Blockchain Technology-Based Innovations: Pathways to Economic and Sustainable Development

Abstract

Information and Communication Technologies such as blockchain can significantly contribute to achieving the Sustainable Development Goals (SDGs). Without a doubt, blockchain, as one of the most valuable technological advancements, has been introduced over the past decade and has played a significant role in the industrial revolution. Blockchain technology is progressively taking over the business world. Blockchain as a disruptive technology and a driver for social change has exhibited great potential to promote sustainable practices and help organizations and governments achieve the United Nations’ Sustainable Development Goals (SDGs). The emergence of other technologies derived from blockchain, such as decentralized finance (DeFi) and the Metaverse, has fundamentally transformed people’s daily lives and profoundly impacted future versions of digital businesses. The Blockchain technology revamped several industries, including Real Estate, Healthcare, Education, and Legal industry to name a few. It opened new doors of opportunities and profit for the entrepreneurs and established brands. The paper's main contribution is to advance knowledge about the role of blockchain for economic and sustainable development in countries of the world. Grounded in the innovation forecasting literature, this paper explores blockchain-based innovations and research in the context of economic and sustainable development.