The transition towards more sustainable, circular economy will play a critical role when it comes to tackling other global concerns, including the exhaustion of resources, the degradation of environmental conditions, and the problem of wastes. Conceptually sound but more often than not, implementation holds back traditional circular models because of intertwined data systems, lack of transparency and a severe lack of stakeholder confidence. This paper reviews incorporating blockchain technology to play a progressive catalyst of the practices of a circular economy. Blockchain can continuously improve the visibility of the material flow, automated compliance by using smart contracts, and provide an incentive to promote sustainable actions through tokenized systems by using such features as decentralization, immutability and real-time traceability. The paper provides a synthesis of paper-based circular applications in other industries such as in the supply chain management, waste recovery and in tracking the product lifecycle. It also points to research deficits and provides an assessment of the obstacles that hindered implementation and suggests a scalable framework of sustainable adoption. The work serves to contribute to the development of safe, transparent, and efficient circular systems that eventually contribute to sustainability and the need to change the economic environment in line with the policy.

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Blockchain Innovations for a Sustainable Circular Economy

  • Priya Batta,
  • Abhishek Kumar

摘要

The transition towards more sustainable, circular economy will play a critical role when it comes to tackling other global concerns, including the exhaustion of resources, the degradation of environmental conditions, and the problem of wastes. Conceptually sound but more often than not, implementation holds back traditional circular models because of intertwined data systems, lack of transparency and a severe lack of stakeholder confidence. This paper reviews incorporating blockchain technology to play a progressive catalyst of the practices of a circular economy. Blockchain can continuously improve the visibility of the material flow, automated compliance by using smart contracts, and provide an incentive to promote sustainable actions through tokenized systems by using such features as decentralization, immutability and real-time traceability. The paper provides a synthesis of paper-based circular applications in other industries such as in the supply chain management, waste recovery and in tracking the product lifecycle. It also points to research deficits and provides an assessment of the obstacles that hindered implementation and suggests a scalable framework of sustainable adoption. The work serves to contribute to the development of safe, transparent, and efficient circular systems that eventually contribute to sustainability and the need to change the economic environment in line with the policy.