Blockchain technology as an enabler for sustainable business ecosystems: A comprehensive roadmap for socioenvironmental and economic sustainability

Morteza Ghobakhloo; Mohammad Iranmanesh; Muhammad Shujaat Mubarik; Muhammad Faraz Mubarak; Azlan Amran; Ahmad A. A. Khanfar

doi:10.1002/bsd2.319

journal article Open Access Nov 16, 2023

Blockchain technology as an enabler for sustainable business ecosystems: A comprehensive roadmap for socioenvironmental and economic sustainability

Morteza Ghobakhloo

Mohammad Iranmanesh

Muhammad Shujaat Mubarik Muhammad Faraz Mubarak

Azlan Amran

Ahmad A. A. Khanfar

Business Strategy & Development Vol. 7 No. 1 · Wiley

View at Publisher Save 10.1002/bsd2.319

Abstract

AbstractBlockchain technology is a core technology expected to play a highly instrumental role in competing with socioenvironmental challenges. The literature hypothesizes various blockchain functions for building a sustainable business ecosystem. This study unifies these diverse perspectives into an interpretive strategy roadmap that provides a holistic overview of how blockchain should be leveraged to deliver sustainability functions optimally. The study first identified the sustainability functions of blockchain through a content‐centric literature review. The study applied interpretive structural modeling (ISM) and drew on experts' opinions to model how and in which order blockchain delivers these sustainability functions. The study further drew on the ISM output and interpretive logic‐knowledge base to develop the promised roadmap. Results revealed that blockchain promotes a decentralized decision system that facilitates automation and real‐time information sharing (RIS) across supply chains. Blockchain introduces traceability and transparency into supply chain operations. These conditions offer monitoring of business operations and the development of trust across value‐chain stakeholders. These driver functions lead to value chain optimization and circularity integration into business and supply chain operations. When these necessary functional conditions are met, businesses can further draw on blockchain to promote economic and environmental aspects of sustainability through more complex functions enabling resource efficiency, cost reduction, pollution prevention, and higher profit margins. The order in which businesses can leverage these functions would define blockchain sustainability performance. Each function is uniquely valuable to sustainability, and none of them can be overlooked.

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Details

Published: Nov 16, 2023
Vol/Issue: 7(1)
License: View

Authors

M

Morteza Ghobakhloo

School of Economics and Business Kaunas University of Technology Kaunas Lithuania; Division of Industrial Engineering and Management Uppsala University Uppsala Sweden

M

Mohammad Iranmanesh

La Trobe Business School La Trobe University Melbourne Victoria Australia

M

Muhammad Shujaat Mubarik

Institute of Business and Management (IoBM) Karachi Pakistan; Edinburgh Business School Heriot Watt University Edinburgh United Kingdom

M

Muhammad Faraz Mubarak

School of Economics and Business Kaunas University of Technology Kaunas Lithuania; Faculty of Computer Science Dalhousie University Halifax Nova Scotia Canada

A

Azlan Amran

Graduate School of Business Universiti Sains Malaysia Penang Malaysia

A

Ahmad A. A. Khanfar

School of Business and Law Edith Cowan University Joondalup Western Australia Australia

Cite This Article

Morteza Ghobakhloo, Mohammad Iranmanesh, Muhammad Shujaat Mubarik, et al. (2023). Blockchain technology as an enabler for sustainable business ecosystems: A comprehensive roadmap for socioenvironmental and economic sustainability. Business Strategy & Development, 7(1). https://doi.org/10.1002/bsd2.319

Blockchain technology as an enabler for sustainable business ecosystems: A comprehensive roadmap for socioenvironmental and economic sustainability

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