Blockchain is predicted to greatly transform the conventional methods of
transacting between users, covering almost all sectors of the economy. While the
expectations of blockchain technology are high, the actual impacts and benefits are still
unclear, causing delays and skepticism in its adoption. As the coronavirus disease
(COVID-19) continues to affect the world, businesses and governments scramble for
answers in attempting to limit the impact of the pandemic. In order to assess the ability
of blockchain technology in its efforts to minimize the impact of the pandemic and
clearly define the challenges and prospects of blockchain, a structured literature review
of peer-reviewed articles on block chain’s implementation and adoption in supply chain
management, education, logistics and finance sectors was conducted. It is
recommended that block chain’s implementation and adoption is not limited to the
finance sector but can be applied in any sector, where it provides a decentralized
network in which information is accessible and personal privacy and security are
guaranteed. Therefore, the wider acceptance and implementation of blockchain in
selected sectors of the economy, especially in finance and supply chain management,
has proven that blockchain can be utilized by businesses, governments and health
professionals in the fight against the virus by transforming the challenges into
opportunities combined with the prominent essential enablers would fast track its wider
adoption.
Keywords: Adoption, Blockchain, Challenges, COVID-19, Implementation, Prospects.
