MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY MASTER THESIS APPLYING BLOCKCHAIN TECHNOLOGY IN LOGISTICS AND SUPPLY CHAIN MANAGEMENT Specialization: International Trade Policy and Law TA KHANH LINH Hanoi – 2020 MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY MASTER THESIS APPLYING BLOCKCHAIN TECHNOLOGY IN LOGISTICS AND SUPPLY CHAIN MANAGEMENT Specialization: International Trade Policy and Law Code: 8310106 Full name: Ta Khanh Linh Supervisor: Dr Vu Thi Hanh Hanoi - 2020 i DECLARATION I, Ta Khanh Linh, confirm that this Master's Thesis has been written solely by the undersigned and contains the work of no other person or persons except where explicitly identified to the contrary I also state that said Master's Thesis has not been submitted elsewhere for the fulfilment of any other qualification I make this statement in full knowledge of and understanding that, should it be found to be false, I will not receive a grade and may face disciplinary proceedings Signature: _ Date: 23 March 2020 ii ACKNOWLEDGEMENTS I would like to express my special thanks of gratitude to my supervisor Dr Vu Thi Hanh as well as our principal, Faculty of Graduate Studies and all professors of Foreign Trade University who gave me the golden opportunity to this wonderful project on the topic “Applying blockchain technology in logistics and supply chain management”, which also helped me in doing a lot of research and I came to know about so many new things I am really thankful to them Secondly, I would also like to thank my parents and friends who helped me a lot in finalizing this project within the limited time frame iii TABLE OF CONTENTS Page DECLARATION i ACKNOWLEDGEMENTS ii LIST OF ABBREVIATIONS v LIST OF FIGURES vii LIST OF TABLES viii ABSTRACT ix CHAPTER 1: INTRODUCTION 1.1 Statement of the Problem 1.2 The Purpose of the Study 1.3 Research Questions 1.4 Thesis Structure 1.5 Methodology 1.5.1 Research Design 1.5.2 Data Collection CHAPTER 2: LITERATURE REVIEW AND THEORETICAL FRAMEWORK 13 2.1 Background Knowledge 13 2.1.1 History of Logistics and Supply Chain Management 13 2.1.2 What is blockchain technology and How does it works? 16 2.2 Blockchain Applications in Financial Areas 25 2.2.1 Bitcoin - Cryptocurrencies 25 2.2.2 Investment sector 31 2.2.3 Insurance sector 32 2.3 Blockchain in non-financial areas 33 2.3.1 Smart contracts 33 2.3.2 Intellectual Property 37 2.3.3 Politics and E-voting 44 2.3.4 Other sectors 46 iv 2.4 Blockchain in Logistics and Supply Chain Management 48 2.4.1 Potential blockchain applications in the logistics and supply chain industry 48 2.4.2 Transformation phases of blockchain applications in logistics 52 2.5 Conclusion 56 CHAPTER 3: ANALYSIS AND FINDINGS 58 3.1 Case study analysis 58 3.1.1 Walmart and the using of IBM Hyperledger Fabric in Food Supply Chain 58 3.1.2 Maersk’s TradeLens with IBM 63 3.1.3 Everledger’s blockchain secure luxury goods 68 3.1.4 SmartLog - the proof of concept project for IoT blockchain solution in logistics industry 73 3.1.5 Some others adoption of blockchain to logistics and supply chain management projects 76 3.2 Case studies summary 77 3.3 Discussion on the achievements and remaining concerns of the case study projects 80 3.4 Blockchain Features Tradeoffs in Supply Chain Management 83 3.5 Challenges and Possible Solutions 85 3.6 Conclusion on the future of blockchain in logistics and supply chain management 94 CHAPTER 4: DISCUSSIONS AND CONCLUSIONS 96 4.1 Discussions 96 4.2 Limitations and future research 97 4.3 Conclusions 97 REFERENCES 99 v LIST OF ABBREVIATIONS 3PL - Third party logistics 4PL - Fourth party logistics AIR - Applied Innovation Review API - Application Program Interface APS - Advanced Planning and Scheduling ASIC - Application Specific Integrated Circuits BCO - Beneficial Cargo Owner BEV - Blockchain-enabled E-voting BFT - Broadcast File Transfer BIPS - Europe’s primary bitcoin payment processor for merchants and free online wallet service CEO - Chief Executive Officer CLM - Council of Logistics Management CSC - Connected Supply Chain DAO - Decentralized Autonomous Organization DHL, BMW, IBM, APL - name of enterprises ERP - Enterprise Resource Planning EVM - Earned Value Management FARC - Revolutionary Armed Forces of Colombia FTU - Foreign Trade University ICO - Initial Coin Offerings ID - Identification vi IoT - Internet of Things IP - Intellectual Property ISO - International Organization for Standardization IT - Information Technology JIT - Just in Time LCC - Low-Cost Carrier MNC - Multinational Company NFC - Near Field Communication PBFT - Practical Byzantine Fault Tolerance PC - Personal Computer PIL - Pacific International Lines