A Case Study-based Model for Sustainable Business Management through Blockchain Technology in Small and Medium-sized Enterprises

Abstract

The study examined the use of Blockchain Technology (BCT) in the Circular Economy (CE) to enhance the efficiency of Small and Medium-sized Enterprises (SMEs). It introduces a Sustainable Circular Business (SCB) concept that employs BCT to improve the efficiency of SMEs. A closed-ended quantitative survey was administered to collect cross-sectional information from 280 SMEs. A total of 450 questionnaires were distributed, and 290 responses were collected. The CE approach in Circular Supply Chain Management (CSCM) offers ecological and financial advantages to enterprises. The emergence of the Industry 4.0 era has intensified the emphasis on technology in all sectors. The advent of BCT, a relatively novel phenomenon, holds substantial promise for improving the operations of SMEs. The results demonstrate that BCT prefers the CE because of its attributes: exposure, responsibility, relationship administration, and intelligent contracting. It has been ascertained that implementing ecologically sustainable practices positively correlates with ecological and economic efficiency. The firm's environmental responsibility positively correlated with its financial success. It was determined that both environmental and financial capacities contributed to the higher efficiency of SMEs.