IDEAS home Printed from https://ideas.repec.org/a/eee/reveco/v88y2023icp1602-1622.html

A systematic literature review of blockchain technology and environmental sustainability: Status quo and future research

Author

Listed:
  • Arshad, Ameena
  • Shahzad, Faisal
  • Ur Rehman, Ijaz
  • Sergi, Bruno S.

Abstract

This study conducted a systematic literature review on the function and potential of blockchain technology in promoting environmental sustainability to achieve sustainable development goals (SDG 7 and SDG 13). We chronologically explored theoretical viewpoints, analytical frameworks, measures, relationships, and procedures from 2015 to 2022 to examine the relationship between blockchain technology and environmental sustainability. We followed a four-step methodology (planning, execution, analysis, and reporting) based on Tranfield et al.’s (2003) approach. The extensively preferred PRISMA technique was adopted for conducting a systematic literature review. VOSviewer program was used in this study for bibliometric analysis. The contribution of this study is that this is the first one to use a bibliometric analysis and SLR on the topic of blockchain technology, environment, and green finance from the standpoint of the SDGs, specifically SDG 7 and SDG 13. The findings suggest that to attain environmental sustainability, new approaches are required. New methods to achieve environmental sustainability are possible because of emerging technology like blockchain. Policymakers will benefit from understanding the effect of market interference and the available choices while considering their disruptive consequences. The findings are beneficial for political institutions in establishing the political and legal environment required to develop successful green blockchain applications.

