017; Warkentin & Orgeron, 2020). The way tion of historical payments and transactions; Pseudonymity (C7) could
blockchain is built helps make online transactions and data storage very lead to potential risk of lack of truct.

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What do we need to know? Smart contracts automate the execution of agreement without any
Based on the mapping of topics and characteristics of blockchain in involvement of third party at the same time keeping transactions pri­
each quadrant literature review led to identification of emerging vate. This leads to following emerging questions to explore:
research questions. Regulatory framework, enhanced data privacy, and
security are crucial in the world of technology, where technology is RQ4: How to ensure neutrality in smart contracts to work optimally,
controlled but faces conflict with society (Xiao et al., 2020), thus leading being efficient, transparent, and tamper-proof? (Leng et al., 2022;
to the following emerging research questions: Wang et al., 2019)
RQ5: How can we ensure the privacy of user’s data to enhance trust
RQ1: What are the benefits of enhancing payment systems using among potential users to adopt blockchain technology? (Sharma
cryptocurrencies with blockchain technology? (Charles et al., 2023) et al., 2022; Xu et al., 2023)
RQ2: What frameworks need to be developed to deal with privacy
and security issues emerging due to the pseudonymity of blockchain? RQ4 aims to identify issues related to smart contracts. Future
(Yue et al., 2016) research could optimize smart contract codes to ensure efficiency and
RQ3: What strategic development is needed in blockchain technol­ security. Researchers can explore best practices for coding in smart
ogy in specific sectors that are vulnerable to breaches such as contract languages like solidity, aiming to reduce vulnerabilities, mini­
finance/BFSI? (Chenthara et al., 2020) mize gas costs, and enhance execution speed. Studies could also evaluate
the use of formal verification techniques to ensure the correctness and
RQ1 focuses on identifying the benefits of using blockchain for security of smart contracts. RQ5 focuses on user privacy and trust.
recording historical payment transactions. Future research could pursue Future research could focus on designing and evaluating educational
qualitative studies to identify the benefits in crypto based transactions campaigns that aim to demystify blockchain technology for the general
due to the adoption of blockchain. Similarly, RQ2 guides future re­ public, such as online courses, workshops, webinars, and social media
searchers toward developing a framework to deal with privacy and se­ content that explain blockchain’s benefits, use cases, and how it can help
curity issues emerging from blockchain applications in the industry. users.
Future research can develop risk measurement metrics for the same,
such as risk registers and heat maps that could be mapped to blockchain. Quadrant 3: amok-conflicted
Blockchain companies should also note the frauds happening in the
currencies. For example, Ripple Labs sold XRP tokens to institutional What do we know?
investors without registering with the Securities and Exchange Com­ Blockchain is impacting the functioning of international law and
mission, for which it was penalized $125 million (Dolmetsch, 2024). economy. Thus, it is necessary to reassess the current law and make
RQ3 highlights the importance of cyber frauds in area of banking and potential amendments to accommodate the decentralized nature of
finance. Future research could explore the development of advanced transactions (Warkentin & Orgeron, 2020). Blockchain encourages
privacy-preserving protocols within the blockchain, such as sustainability by tracking carbon footprints and verifying emissions for
zero-knowledge proofs, homomorphic encryption, and confidential organizations (Sharma et al., 2022). For example, it provides clear and
transactions, which can enhance privacy without sacrificing effective ways for trading renewable energy and efficient supply chain
transparency. management (Chittipaka et al., 2023). Blockchain has changed how
traditional accounting and auditing are performed through its un­
Quadrant 2: control-connected changeable record-keeping systems (Gauthier & Brender, 2021). This
enables quick verification, leading to a reduction in fraud (Tanwar et al.,
What do we know? 2020). Additionally, blockchain presents innovative ways to organize
Blockchain has significantly improved how financial transactions are businesses using decentralized governance models (Ziolkowski et al.,
performed and contracts are handled, ensuring that personal informa­ 2020). These decentralized models use distributed are distinct from the
tion is secure over the Internet (Christodoulou et al., 2024). Mining is a traditional centralized approach, shifting towards distributed nodes
crucial activity in blockchain as it validates transactions and provides (Yue et al., 2016). Thus, blockchain significantly influences the reas­
secure networks; this is performed using complex algorithms. Also, sessment of legal, economic, governance, and environment.
mining provides new digital currency units, adding to the security,
functional, and secured issuance of new tokens (Tanwar et al., 2020). Characteristics of blockchain
Blockchain supports smart contracts that allow the agreements between The quadrant Amok-Conflicted reflects the Decentralization (C1),
the parties to be carried out automatically without intermediaries Transparency (C3), Consensus (C8), Reduction of discretion (C9) and
resulting in enhanced transparency, efficiency, and security (Yue et al., Scalability (C10) features. The consensus feature of blockchain is very
2016). Further, encryption and distributed ledger prevents unautho­ visible in protecting digital assets and storing value at the global level,
rized access and data breaches while storing data leading to data privacy thus impacting international law and the economy. Decentralization and
(Hajian et al., 2023). These innovative enhancements in blockchain transparency provide accountability in auditing and governance.
significantly improve financial transactions, security, and contract Traceability (C4) supports sustainability in upcoming technological
management. innovation. For example, impact tokens such as Cardano (ADA), Tezos
(XTZ), and BitGreen (BITG) contribute to UN SDGs Goals (Uzsoki &
Characteristics of blockchain Guerdat, 2019).
Within the Control-Connected quadrant, decentralization (C1) and
transparency (C3) play vital roles in automating and securing smart What do we need to know?
contracts (i.e., digital agreements). Traceability (C4) ensures that the As blockchain technology is significantly impacting international
transactions made are traceable. Security qualities of blockchain (C5) law and economics and due to its contribution to sustainable technolo­
and neutrality (C6) features allow for maintaining transaction integrity. gies, it is crucial to explore the impacts in the future. The study is
essential to understand when technology grows out of control in the
What do we need to know? world and society is in conflict; these research questions can be
The topics mapping to quadrant second reflects financial trans­ explored:
actions and privacy concern. Based on mapping of relevant blockchain
characteristics emerging questions were identified from the literature.

