Blockchain Technology and SMEs: A Bibliometric Analysis and Future Directions

Abstract

The growing use of digital tools provides opportunities for small and medium-sized enterprises (SMEs) to embrace digital transformation. However, SMEs may face significant challenges in adopting emerging technological innovations, particularly blockchain technology. Therefore, this study aims to examine the research trends in blockchain technology and identify the factors associated with blockchain adoption, with a particular emphasis on SMEs. To analyze research trends in blockchain technology, bibliometric data were collected from Scopus-indexed publications. A search of the Scopus database using the keywords “blockchain” and “SMEs” yielded 489 publications. Applying the inclusion criterion of original articles published in English and excluding book chapters, conference proceedings, and white papers resulted in a final sample of 76 articles published between 2020 and 2026. The extracted Scopus-indexed dataset was subsequently analyzed using bibliometric tools, namely Biblioshiny (R-Studio) and VOSviewer. The findings showed that China contributed the largest number of publications in this field, while Italy and the United Kingdom demonstrated stronger international research collaborations. Additionally, the literature review suggests that the adoption of blockchain technology by SMEs is closely associated with the deployment of smart contract innovations and supportive organizational capabilities. The literature highlights several critical factors that influence blockchain adoption among SMEs, including scalability and interoperability issues, trust and stakeholder acceptance, limitations in connectivity and infrastructure, and concerns regarding security and data privacy. Collectively, these factors significantly affect the successful implementation of blockchain technology among SMEs.