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Redesigning Supply Chains using Blockchain-Enabled Circular Economy and COVID-19 Experiences
Santosh Nandi1, Joseph Sarkis2,3, Aref Aghaei Hervani4
1University of South Carolina Sumter, 200 Miller Road, Sumter, SC 29150.
Sustainable Production and Consumption
|October 26, 2020
Summary
The COVID-19 pandemic highlights the need for resilient supply chains. Integrating localization, agility, and digitization (LAD) with blockchain and circular economy principles can enhance supply chain transparency and sustainability.
Area of Science:
- Supply Chain Management
- Sustainability Studies
- Information Systems
Background:
- The COVID-19 pandemic revealed vulnerabilities in traditional production and consumption models.
- Global supply chains faced significant disruptions, impacting businesses and societies.
- There is a critical need to reassess and strengthen supply chain resilience, transparency, and sustainability.
Purpose of the Study:
- To provide insights from the COVID-19 pandemic for enhancing supply chain resilience.
- To explore the integration of localization, agility, and digitization (LAD) characteristics in supply chains.
- To examine the potential of blockchain technology and circular economy principles in achieving LAD goals.
Main Methods:
- This opinion paper synthesizes observations from the COVID-19 crisis.
- It proposes a framework linking supply chain characteristics (LAD) with technological solutions.
- Use cases illustrate the application of blockchain-enabled circular economy practices.
Main Results:
- The pandemic necessitates the adoption of localization, agility, and digitization (LAD) in supply chains.
- Blockchain technology and circular economy principles offer viable solutions for LAD.
- Blockchain-enabled circular economy practices support supply chain tracking, tracing, and responsiveness.
Conclusions:
- Integrating LAD characteristics is crucial for future supply chain resilience.
- Blockchain and circular economy practices provide a pathway to more sustainable and transparent supply chains.
- Findings offer multi-level insights for stakeholders, establishing a foundation for future research in sustainable production and consumption.
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