Strategic Adoption of Blockchain in Business Models: Drivers and Barriers - A Systematic Review

Blockchain technology has changed the way businesses work by making transactions decentralized, open, and safe. Blockchain's strategic use could lead to more efficiency, lower costs, and more trust, but integrating it into current business models is still difficult because of a number of technological, organizational, and regulatory issues. The goal of this systematic review is to look at the main factors that make it easier or harder for different industries to adopt blockchain. Following PRISMA rules, a thorough search was done in key databases like Scopus, Web of Science, IEEE Xplore, and Google Scholar for articles published between 2017 and 2024. There were originally 812 entries found, however only 76 studies were included after filtering and checking for eligibility. The results show that technological maturity, clear regulations, pressure from stakeholders, and perceived benefits are all important factors that drive change. On the other hand, lack of interoperability, high implementation costs, legal uncertainty, and reluctance to change are all substantial obstacles. This review helps us comprehend blockchain adoption from a strategic point of view, which has real-world effects on industry executives and politicians. In the end, the paper talks about what future research should focus on and why integrated frameworks are needed to make it easier for businesses to use blockchain as they change.