IDEAS home Printed from https://ideas.repec.org/a/bjz/ajisjr/2552.html
   My bibliography  Save this article

Blockchain Technology as a Catalyst for Sustainable Development: Exploring Economic, Social, and Environmental Synergies

Author

Listed:
  • Marsela Thanasi Boçe
  • Julian Hoxha

Abstract

This paper explores the transformative potential of blockchain technology (BT) as a catalyst for sustainable development, addressing the tri-fold aspects of environmental, economic, and social sustainability. Through a comprehensive review and theoretical framework, it delves into how BT can significantly contribute to achieving the United Nations Sustainable Development Goals (SDGs). The study highlights BT's role in enhancing transparency, ensuring product traceability, and promoting resource efficiency, thereby facilitating a more equitable economic growth and environmental stewardship. By examining various applications of BT across industries including supply chain management, renewable energy, and conservation efforts, the paper illustrates BT's capability to reduce carbon emissions, improve resource allocation, and support sustainable business practices. Furthermore, it identifies challenges such as scalability, energy consumption, and regulatory hurdles, proposing strategic recommendations for overcoming these obstacles. The research emphasizes the need for collaborative efforts among stakeholders, including policymakers, practitioners, and researchers, to leverage BT effectively for sustainable development. It contributes to both theoretical understanding and practical implementation of blockchain as a powerful enabler for sustainability, offering insights for future research and policy-making in this evolving domain.

Suggested Citation

  • Marsela Thanasi Boçe & Julian Hoxha, 2024. "Blockchain Technology as a Catalyst for Sustainable Development: Exploring Economic, Social, and Environmental Synergies," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 13, March.
    • Handle: RePEc:bjz:ajisjr:2552
    DOI: https://doi.org/10.36941/ajis-2024-0041
    as

