Industrial Symbiosis Networks in Greece: Utilising the Power of Blockchain-based B2B Marketplaces

The proliferation of industrialisation and its environmental consequences over the last decades dictate the need for transitioning to a Circular Economy (CE) business model with a view to balancing manufacturers economic prosperity and environmental sustainability. Business models based on Industrial Symbiosis Networks (ISNs), within which traditionally independent industries continually exchange energy, materials and by-products, with no or minimum waste produced, have the potential to proceed in this direction. However, due to various cultural, organisational and managerial barriers, their state of development in Greece, similarly to rest of the world, is very low. That is exactly where this paper sets its objectives, aiming to alleviate these barriers and contribute in establishing cross-sectoral synergies by introducing an innovative business model, supported by an exchange platform in the form of a blockchain-based B2B digital marketplace. The proposed business model will detail a plan for creating symbiotic relationships among manufacturing companies in Greece and will be supported by a blockchain-based marketplace, which will enable material, by-product and energy exchanges in a reliable and secure way. Blockchain will act both as an exchange platform and a trust mechanism, since its decentralised nature, which is manifested in all its capabilities, i.e. smart contracts, tokenisation etc., will increase the business models reliability and facilitate its adoption and market penetration. The successful implementation of the porposed business model will bring about a multifaceted positive impact ranging from its contribution to exceeding the current state of the art in the intersection of environmental science and information technology, to benefiting society and economy through fostering sustainable regional development.