Working towards Circular Economy using Blockchain of Things : An exploratory thesis; The Challenges of implementing Blockchain of Things for a Circular Economy

Abstract: Background: The internet of things (IoT) is transforming industries by enabling data-driven decision-making. IoT play a crucial role in the transition to a Circular Economy of businesses. However, the intrinsic features of the IoT, such as centralization, poor interoperability, and privacy and security vulnerabilities, pose several challenges. Blockchain technology offers potential solutions to these challenges and can enhance traceability and information reliability, while also creating new avenues of interactions and value creation. A combination of these technologies is called Blockchain of Things (BCoT). Additionally, technology such as BCoT and assist the adoption of Circular Economy, a paradigm of sustainable and resource-optimization activities.  Purpose: This study aims to explore the potential challenges of adopting Blockchain of Things and Circular Economy practices, and potential barriers of adopting Blockchain of Things for Circular Economy.  Method: The study uses an explorative-qualitative research method where primary data was gathered through semi-structured interviews. The data was then transcribed and categorized through the use of the Gioia-method, which was then applied to the TOE-framework.   Result: This study finds several barriers regarding Blockchain of Things and Circular Economy, such as lack of standardization, lack of data & information, lack of knowledge, lack of regulations, and finally, slow mind-shift of decision makers.  Conclusion: The results of the study points toward greater systemic challenges of knowledge and standards. Conclusions that can be derived from this are  that industries are still in the early adoption phase of digitalization, which is the reason for a lack of insight and knowledge regarding new technologies. Additionally, identified challenges of a lack of standards, regulations, and know-how regarding Circular Economy showcases a lack of knowledge and confidence in being able to create competitive, sustainable circular activities.