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Leveraging tokenization in blockchain-based circular economy: A paradigm shift towards sustainable resource management
Independent Researcher, Supply Chain Professional, USA.
Review
International Journal of Science and Research Archive, 2024, 13(01), 293–300.
Article DOI: 10.30574/ijsra.2024.13.1.1628
Publication history:
Received on 24 July 2024; revised on 01 September 2024; accepted on 04 September 2024
Abstract:
Utilizing blockchain technology and circular supply chain management can bring about significant changes in achieving sustainability and enhancing resource utilization. This study highlights the significant role of tokenization in promoting sustainable resource management within blockchain-based circular supply chains. Tokenization provides a secure and efficient way to digitize assets, creating incentives, and facilitating efficient exchange within these supply chains. The paper explores in detail the benefits of tokenization, including faster transaction settlement, cost savings, democratization of access, transparency enhancement, and reduced infrastructure costs. It emphasizes that tokenization is a pivotal tool for promoting the transition towards a circular economy model. The study also acknowledges the challenges and limitations of tokenization, including regulatory issues, interoperability, and standardization challenges, among others, and provides recommendations for effective implementation. Overall, the paper highlights the potential of tokenization to revolutionize how we exchange ideas, information, and money through blockchain-based circular supply chains and emphasizes its significance in promoting sustainable resource management.
Keywords:
Tokenization; Circular business models; Circular supply chain; Sustainability; Blockchain; NFT; Circular economy
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
