Blockchain Technology: The Future of Sustainability in the Retail Sector
Rebekkah Navas, Samina Khan, Hyo Jung Chang · 2019
Many consumers and professionals realize that the state of the world is declining and that change must be adopted. The problem, however, is that it is difficult for consumers to compare brands in the saturated market to make conscious sustainability decisions. This paper will propose an alternative to eco-labelling, the current marketing tool used by companies to inform consumers of their sustainability initiatives. A research model is proposed to understand the effect of Blockchain data on the three elements of ecolabels, and the resulting impact onconsumer behavior compared to the outcome of the traditional ecolabel. Businesses working with blockchain data will be able to identify inefficiencies in their supply chain, which can help determine if any necessary changes should be made.As consumers try to make conscious decisions based on the effect on the environment and society, businesses should try to position themselves within the consumer’s moral interests.