BLOCKCHAIN-ENABLED CIRCULAR SUPPLY CHAINS: A FRAMEWORK FOR SUSTAINABLE AND TRANSPARENT VALUE NETWORKS
Keywords:
Blockchain Technology, Circular Supply Chains (CSCs), Information Security, Supply Chain Management, Technicalities Of Blockchain, Global Economic Systems, Ethical Supply ChainsAbstract
This paper analyzes blockchain technology's profound impact on Circular Supply Chains (CSCs), highlighting its exceptional ability to boost sustainability and transparency in these structures. It advocates transitioning from conventional linear economic models, suggesting that merging the circular economy with blockchain technology could be highly beneficial. This combination is notably effective, as blockchain enhances key elements like traceability, sustainability, and information security, which are critical for the efficient management and functioning of CSCs. This study thoroughly examines blockchain's role in CSCs, focusing on its capacity to overcome various challenges, including adherence to regulations, overcoming cultural obstacles, and dealing with the complexities present in market dynamics. Moreover, this paper delves into in-depth case studies from industries such as rapid fashion and agriculture-based food production. These examples clearly show the positive impact of blockchain on sustainable practices and increased transparency. Serving as concrete illustrations, they showcase how blockchain technology can enhance supply chain operations and its capacity to induce major changes in these sectors. Nonetheless, incorporating blockchain into CSCs comes with its own set of obstacles. The article addresses the intricate technicalities involved, the necessity for in-depth knowledge among involved parties, and the substantial financial outlays needed for successful deployment. Despite these challenges, the paper underscores the need for ongoing research, primarily empirical investigations, that offer a more thorough assessment of blockchain's practicality and efficiency in diverse sectors. Such studies are vital to grasp the complete influence of blockchain on the economic, societal, and environmental dimensions of business sustainability. Moreover, this piece highlights blockchain as an indispensable technology in transitioning towards more eco-friendly, streamlined, and open global economic systems. Despite the obstacles associated with its deployment, the capacity of blockchain to revolutionize CSCs is unmistakable and persuasive. This comprehensive examination constitutes a noteworthy addition to our comprehension of the potential of blockchain technology to redefine CSCs, ushering in a future characterized by heightened sustainability and equity. The information imparted within this composition holds immense worth for stakeholders across diverse domains, furnishing them with guidance on harnessing the potential of blockchain to construct more robust and ethically accountable supply chains.
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Copyright (c) 2023 Narayana Challa (Author)
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