PoC - Proof of Concept PoW - Proof of Work PoS - Proof of Stake R&D - Research and Development ROI - Return on Investment SCM - Supply Chain Management TC - Technical Committee TCT - Transaction Confirmation Time TPS - Transactions Per Second TTP - Trusted Third Party WTO - World Trade Organization vii LIST OF FIGURES Page Figure 2.1: A history of blockchain technology 19 Figure 2.2: Blockchain example 20 Figure 2.3: Illustration of a blockchain transaction 21 Figure 2.4: Benefits of Blockchain 24 Figure 2.5: Buying a house on Ethereum 36 Figure 3.1: Foods Walmart is Tracking with Hyperledger 60 Figure 3.2: IBM Blockchain for Trade logistics 65 Figure 3.3: TradeLens blockchain business network 67 Figure 3.4: Globally connected via API 70 Figure 3.5: Simplified decision tree for identifying blockchain use cases 92 Figure 3.6: The steps for a blockchain implementation 93 viii LIST OF TABLES Page Table 2.1 Potential blockchain applications in the logistics industry 52 Table 2.2 Transformation phases of blockchain applications in logistics 53 Table 3.1: Case studies’ status summary 78 98 hesitant to dedicate resources to look into possible blockchain applications Second, I investigated the hot spots of current blockchain applications in logistics and supply chain management It is identified in three major clusters: tracking of products during their journey through the supply chain, tracing back the product origin, and supply chain finance However, also the applications outside of these main clusters exemplify the size of blockchain’s sea of opportunities for logistics and supply chain management My findings show small-scale experiments with blockchain applications are vital to understand the barriers and benefits of blockchain and, thus, to be able to navigate the sea of opportunities Even though the change comes slower than many expected still a couple of months ago, logistics and supply chain management companies should engage in experiments to find out if and how blockchain could be of use for their own business This research might provide a starting point to explore the opportunities blockchain offers for logistics and supply chain management 99 REFERENCES About Stampd Stampd.io Retrieved from https://stampd.io/about-documentblockchain-stamping/ Accenture (2018a) Blockchain: Mapping New Trade Routes to Trust Accenture (2018b) Industry Consortium Successfully Tests Blockchain Solution Developed by Accenture that Could Revolutionize Ocean Shipping Accenture (2018c) Moving Beyond Single Window Accenture (2018d) Accenture Enables Interoperability Between Major Blockchain Platforms Ahlman, R (2016) Finnish City Partners with IBM to Validate Blockchain Application in Logistics Cointelegraph Available at: https://cointelegraph.com/news/ Aitken, R (2017) IBM & Walmart Launching Blockchain Food Safety Alliance In China With Fortune 500's JD.com Forbes Retrieved from https://www.forbes.com/sites/rogeraitken/2017/12/14/ibm-walmart-launchingblockchain-food-safety-alliance-in-china-with-fortune-500s-jdcom/#362722647d9c Aitken, R (2018) IBM Forges Global Joint Venture With Maersk Applying Blockchain To 'Digitize' Global Trade Forbes Retrieved from https://www.forbes.com/sites/rogeraitken/2018/01/16/ibm-forges-global-jointventure-with-maersk-applying-blockchain-to-digitize-globaltrade/#430b6ee7547e Akarca, O (2019) An Overview of the History and importance of Logistics Retrieved from https://www.morethanshipping.com/an-overview-of-the- history-and-importance-of-logistics/ 10 Allison, I (2017) Maersk and IBM Want 10 Million Shipping Containers on the Global Supply Blockchain by Year-End 11 Anand, V & Scott, T (2018) Podcast #25: TradeLens – a blockchain project by IBM and Maersk Alcott Global 100 12 Andersen, I (2006) Den skinbarlige virkelighed: om vidensproduktion inden for samfundsvidenskaberne (3 udg ed.) 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London: Sage 162 Zheng, Z., S Xie, H.-N Dai, and H Wang (2017) Blockchain Challenges and Opportunities: A Survey In: International Journal of Electric and Hybrid Vehicles, pp 1–23 ... Question 1: How has blockchain been adopted in logistics and supply chain management? Question 2: What are the challenges of applying blockchain in logistics and supply chain management? Question... of logistics and supply chain management and answer a part of the lingering question: What kind of inefficiencies can be managed with blockchain in the field of logistics and supply chain management. .. Blockchain in Logistics and Supply Chain Management 48 2.4.1 Potential blockchain applications in the logistics and supply chain industry 48 2.4.2 Transformation phases of blockchain