Suggested Citation

  • 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.
    • Handle: RePEc:eee:reveco:v:88:y:2023:i:c:p:1602-1622
    DOI: 10.1016/j.iref.2023.07.044
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S105905602300254X
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.iref.2023.07.044?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
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Snyder, Hannah, 2019. "Literature review as a research methodology: An overview and guidelines," Journal of Business Research, Elsevier, vol. 104(C), pages 333-339.
    2. Peter Howson, 2019. "Tackling climate change with blockchain," Nature Climate Change, Nature, vol. 9(9), pages 644-645, September.
    3. Patel, Ritesh & Migliavacca, Milena & Oriani, Marco E., 2022. "Blockchain in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 62(C).
    4. Josué Banga, 2019. "The green bond market: a potential source of climate finance for developing countries," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 9(1), pages 17-32, January.
    5. Jakob Skovgaard, 2012. "Learning about Climate Change: Finance Ministries in International Climate Change Politics," Global Environmental Politics, MIT Press, vol. 12(4), pages 1-8, November.
    6. Alex Pazaitis & Primavera De Filippi & Vasilis Kostakis, 2017. "Blockchain and Value Systems in the Sharing Economy: The Illustrative Case of Backfeed," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 73, TUT Ragnar Nurkse Department of Innovation and Governance.
    7. Lin William Cong & Zhiguo He, 2019. "Blockchain Disruption and Smart Contracts," The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1754-1797.
    8. Nees Jan Eck & Ludo Waltman, 2010. "Software survey: VOSviewer, a computer program for bibliometric mapping," Scientometrics, Springer;Akadémiai Kiadó, vol. 84(2), pages 523-538, August.
    9. Martin Binder & Ulrich Witt, 2011. "As Innovations Drive Economic Growth, Do they also Raise Well-Being?," Papers on Economics and Evolution 2011-05, Philipps University Marburg, Department of Geography.
    10. Gregor Dorfleitner & Diana Braun, 2019. "Fintech, Digitalization and Blockchain: Possible Applications for Green Finance," Palgrave Studies in Impact Finance, in: Marco Migliorelli & Philippe Dessertine (ed.), The Rise of Green Finance in Europe, chapter 0, pages 207-237, Palgrave Macmillan.
    11. Wenxiang Li & Luqi Wang & Ye Li & Bo Liu, 2021. "A blockchain-based emissions trading system for the road transport sector: policy design and evaluation," Climate Policy, Taylor & Francis Journals, vol. 21(3), pages 337-352, March.
    12. Christian Masiak & Joern H. Block & Tobias Masiak & Matthias Neuenkirch & Katja N. Pielen, 2020. "Initial coin offerings (ICOs): market cycles and relationship with bitcoin and ether," Small Business Economics, Springer, vol. 55(4), pages 1113-1130, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Huang, Lingyu & Zhou, Tingyuan, 2024. "How does blockchain technology enhance firm operation and cooperation?," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 34-49.
    2. Mao, Qian & Li, Yilong, 2024. "Blockchain evolution, artificial intelligence and ferrous metal trade," Resources Policy, Elsevier, vol. 98(C).
    3. Drăgan, George Bogdan & Ben Arfi, Wissal & Tiberius, Victor & Ammari, Aymen & Khvatova, Tatiana, 2025. "Navigating the green wave: Understanding behavioral antecedents of sustainable cryptocurrency investment," Technological Forecasting and Social Change, Elsevier, vol. 210(C).
    4. Erna Farina Mohamed & Azlina Abdullah & Amar Hisham Jaaffar, 2024. "Energy Efficiency in Developing Countries: A Systematic Review of Current Findings and Directions towards a Net Zero Economy," International Journal of Energy Economics and Policy, Econjournals, vol. 14(5), pages 495-508, September.
    5. 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.
    6. Mulligan, Catherine & Morsfield, Suzanne & Cheikosman, Evîn, 2024. "Blockchain for sustainability: A systematic literature review for policy impact," Telecommunications Policy, Elsevier, vol. 48(2).
    7. Cai, Ting & Shi, Xinchun & Shang, Zhaoyan & Zhu, Xinxin & Qi, Jingjing, 2024. "The role of blockchain technology in facilitating finance for metal and mining resources," Resources Policy, Elsevier, vol. 99(C).
    8. Yuling Sun & Yuanyuan Ying, 2025. "Forward–Reverse Blockchain Traceability Strategy in the NEV Supply Chain Considering Consumer Green Preferences," Mathematics, MDPI, vol. 13(11), pages 1-27, May.
    9. Chi, Mingyuan & Li, Li & Zhong, Jia, 2025. "The role of blockchain technology in shaping the digital economy: An exploration of financial development," Finance Research Letters, Elsevier, vol. 84(C).
    10. Yukta Anand & Asheesh Pandey, 2024. "Feasibility study of blockchain technology for circular economy: A bibliometric and systematic review," ECONOMICS AND POLICY OF ENERGY AND THE ENVIRONMENT, FrancoAngeli Editore, vol. 2024(2), pages 109-144.
    11. Wang, Minxue & Li, Bo & Song, Dongping, 2024. "The impact of blockchain on restricting the misuse of green loans in a capital-constrained supply chain," European Journal of Operational Research, Elsevier, vol. 314(3), pages 980-996.
    12. Muhammad Kashif & Atta Ullah & Saif Ullah & Ningyu Qian, 2026. "Financial technology (FinTech) and green economy synergies for climate resilience and net-zero goals: evidence from G20 countries," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 12(1), pages 1-47, December.

