Investigating the potential of blockchain technology in enabling circular economy practices in Industry 5.0: an electronics industry case study
Vishal Shukla, Sanjeev Prashar, M. Ramkumar
Abstract
Purpose This study seeks to investigate the ability of blockchain technology (BCT) to increase circular economy (CE) practices in the electronics industry, emphasising India and Taiwan. Design/methodology/approach The study adopts a mixed-methods approach. Initial qualitative semi-structured interviews examined how BCT could inform CE practice. The qualitative aspects were followed by the Analytical Hierarchy Process (AHP), integrating qualitative and quantitative approaches, and fuzzy-set Qualitative Comparative Analysis (fsQCA), to analyse data from 391 industry experts surveyed. Findings The results show that the BCT has great potential to promote CE processes by improving the aspects of security, transparency and traceability. BCT adoption is driven by a conducive regulatory regime, stakeholder collaboration, and the availability of required technology. Research limitations/implications By identifying key drivers and requisite requirements for successful BCT adoption in CE practices, this research offers critical guidance for policymakers, practitioners and researchers. It adds to the wider conversation about how emerging technologies can support sustainability and efficiency in industry. Originality/value This study contributes to the literature by providing a new lens to study BCT and CE practices intersectionality, particularly in the context of the emerging electronics industry and in countries such as India and Taiwan. Unlike previous research that studied either BCT or CE independently, this study uniquely illustrates how the principles underpinning these concepts, when implemented together, can positively impact sustainability outcomes within a resource-intensive industry notorious for generating highly significant waste streams.