Role of Blockchain Technology in Advancing Sustainability Development: A Comprehensive Review

The purpose of this chapter is to examine the relationship between blockchain technology and sustainable development, aiming as to how blockchain technology (BT) could be effectively implemented to achieve different sustainable development goals (SDGs). Tokenization is one of the methods of blockchain technology which seems to be viable strategy to overcome the bottlenecks in terms of economic, social and governance (ESG) by engagement and participation of different stakeholders such as customers, businesses and government. The present chapter thoroughly reviews the fundamental and conceptual framework as well as implementation of blockchain technology to comprehend sustainable development goals (SDGs). This chapter provides understanding of functional approach promoting green practices viz. energy conservation, circular economy, recycling etc. It also investigates various problems connected with the implementation of blockchain technology and sustainable development. Furthermore, the study strives to create awareness amongst stakeholders includes industry, academia, researcher and policymakers as in what manners blockchain technology is beneficial in attaining sustainable development goals (SDGs) and build more ecologically friendly conscious society.