    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. Dorfleitner, Gregor & Muck, Franziska & Scheckenbach, Isabel, 2021. "Blockchain applications for climate protection: A global empirical investigation," Renewable and Sustainable Energy Reviews, Elsevier, vol. 149(C).
    2. 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.
    3. Carè, R. & Weber, O., 2023. "How much finance is in climate finance? A bibliometric review, critiques, and future research directions," Research in International Business and Finance, Elsevier, vol. 64(C).
    4. Muhammad Farooq Islam & Ozge Can, 2024. "Integrating digital and sustainable entrepreneurship through business models: a bibliometric analysis," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 14(1), pages 1-18, December.
    5. Ruchi Arora & Meera Kapoor & Nidhi Singh & Muhammad Zafar Yaqub, 2025. "Green cryptocurrency and business strategies: Framework and insights from a stewardship literature review," Business Strategy and the Environment, Wiley Blackwell, vol. 34(1), pages 804-829, January.
    6. Aleksandra Kuzior & Mariya Sira, 2025. "Sustainable Digital Economy Transformation Through Intelligent Automation: A Multi-Environmental Framework for Strategic Decision-Making," Sustainability, MDPI, vol. 17(17), pages 1-27, August.
    7. Romeo Danielis & Mariangela Scorrano & Manuela Masutti & Asees Muhammad Awan & Arsalan Muhammad Khan Niazi, 2024. "Fuel Cell Electric Buses: A Systematic Literature Review," Energies, MDPI, vol. 17(20), pages 1-17, October.
    8. Malik, Sikandar Hayyat & Saba, Irum, 2025. "Navigating the intersection of competition and performance in the banking sector: A hybrid review," Research in International Business and Finance, Elsevier, vol. 76(C).
    9. Esther Calderon-Monge & Domingo Ribeiro-Soriano, 2024. "The role of digitalization in business and management: a systematic literature review," Review of Managerial Science, Springer, vol. 18(2), pages 449-491, February.
    10. Ishtiaq Ahmad Bajwa & Shafiq Ur Rehman & Abid Iqbal & Zaheer Anwer & Murtaza Ashiq & Muhammad Ajmal Khan, 2022. "Past, Present and Future of FinTech Research: A Bibliometric Analysis," SAGE Open, , vol. 12(4), pages 21582440221, October.
    11. N. Calderón-Rivera & I. Bartusevičienė & F. Ballini, 2024. "Sustainable development of inland waterways transport: a review," Journal of Shipping and Trade, Springer, vol. 9(1), pages 1-22, December.
    12. Maria Elena Latino & Marta Menegoli & Martina De Giovanni, 2021. "Evaluating the Sustainability Dimensions in the Food Supply Chain: Literature Review and Research Routes," Sustainability, MDPI, vol. 13(21), pages 1-25, October.
    13. Md Abu Helal & Nathaniel Anderson & Yu Wei & Matthew Thompson, 2023. "A Review of Biomass-to-Bioenergy Supply Chain Research Using Bibliometric Analysis and Visualization," Energies, MDPI, vol. 16(3), pages 1-32, January.
    14. Friedman, Nicola & Ormiston, Jarrod, 2022. "Blockchain as a sustainability-oriented innovation?: Opportunities for and resistance to Blockchain technology as a driver of sustainability in global food supply chains," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    15. Marcelo Werneck Barbosa, 2022. "A Critical Appraisal of Review Studies in Circular Economy: a Tertiary Study," Circular Economy and Sustainability, Springer, vol. 2(2), pages 473-505, June.
    16. Tamara Menichini & Gennaro Salierno & Nicoletta Maria Strollo, 2026. "Exploring the role of materiality analysis in corporate decision-making for SDG prioritization: A systematic literature review," International Entrepreneurship and Management Journal, Springer, vol. 22(2), pages 1-30, June.
    17. Agnieszka Nowaczek & Zygmunt Kowalski & Joanna Kulczycka & Agnieszka Makara, 2025. "Ecological Innovations Supporting Sustainable Development: The Case of the Polish Tire Industry," Sustainability, MDPI, vol. 17(16), pages 1-18, August.
    18. Romeo Danielis & Mariangela Scorrano & Manuela Masutti & Asees Muhammad Awan & Arsalan Muhammad Khan Niazi, 2024. "The Economic Competitiveness of Hydrogen Fuel Cell-Powered Trucks: A Review of Total Cost of Ownership Estimates," Energies, MDPI, vol. 17(11), pages 1-19, May.
    19. Klarin, Anton, 2020. "The decade-long cryptocurrencies and the blockchain rollercoaster: Mapping the intellectual structure and charting future directions," Research in International Business and Finance, Elsevier, vol. 51(C).
    20. Lydia Novoszel & Tina Wakolbinger, 2022. "Meta-analysis of Supply Chain Disruption Research," SN Operations Research Forum, Springer, vol. 3(1), pages 1-25, March.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    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:eee:reveco:v:88:y:2023:i:c:p:1602-1622. 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: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620165 .

    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.