The Quantum Leap Toward a Sustainable Future: Exploring the Nexus Between Blockchain, Circular Economy, and Managerial Perceptions

Abstract

The planetary ecosystem currently confronts a myriad of dire environmental predicaments, necessitating immediate and decisive action to forestall irreversible damage wrought by economic activities. Embracing the tenets of circular economy (CE) presents a compelling and exigent opportunity to attenuate wastage and engender resource recycling. In this milieu, blockchain technology (BCT) emerges as a pivotal instrumentality in imbricating CE principles into the tapestry of environmentally conscientious supply chain practices. However, the enigmatic nature of the factors that undergird the seamless integration of BCT into CE practices bespeaks a pressing need for further elucidation. This inquiry endeavors to scrutinize executives' perspectives regarding adopting BCT as a fulcrum for CE and its multifaceted impact on organizational performance. A research model predicated on the belief–action–outcome (BAO) framework was conceptualized and scrutinized utilizing partial least squares structural equation modeling (PLS‐SEM) with data gleaned from 164 responses from Malaysian manufacturing firms. The findings evince that respondents' attitudes were significantly swayed by the organizational CE culture, their cognitive grasp of BCT principles, and their normative inclinations. Furthermore, the investigation unearthed that personal norms and attitudes wielded a palpable influence on the inclination to adopt BCT to catalyze CE, thereby exerting a substantive impact on the organization's economic and environmental performance. A roadmap delineating a trajectory to further facilitate BCT‐propelled CE is proffered.