    Download full text from publisher

    File URL: https://www.richtmann.org/journal/index.php/ajis/article/view/13698
    Download Restriction: no
    File URL: https://www.richtmann.org/journal/index.php/ajis/article/view/13698/13257
    Download Restriction: no
    File URL: https://libkey.io/https://doi.org/10.36941/ajis-2024-0041?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Arshad, Ameena & Shahzad, Faisal & Ur Rehman, Ijaz & Sergi, Bruno S., 2023. "A systematic literature review of blockchain technology and environmental sustainability: Status quo and future research," International Review of Economics & Finance, Elsevier, vol. 88(C), pages 1602-1622.
    2. Alessandra Tafuro & Giuseppe Dammacco & Antonio Costa, 2023. "A Conceptual Study on the Role of Blockchain in Sustainable Development of Public–Private Partnership," Administrative Sciences, MDPI, vol. 13(8), pages 1-15, July.
    3. Balzarova, Michaela & Dyer, Celia & Falta, Michael, 2022. "Perceptions of blockchain readiness for fairtrade programmes," Technological Forecasting and Social Change, Elsevier, vol. 185(C).
    4. Muddassar Sarfraz & Kausar Fiaz Khawaja & Heesup Han & Antonio Ariza-Montes & Juan Manuel Arjona-Fuentes, 2023. "Sustainable supply chain, digital transformation, and blockchain technology adoption in the tourism sector," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-13, December.
    5. Cozzio, Claudia & Viglia, Giampaolo & Lemarie, Linda & Cerutti, Stefania, 2023. "Toward an integration of blockchain technology in the food supply chain," Journal of Business Research, Elsevier, vol. 162(C).
    6. Deepak Prashar & Nishant Jha & Sudan Jha & Yongju Lee & Gyanendra Prasad Joshi, 2020. "Blockchain-Based Traceability and Visibility for Agricultural Products: A Decentralized Way of Ensuring Food Safety in India," Sustainability, MDPI, vol. 12(8), pages 1-20, April.
    7. Kouhizadeh, Mahtab & Saberi, Sara & Sarkis, Joseph, 2021. "Blockchain technology and the sustainable supply chain: Theoretically exploring adoption barriers," International Journal of Production Economics, Elsevier, vol. 231(C).
    8. Brilliantova, Vlada & Thurner, Thomas Wolfgang, 2019. "Blockchain and the future of energy," Technology in Society, Elsevier, vol. 57(C), pages 38-45.
    9. Arim Park & Huan Li, 2021. "The Effect of Blockchain Technology on Supply Chain Sustainability Performances," Sustainability, MDPI, vol. 13(4), pages 1-18, February.
    10. Kalpana Tyagi, 2023. "A global blockchain-based agro-food value chain to facilitate trade and sustainable blocks of healthy lives and food for all," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-12, December.
    11. Chloe Tartan, 2023. "A Blockchain-Based Welfare Distribution Model for Digital Inclusivity," REGION, European Regional Science Association, vol. 10, pages 19-44.
    12. L.A. Risso & G.M.D. Ganga & Moacir Godinho Filho & L.A.D. Santa-Eulalia & T. Chikhi & E. Mosconi, 2023. "Present and Future Perspectives of Blockchain in Supply Chain Management: A Review of Reviews and Research Agenda," Post-Print hal-04277174, HAL.
    13. Kshetri, Nir, 2018. "1 Blockchain’s roles in meeting key supply chain management objectives," International Journal of Information Management, Elsevier, vol. 39(C), pages 80-89.
    14. Tobias Hahn & Frank Figge, 2018. "Why Architecture Does Not Matter: On the Fallacy of Sustainability Balanced Scorecards," Journal of Business Ethics, Springer, vol. 150(4), pages 919-935, July.
    15. Adele Parmentola & Antonella Petrillo & Ilaria Tutore & Fabio De Felice, 2022. "Is blockchain able to enhance environmental sustainability? A systematic review and research agenda from the perspective of Sustainable Development Goals (SDGs)," Business Strategy and the Environment, Wiley Blackwell, vol. 31(1), pages 194-217, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zhang, Ying & Tavalaei, M. Mahdi & Parry, Glenn & Zhou, Peng, 2024. "Evolution or involution? A systematic literature review of organisations' blockchain adoption factors," Technological Forecasting and Social Change, Elsevier, vol. 208(C).
    2. Kirti Nayal & Rakesh D. Raut & Balkrishna E. Narkhede & Pragati Priyadarshinee & Gajanan B. Panchal & Vidyadhar V. Gedam, 2023. "Antecedents for blockchain technology-enabled sustainable agriculture supply chain," Annals of Operations Research, Springer, vol. 327(1), pages 293-337, August.
    3. Aditi S. Saha & Rakesh D. Raut & Vinay Surendra Yadav & Abhijit Majumdar, 2022. "Blockchain Changing the Outlook of the Sustainable Food Supply Chain to Achieve Net Zero?," Sustainability, MDPI, vol. 14(24), pages 1-21, December.