9
A. Shukla et al. Journal of Innovation & Knowledge 9 (2024) 100605

RQ6: How does blockchain enable changes in international legal and RQ8 aims to increase the adoption of blockchain. Researchers can
economic frameworks due to its decentralized nature? (Antonyan & focus on specific industries, such as energy, supply chain, or agriculture,
Aminov, 2019) to evaluate the gaps that can be overcome by the usage of blockchain.
RQ7: How do we overcome sustainability issues by integrating Another approach could be developing case studies on companies or
blockchain technology to provide seamless integration? (Tanwar regions where blockchain has been integrated successfully. RQ9 focuses
et al., 2020; Yue et al., 2016) on identifying measures that can be implemented to address the
shortage of skilled professionals in the blockchain sector. Researchers
RQ6 focuses on using blockchain technology as an enabler in inter­ can investigate the effectiveness of existing blockchain education and
national legal and economic frameworks. Future studies can analyze certification programs for this. Studies could explore how these pro­
how decentralized autonomous organizations (DAOs) and other grams can be scaled or improved to meet industry needs, including
blockchain-based governance structures challenge traditional hierar­ collaborations between universities and industry. Also, future research
chical systems and propose models for international adaptation. Re­ may examine strategies that companies use to retain blockchain pro­
searchers can study the development of international regulatory fessionals, such as competitive salaries, career development opportu­
frameworks for blockchain by analyzing existing efforts by bodies like nities, and workplace culture. RQ10 highlights the challenges in the
the G20, OECD, or the European Union and proposing new frameworks adoption of blockchain. Future research may conduct in-depth case
that accommodate blockchain’s decentralized and borderless nature. studies of organizations that have adopted decentralized governance
With the application of blockchain on a global scale, scalability issues models using blockchain, leading to insights into how these models
will arise. Researchers can study existing protocols like Polkadot, change decision-making processes, power distribution, and organiza­
Cosmos, and Atomic Swaps to identify areas of improvement. Future tional efficiency.
studies could focus on sharding techniques, where the blockchain is
divided into smaller, manageable parts, or “shards,” that process Implication
transactions in parallel. Researchers can explore sharding implementa­
tion in various blockchain networks and assess its impact on scalability Theoretical implication
and security. RQ7 focuses on sustainability using blockchain. Future
studies can track carbon emissions from transactions and monitor them Blockchain is an emerging technology with vast areas of application.
using blockchain to verify and reduce them (Tanwar et al., 2020; Uzsoki By integrating the output of STM in the Datatopia framework (Gartner,
& Guerdat, 2019). 2014) and eWOM framework (King et al., 2014), the DBlock model is
developed, providing a comprehensive understanding of the possible
Quadrant 4: Amok-connected scenario existing for blockchain. The DBlock model outlines the four
scenarios reflecting the emerging blockchain themes and research
What do we know? questions.
Although blockchain adoption provides significant advantages This study is a novel attempt to synthesize academic developments to
(Liang et al., 2021), it also presents hurdles like scalability, unclear develop future plausible scenarios using the Datatopia model (Gartner,
regulations, and pseudonymity (Tan & Saraniemi, 2023; Warkentin & 2014). The literature review and STM analysis helped identify block­
