Blockchain Technology in the Environmental Economics: A Service for a Holistic and Integrated Life Cycle Sustainability Assessment

Abstract

The application of blockchain technology in the field of environmental economics is still in its inception so it is not sufficiently used in a holistic and integrated life cycle sustainability assessment (HILCSA). The capability of the blockchain to provide a verifiable and transparent record can make it a good tool in environmental economics for an agile reflection in doing business and production. The research is focused on the advantages and challenges in the inclusion of blockchain technology into a holistic life cycle assessment. Based on the existing possibilities of using blockchain technology in environmental economics and life cycle assessments (LCAs), a framework and a model for applying the blockchain in the holistic life cycle sustainability assessment are proposed. A Design Science methodology was used as a research strategy. Particular emphasis in this paper is put on risk management when integrating blockchain methodologies through environmental economics into the life cycle sustainability assessment (LCSA) in order to use all the advantages of the blockchain technology optimally.