Blockchain Technology as a Catalyst for Sustainable Development: Exploring Economic, Social, and Environmental Synergies

Abstract

This paper explores the transformative potential of blockchain technology (BT) as a catalyst for sustainable development, addressing the tri-fold aspects of environmental, economic, and social sustainability. Through a comprehensive review and theoretical framework, it delves into how BT can significantly contribute to achieving the United Nations Sustainable Development Goals (SDGs). The study highlights BT's role in enhancing transparency, ensuring product traceability, and promoting resource efficiency, thereby facilitating a more equitable economic growth and environmental stewardship. By examining various applications of BT across industries including supply chain management, renewable energy, and conservation efforts, the paper illustrates BT's capability to reduce carbon emissions, improve resource allocation, and support sustainable business practices. Furthermore, it identifies challenges such as scalability, energy consumption, and regulatory hurdles, proposing strategic recommendations for overcoming these obstacles. The research emphasizes the need for collaborative efforts among stakeholders, including policymakers, practitioners, and researchers, to leverage BT effectively for sustainable development. It contributes to both theoretical understanding and practical implementation of blockchain as a powerful enabler for sustainability, offering insights for future research and policy-making in this evolving domain.

Received: 1 December 2023 / Accepted: 19 February 2024 / Published: 5 March 2024