The role of blockchain platform in enabling circular economy practices

Abstract

The circular economy concept is gaining increasing prominence in academic, corporate, and government circles; however, its dissemination is still limited. There is a lack of studies that address strategies, practices, and enabling technologies guided by the principles of developing processes and products for a more rational use of natural resources, reducing consumption, or promoting their recovery. Technological resources can be a crucial issue in enabling the implementation of circular practices. Companies need to plan IT infrastructure and collaborative platforms that can connect them with different stakeholders and leverage digital technologies such as blockchain. This study aims to analyze platforms based on blockchain technology and their contribution to the implementation of circular economy practices, identifying the design, platform functionalities, and how the platforms are being integrated into companies' circular economy programs. The research approach was qualitative, using multiple case studies. The results indicate that blockchain technology helps achieve circular economy practices by bringing transparency to the system and improving market position. The study also contributes to the emerging platform literature by exploring blockchain platforms with functionalities linked to executing circular practices such as Tokens and NFTs in the context of sustainability.