Orgeron, 2020). In the supply chain sector, blockchain has enhanced the chain characteristics and research gaps. The study uses large language
capability to trade products from the source and increase efficiency and models to describe the existing knowledge and synthesize it to predict
openness by making sure that end to end, i.e., producer to the consumer, emerging research questions. The study advances the academic litera­
the journey of the product can be securely and accurately monitored ture in the following three ways. First, the study extends the knowledge
(Jain et al., 2020; Tian, 2017). However, issues due to scalability, of blockchain technology by synthesizing the academic literature and
interoperability, and shortage of skilled professionals in blockchain identifying emerging themes. Second, the study also identifies promising
remain a cause of concern (Tanwar et al., 2020; Yue et al., 2016). research questions that must be addressed. For example, an interesting
Integrating blockchain technology with existing systems is a complex emerging theme scenario is when technology is amok, society, and goals
task, reflecting challenges in adoption (Liang et al., 2021). are conflicting, and sustainability is a challenge. Blockchain can aid in
resolving environmental concerns and encompass social and economic
Characteristics of blockchain dimensions of sustainability (Chen et al., 2024; Cozzio et al., 2023). This
The Amok-Connected quadrant concentrates on Traceability (C4), comprehensive approach to sustainability aligns seamlessly with the
Pseudonymity (C7), Reduction of discretion (C9) and Scalability (C10). United Nations’ Sustainable Development Goals, underscoring the in­
Traceability (C4) is a significant aspect of the supply chain sector tegral relationship between our global ecosystem and technological
because it provides visibility and history of transactions. Reduction of advancements (Bai et al., 2022). Third, emerging from the current trends
discretion (C9) ensures fast transactions. Pseudonymity (C7) and Scal­ and research gaps identified in blockchain research, one promising area
ability (C7) highlight technical challenges in wider adoption. of research is the integration of blockchain with other emerging tech­
nologies such as the Internet of Things (IoT), generative Artificial In­
What do we need to know? telligence, and quantum computing. This convergence is poised to lead
Blockchain plays an important role in reducing carbon footprints, to smarter and more adaptable smart contracts (Lansiti & Lakhani, 2017;
tackling the skilled professional shortage, and redefining governance Leng et al., 2022; Wang et al., 2019), and it presents both challenges and
through a decentralized model (Ziolkowski et al., 2020), suitable for a opportunities in the era of quantum computing’s influence on crypto­
world where technology is both amok and connected, paving the way for graphic standards. Future research can look into developing and stan­
innovative organizational structures and sustainability efforts (Cozzio dardizing cross-chain communication protocols that enable
et al., 2023). Thus, the following research questions emerge: interoperability between different blockchain networks, allowing
seamless data and asset transfers as fake news or misinformation is
RQ8: How can the adoption of blockchain be increased? (Charles challenging (Mishra et al., 2024).
et al., 2023)
RQ9: What measures can be implemented to address the shortage of Practical & policy implication
skilled professionals in the blockchain? (Tanwar et al., 2020)
RQ10: How can an organization overcome the implementation The study identifies the prominent research themes and emerging
challenges of blockchain? (Chen & Bellavitis, 2020) scenarios in the field of blockchain that are valuable for practitioners