    4. Ji, Guojun & Zhou, Shu & Lai, Kee-Hung & Tan, Kim Hua & Kumar, Ajay, 2022. "Timing of blockchain adoption in a supply chain with competing manufacturers," International Journal of Production Economics, Elsevier, vol. 247(C).
    5. Kumar, Sourabh & Barua, Mukesh Kumar, 2023. "Exploring the hyperledger blockchain technology disruption and barriers of blockchain adoption in petroleum supply chain," Resources Policy, Elsevier, vol. 81(C).
    6. Ulpan Tokkozhina & Ana Lucia Martins & Joao C. Ferreira, 2023. "Uncovering dimensions of the impact of blockchain technology in supply chain management," Operations Management Research, Springer, vol. 16(1), pages 99-125, March.
    7. Davies, Jennifer & Sharifi, Hossein & Lyons, Andrew & Forster, Rick & Elsayed, Omar Khaled Shokry Mohamed, 2024. "Non-fungible tokens: The missing ingredient for sustainable supply chains in the metaverse age?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 182(C).
    8. Seyyed-Alireza Radmanesh & Alireza Haji & Omid Fatahi Valilai, 2023. "Blockchain-Based Architecture for a Sustainable Supply Chain in Cloud Architecture," Sustainability, MDPI, vol. 15(11), pages 1-19, June.
    9. Quanpeng Chen & Xiaogang Chen, 2023. "Blockchain-Enabled Supply Chain Internal and External Finance Model," Sustainability, MDPI, vol. 15(15), pages 1-33, July.
    10. Pattanayak, Sirsha & Ramkumar, M. & Goswami, Mohit & Rana, Nripendra P., 2024. "Blockchain technology and supply chain performance: The role of trust and relational capabilities," International Journal of Production Economics, Elsevier, vol. 271(C).
    11. Risso, Lucas Antonio & Ganga, Gilberto Miller Devós & Santa-Eulalia, Luis Antonio de & Godinho Filho, Moacir & Chikhi, Tinhinane & Mosconi, Elaine & Zhang, Kaiwen, 2024. "A framework for modeling and simulating blockchain-based supply chain traceability systems," International Journal of Production Economics, Elsevier, vol. 278(C).
    12. Shahzad, Umer & Ghaemi Asl, Mahdi & Tedeschi, Marco, 2023. "Is there any market state-dependent contribution from Blockchain-enabled solutions to ESG investments? Evidence from conventional and Islamic ESG stocks," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 139-154.
    13. Summer K. Mohamed & Sandra Haddad & Mahmoud Barakat & Bojan Rosi, 2023. "Blockchain Technology Adoption for Improved Environmental Supply Chain Performance: The Mediation Effect of Supply Chain Resilience, Customer Integration, and Green Customer Information Sharing," Sustainability, MDPI, vol. 15(10), pages 1-20, May.
    14. Amin Jan & Anas A. Salameh & Haseeb Ur Rahman & Mohanad M. Alasiri, 2024. "Can blockchain technologies enhance environmental sustainable development goals performance in manufacturing firms? Potential mediation of green supply chain management practices," Business Strategy and the Environment, Wiley Blackwell, vol. 33(3), pages 2004-2019, March.
    15. Bai, Chunguang & Zhu, Qingyun & Sarkis, Joseph, 2024. "Do blockchain capabilities help overcome supply and operational risks: Insights from firm market returns during COVID-19," Omega, Elsevier, vol. 126(C).
    16. Böhmecke-Schwafert, Moritz, 2024. "The role of blockchain for trade in global value chains: A systematic literature review and guidance for future research," Telecommunications Policy, Elsevier, vol. 48(9).
    17. Yu Gong & Shenghao Xie & Deepak Arunachalam & Jiang Duan & Jianli Luo, 2022. "Blockchain‐based recycling and its impact on recycling performance: A network theory perspective," Business Strategy and the Environment, Wiley Blackwell, vol. 31(8), pages 3717-3741, December.
    18. Arunmozhi, Manimuthu & Venkatesh, V.G. & Arisian, Sobhan & Shi, Yangyan & Raja Sreedharan, V., 2022. "Application of blockchain and smart contracts in autonomous vehicle supply chains: An experimental design," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 165(C).
    19. Mulligan, Catherine & Morsfield, Suzanne & Cheikosman, Evîn, 2024. "Blockchain for sustainability: A systematic literature review for policy impact," Telecommunications Policy, Elsevier, vol. 48(2).
    20. Pandey, Vivekanand & Pant, Millie & Snasel, Vaclav, 2022. "Blockchain technology in food supply chains: Review and bibliometric analysis," Technology in Society, Elsevier, vol. 69(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bjz:ajisjr:2552. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Richtmann Publishing Ltd (email available below). General contact details of provider: https://www.richtmann.org/journal/index.php/ajis .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.