Incentivizing Sustainable Behaviour using Blockchain for Ecofriendly Transportation
Shivam Barkule, Priya Makarand Shelke, Chaitali Shewale, Suruchi Dedgoankar, Pawan Wawage, Pradnya Kulkarni · 2024
This research paper explores the potential of blockchain technology in promoting and incentivizing sustainable behavior among individuals and organizations. By leveraging the unique features of blockchain, such as transparency, immutability, and smart contract capabilities, innovative incentive mechanisms can be developed to reward environmentally friendly actions. The paper examines the use of tokenized rewards to encourage activities such as recycling, reducing energy consumption, and utilizing eco-friendly transportation options. The study delves into the challenges faced by traditional incentive systems and highlights how blockchain-based solutions can overcome these limitations. Furthermore, the paper discusses the potential benefits of implementing blockchain-based incentive mechanisms, including increased adoption of sustainable practices, enhanced transparency, and improved trust among stakeholders. This research contributes to the ongoing discourse on the application of blockchain technology in promoting sustainable behavior and provides valuable insights for policymakers, businesses, and researchers alike. By demonstrating the potential of blockchain-based incentive mechanisms, this paper aims to encourage further exploration and development of innovative solutions to combat global waste and resource crises.