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Adoption of Block Chain Technology and Circular Economy Practices by SMEs

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Blockchain Transformations

Part of the book series: Signals and Communication Technology ((SCT))

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Abstract

The emergence of the internet represented a significant technological advancement in 1983. Presently, a similar breakthrough is occurring with the advent of blockchain technology, which is transforming the competitive landscape of businesses. Industries worldwide are moving toward circular production methods in the circular economy (CE). There is an increased use of blockchain (BC) technology in various industries. However, the literature on the implementation of blockchain circularity in small and medium enterprises (SMEs) is limited. This chapter bridges the knowledge gap between industry and academia by disseminating useful information on SMEs’ solutions to sustainability with a focus on the environment using blockchain by using structure literature review techniques to avoid irrelevant content. The CE aims to reduce resource consumption, waste, emissions, and toxins through sustainable energy adoption. Collaboration among businesses, consumers, and governments, supported by infrastructure and incentives, underpins the CE. Indian SMEs can bolster their impact via CE practices, addressing awareness gaps and policy challenges. Blockchain’s transparency and efficiency offer SMEs the potential for improved competitiveness, cost-effectiveness, and sustainability, a focus of this chapter evaluating their CE-related blockchain endeavors.

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Abbreviations

BC:

Blockchain

CE:

Circular Economy

GDP:

Gross Domestic Product

MSME:

Micro, Small, and Medium Enterprises

SDG:

Sustainable Development Goals

SME:

Small and Medium Enterprises

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Declaration of Conflicting Interest

According to the authors, no conflicts of interest existed with this paper’s research, writing, or publishing.

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Authors and Affiliations

  1. GITAM School of Business, GITAM (Deemed to be University), Visakhapatnam, Andhra Pradesh, India

    Mukesh Kondala, Sai Sudhakar Nudurupati & K. Lubza Nihar

Authors
  1. Mukesh Kondala
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  2. Sai Sudhakar Nudurupati
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  3. K. Lubza Nihar
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Editors and Affiliations

  1. Researcher DSE LabDepartment of Computer Science (IDI), Norwegian University of Science and Technology, Gjøvik, Norway

    Sheikh Mohammad Idrees

  2. Associate professor, Norwegian University of Science and Technology, Gjøvik, Norway

    Mariusz Nowostawski

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Kondala, M., Nudurupati, S.S., Nihar, K.L. (2024). Adoption of Block Chain Technology and Circular Economy Practices by SMEs. In: Idrees, S.M., Nowostawski, M. (eds) Blockchain Transformations. Signals and Communication Technology. Springer, Cham. https://doi.org/10.1007/978-3-031-49593-9_16

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  • DOI: https://doi.org/10.1007/978-3-031-49593-9_16

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  • Publisher Name: Springer, Cham

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  • Online ISBN: 978-3-031-49593-9

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