Determining the Readiness Factors to Adapt Blockchain Technology in the Palm Oil Industry to Facilitate Circular Economy Transition

The palm oil industry plays a pivotal role in Malaysia's economy, yet it is facing significant challenges in meeting the mounting Environmental, Social, and Governance (ESG) standards. To address these challenges, promoting sustainable practices and creating a transparent and accountable supply...

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Bibliographic Details
Published in:	2024 5th International Conference on Artificial Intelligence and Data Sciences (AiDAS) pp. 457 - 462
Main Authors:	Ishak, Zurida, Amran, Ahmad Shazwan Ahmad, Esfahani, Mohammad Dalvi, Ayyasamy, Ramesh Kumar, Abdullah, Meilina Ong Bt, Ann, Yeoh Jo
Format:	Conference Proceeding
Language:	English
Published:	IEEE 03-09-2024
Subjects:	Adaptation models Analytical models Blockchain Blockchains Decision making Human-organization-technology fit Organizations Petroleum industry Recycling Supply chain management Supply chains Surveys Technology adoption
Online Access:	Get full text
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Summary:	The palm oil industry plays a pivotal role in Malaysia's economy, yet it is facing significant challenges in meeting the mounting Environmental, Social, and Governance (ESG) standards. To address these challenges, promoting sustainable practices and creating a transparent and accountable supply chain is critical. Embracing circular economy (CE) principles offers a prime opportunity to reduce waste and recycle resources. In this regard, blockchain technology (BCT) can be instrumental in achieving the objective of integrating CE principles into the palm oil industry. Despite the existing research on BCT, the factors that facilitate its integration into the CE remain unclear. Therefore, a comprehensive understanding of cause-and-effect relationships and a decision-making framework are crucial for practitioners seeking to integrate BCT into their CE strategies. The lack of understanding poses a challenge for CE managers who want to adopt BCT, thus necessitating BCT readiness assessments in the palm oil industry. This research aims to develop a decision-making schema to enable practitioners to embrace BC technology into their supply chain strategies to further facilitate CE transition. The findings can help the palm oil industry integrate BC technology into their CE strategies, promoting sustainable production and consumption practices and reducing waste. Both readiness factors and measures are the significant outcomes of the research that achieves its objectives and contributions to further facilitate BC technology-powered CE of palm oil industry.
DOI:	10.1109/AiDAS63860.2024.10730330