ADVERSE IMPACT ANALYSIS OF BLOCKCHAIN APPLICATION ON SUSTAINABILITY FOR CHEMICAL INDUSTRY

Abstract

ABSTRACT: Due to security, transparency, traceability, and efficiency, blockchain technology has become more popular in the financial, healthcare, education, and industrial sectors as well. However, before the commercial use of this technology for the chemical industry, the adverse impact of the same should be considered carefully. A study of detailed adverse impact analysis of blockchain applications on the sustainability of the chemical industry has been highlighted in this paper. This research complies with accepted publication standards, in particular, the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) recommendations. A variety of primary and supplemental databases are used in our research. Scopus and Science Direct are two well-known databases that we have accessed, along with Emerald Insight, IEE Explore, and Google Scholar as other sources. After comprehensive adverse impact analysis on sustainability from chemical production to blockchain application has been considered such as 1) Environmental: Higher energy use and CO2 emissions linked to the blockchain, 2) Social: The adoption of blockchain technology that may extend the digital divination in society who have less technological privilege, and 3) Economical: Resource-constrained businesses entities may face difficulties due to the costs of developing and integrating blockchain technology in business. This paper will help the stakeholders in the chemical production business to make wise decisions on the adoption of blockchain applications to maximize the benefits by identifying potential risks, developing mitigation strategies, and ensuring that blockchain applications align with sustainable development goals and practices.