Adoption of Block Chain Technology and Circular Economy Practices by SMEs

The emergence of the internet represented a significant technological advancement in 1983. Presently, a similar breakthrough is occurring with the advent of blockchain technology, which is transforming the competitive landscape of businesses. Industries worldwide are moving toward circular production methods in the circular economy (CE). There is an increased use of blockchain (BC) technology in various industries. However, the literature on the implementation of blockchain circularity in small and medium enterprises (SMEs) is limited. This chapter bridges the knowledge gap between industry and academia by disseminating useful information on SMEs’ solutions to sustainability with a focus on the environment using blockchain by using structure literature review techniques to avoid irrelevant content. The CE aims to reduce resource consumption, waste, emissions, and toxins through sustainable energy adoption. Collaboration among businesses, consumers, and governments, supported by infrastructure and incentives, underpins the CE. Indian SMEs can bolster their impact via CE practices, addressing awareness gaps and policy challenges. Blockchain’s transparency and efficiency offer SMEs the potential for improved competitiveness, cost-effectiveness, and sustainability, a focus of this chapter evaluating their CE-related blockchain endeavors.