Leveraging Blockchain and Smart Contracts for Advancing Sustainability in the GCC's Circular Economy

Abstract

This article discusses the incorporation of smart contracts, blockchain technology, and the adoption of the circular economy model in the Gulf Cooperation Council region with a focus on how these innovations can improve the overall sustainability of organizations.Adopting qualitative methodology, using secondary data, and building reliable themes for analysis, it seeks to address how blockchain's decentralized and transparent nature enhances sustainable development by ensuring commodities are traceable, waste is minimized, and processes are streamlined in various sectors including energy, manufacturing and food security.As self-executing agreements, smart contracts also aid the automation of systems and processes, increase the effectiveness of procedures and eliminate the need for oversight.Countries in the Gulf Cooperation Council that are using innovations such as Ever ledger, Power ledger and IBM Food Trust Blockchain are already contributing to sustainability by cutting on management waste, curtailing fraud and encouraging responsible sourcing of materials.The research also identifies barriers to the implementation of blockchain technology in the circular economy in the region such as lack of clear regulatory framework, low level of technological adoption and lack of willingness to change.Nonetheless, the study highlights the possibilities that exist with blockchain to solve issues that hinder the shift towards a circular economy which is consistent with international standards on sustainability including responsible consumption.