Blockchain Features for Facilitating Circular Economy Adoption in the Palm Oil Industry: A DEMATEL Approach
Abstract
This study delves into the convergence of Circular Economy (CE) principles and Blockchain Technology (BCT) within Malaysia's pivotal palm oil sector. It emphasizes the potential of BCT to catalyze sustainability efforts, focusing on the significance of key BCT features in motivating palm oil industry stakeholders towards a more environmentally-conscious supply chain. This study employed the Decision-Making Trial and Evaluation Laboratory (DEMATEL) to dissect its attributes' influence. The analysis revealed transparency, immutability, and irreversibility as pivotal drivers, significantly enhancing traceability, integrity, and accountability within the sector. Decentralization, peer-to-peer networking, and distributed ledgers were identified as playing supportive roles, holding transformative potential in reshaping the industry's dynamics. The findings underscore the paramount importance of transparency, immutability, and irreversibility attributes in fostering a reliable palm oil ecosystem. This study not only provides a framework for strategic integration but also highlights the transformative potential of BCT features. This research offers valuable insights for palm oil business owners, emphasizing the benefits of adopting BCT for a more sustainable and efficient supply chain.
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References
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