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A blockchain-based circular economy taxonomy model for supply chain risks

This paper proposes a novel framework for managing supply chain risks through the implementation of a blockchain-based circular economy taxonomy. The author not

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Abstract

This paper proposes a novel framework for managing supply chain risks through the implementation of a blockchain-based circular economy taxonomy. The author notes that global supply chains are increasingly fragmented and susceptible to opacity, leading to inefficient waste management and high-risk environmental impacts. The study introduces a standardized model that uses distributed ledgers to track the lifecycle of products, from raw material procurement to end-of-life recycling. By assigning unique identifiers on a blockchain, the model allows participants in the supply chain to verify the sustainability credentials and risk profiles of their partners. The research demonstrates how blockchain-enabled transparency facilitates circular business models, such as product-as-a-service and predictive maintenance, thereby reducing systemic risk. The paper concludes by providing a taxonomy for evaluating blockchain adoption in circular supply chains, emphasizing that interoperability and data quality are foundational for these systems to successfully mitigate ecological and operational supply chain risks. Authors: M. Shoaib Publication: Academic Paper Publication date: 2024-01-01

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Key findings

  • Blockchain provides the necessary transparency to enable circular economy metrics in complex supply chains.
  • A standardized taxonomy is essential for tracking and mitigating supply chain risks at scale.
  • Distributed ledgers facilitate greater accountability for environmental impacts across distributed partner networks.
  • Circular economy models enabled by blockchain allow for proactive rather than reactive risk management.

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Citation

M. Shoaib (2024). A blockchain-based circular economy taxonomy model for supply chain risks. Academic Paper. https://www.sciencedirect.com/science/article/abs/pii/S0098135425005204
Canonical knowledge ID: research:a-blockchain-based-circular-economy-taxonomy-model-for-supply-chain-risks