Blockchain as sustainability driver

Abstract

This article designed to review impact on Sustainability of the one of the most modern cutting edge technologies‘ namely Blockchain. First of all article describes technological background of Blockchain technology nature and also provides contemporary challenges that this technology faces today. Secondly definition of Sustainability is provided. Thirdly impact level on all 3P‘s has been observed. Justification of the research. Blockchain being one of the most innovative technology nowadays brings solid state of trust between different stakeholders, this technology is extremely useful when we do speak about variety of market players involved in multiple transactions among them, especially when we do speak about value capture, therefore we can expect huge efficiency if we implement it in correct – methodological and systematic order. On the other hand Sustainability is a phenomenon that covers a lot of multifunctional dimensions and brings huge advantages in social sphere such as social responsibility, transparency, efficient usage of resources, compliance to human right, etc. This paper uses definition of Sustainability of John Elkington „Tripple Bottom Line“. Aim is to examine the impact of Blockchain on Sustainability, providing level of that impact on 3 different dimensions – Planet, People, Profit. Methods employed are analysis of the scientific articles, analysis of best practice use cases, comparison, analytical descriptive and generalization methods. Findings of this research support the assumption that Blockchain can essentially contribute to Sustainability due to its technical characteristics – such as decentralized, public/transparent highly reliable register of transactions. Conclusions emphasize Blockchain application in suitable functions with only 2 side comments that the biggest positive results of such implementation can be achieved only after addressing Blockchain challenges and second one is that Blockchain implementation itself generates new generation challenges.