10
A. Shukla et al. Journal of Innovation & Knowledge 9 (2024) 100605

and policymakers. Blockchain is vital in fundraising, as it offers initial management, healthcare, and public governance. The first scenario
coins and manages payments using cryptocurrencies. Industry needs to presents a landscape where societal goals conflict, yet the technology is
substantially improve security measures, allowing entities to maintain under control. Such a scenario presents a controlled and favorable usage
control and stability within their systems. Blockchain uses smart con­ of blockchain, such as application in banking, finance, and initial coin
tract technologies to redefine the method of financial transactions offerings. This quadrant represents emerging research questions, such as
leading to a more connected world (Leng et al., 2022; Wang et al., 2019). how the technology’s decentralized, transparent, and secure nature can
Therefore, blockchain can act as a technology for self-protection and be used for better implications. The second scenario represents a situa­
reducing corruption (Sarker et al., 2021). The financial industry can tion where the world is connected, and technology is under control. It is
develop blockchain-based applications for accounting and auditing to an optimistic scenario where blockchain characteristics like immuta­
improve efficiency and accuracy (Gauthier & Brender, 2021). Managers bility and consensus lead the future in mining and smart contracts. Yet
must incorporate blockchain in the payment systems to generate a more data privacy remains a cause of concern. Thus, this quadrant presents
transparent and efficient system reflecting the flow of money. Block­ two prominent emerging questions on how smart contracts can be effi­
chain plays a significant role in healthcare by personalizing medical ciently utilized and how to bring trust in adopting blockchain. The third
care; however, data security is a challenge. Managers should focus on scenario represents a situation where technology runs amok and society
identifying methods that offer secure data management and give pa­ is conflicted. This could be a threatening scenario. Here, we find the
tients more control over their health records (Chenthara et al., 2020). application of blockchain characteristics such as traceability and tightly
Further, Blockchain technology is revolutionizing supply chain man­ coupled systems will take the lead in controlling the task. This quadrant
agement and paving the way for greater environmental sustainability represents the impact on international law and economy, sustainability,
and operational efficiency (Tian, 2017; Treiblmaier & Garaus, 2023; Vu governance, and accounting. The quadrant leads to merging questions
et al., 2023). Managers should use blockchain to enhance sustainable such as the scalability of blockchain and how blockchain can impact
development goals through its ability to introduce transparency, reli­ international legal and economic frameworks. The last scenario repre­
ability, and traceability across diverse sectors (Bai et al., 2022). This sents a situation where society runs amok, and technology is connected.
impact is particularly significant in the seafood industry, where its role This represents a transition phase of blockchain technology, which
in ensuring traceable and sustainable supply chains (Cordova & Aguirre, represents its adoption, challenges in adoption, and usage in the supply
2022) can reduce challenges such as illegal fishing and product chain.
mislabeling. However, the study also identifies the challenges associated with
Blockchain is helpful for tracking products’ carbon footprint, blockchain adoption, such as regulatory uncertainties, sustainability
encouraging people to make eco-friendly choices, and supporting sus­ concerns, and the emerging need for skilled professionals. Additionally,
tainable supply chains (Charles et al., 2023). In the renewable energy the study analyzes the literature to develop the DBlock framework by
sector, blockchain enables direct energy trading among individuals, integrating STM results, the Datatopia model, and the eWOM framework
especially in solar and wind energy markets. However, evaluating these to provide emerging research questions for future blockchain research.
benefits against the environmental costs of blockchain operations, The results identify emerging research questions on sustainability, data
particularly those associated with energy-intensive public blockchains, privacy, smart contract optimization, and blockchain integration with
is crucial. advanced technologies like IoT, AI, and quantum computing.

Limitations and future research Funding

This study has certain limitations. For example, the data was This research did not receive a specific grant from funding agencies
collected from Scopus, which is considered one of the largest sources of in the public, commercial, or not-for-profit sectors.
abstracts and citations of research (Donthu et al., 2021). However, this
study did not compare Scopus with other databases, such as Web of CRediT authorship contribution statement
Science and Google Scholar. It is recommended that scholars explore the
present methodology using other databases and subject areas, including Anuja Shukla: Writing – review & editing, Writing – original draft,
those relevant to blockchains and topics such as sustainability (Cozzio Methodology, Data curation, Conceptualization. Poornima Jirli: Data
et al., 2023), cloud computing, and other emerging fields. The utiliza­ curation. Anubhav Mishra: Writing – review & editing, Project
tion of historical academic data for forecasting within the Datatopia administration, Methodology, Conceptualization. Alok Kumar Singh:
model presents certain challenges due to the unprecedented pace of Writing – review & editing, Validation, Supervision.
change in contemporary technological and societal environments.
Additionally, the Datatopia model may not effectively represent the Declaration of competing interest
intricate and dynamic interplay between societal and technological
advancements. Future studies should analyze other web-based articles We hereby declare that there are no conflicts of interest regarding the
to understand the growing discussion around blockchain using the publication of this research paper. We affirm that the research was
ethnographic approach. In future research endeavors, exploring the conducted with complete integrity and transparency, and no financial or
potential of integrating blockchain with cutting-edge innovations such personal relationships influenced the outcomes or interpretations pre­
as generative (AI), quantum computing, and the Internet of Things (IoT) sented in this work.
is crucial. This fusion of advanced technologies could result in remark­
able applications and benefits. Acknowledgments

Conclusion We thank anonymous reviewers and editors whose expertise and

invaluable feedback have helped shape this work.
The study presents a comprehensive analysis of academic research
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