A Conceptual Framework for Building Robust Blockchain Technology-Enabled Business Processes in Commodity Markets: A Systems Approach

Blockchain technology is an emerging area in the field of commodity markets and is achieving extensive recognition off lately. Blockchain is a decentralized platform that enables multiple independent parties, even those who lack trust among themselves, to work together, share information, and engage in coordinated activities through a transparent and reliable system. Commodity trading is a multifaceted system that involves multiple parties or actors. In a centralized commodity trading market, factors such as the degree of trust, cooperation, and transaction efficiency of multiple parties or actors are usually found to be low because of various reasons. Moreover, the involvement of third parties in commodity trading markets results in several challenges such as heterogeneity and intricate processes, information leakage risk, and superior costs. Blockchain technology being decentralized, transparent, traceable, and tamperproof helps in improving such factors and challenges. The use of systems approach strengthens them further. Taking into consideration these aspects, this study aims to present a conceptual framework for building robust blockchain technology-enabled business processes in commodity markets using systems approach.