Challenging Novelties within the Circular Economy Concept under the Digital Transformation of Society

Abstract

The study makes, under a new configuration of the circular economy, a cross-country analysis based on the Competitiveness and Innovation Indicators in the E.U., i.e., two sub-criteria: private investments, jobs, and gross value added; and patents related to recycling and secondary raw materials as a proxy for innovation. The analysis proved that investments influence the number of patents, and participate in societal transformation. A further cluster analysis classified countries on the level of innovation. The cluster analysis in SPSS centres on significant potential, weaknesses, impact, and waste management control through blockchain technology. It is found that the factors that influence innovation, according to the Global Competitiveness Report, link the business dynamism and innovation capability with the capacity to sustain resilient ideas, such as competitive intelligence and social entrepreneurship. The discussions aim to prove that the efforts to rethink the circular economy principles contribute to its conceptual and societal transformation role through the implementation of innovative processes, inventive solutions, and blockchain technologies, and their social consequences to solve environmental problems. Once understood and accepted, CE will drive sustainable behaviour.

Circular economy practices in the leather products industry toward waste valorization: an approach of sustainable environmental management

“…A study conducted by Riesener et al (2019) discussed about nine success factors in two phases of production system for the implementation of CE with the help of digital transformation technologies. Implementation of innovative procedures, solution and blockchain technology can greatly impact the role of CE in reducing environmental problems (Ili c et al, 2022). A recent study done by Maiurova et al (2022) showed the solid waste management in Russia using CE paradigm.…”

Exploring the Reverse Relationship between Circular Economy Innovation and Digital Sustainability—The Dual Mediation of Government Incentives

“…The strategy of CEI is alleged to be an important act of economic growth, to strengthen the quality of life among societies, drive systematic change, sustain values and the circulation of material, and eliminate waste among societies [33]. Due to these reasons, many practitioners observe CEI as the best model for economic development among societies.…”

Securing Big Data for Knowledge Management into a Circular Economy

“…A circular economy may be able to address systemic issues and provide adequate conditions for developing a secure data management solution utilizing blockchain technology [1][2][3]. While taking into account the country's risk premium assessment elements, coherent data management will result in economic risk reduction, a decline in unemployment, thriving foreign investments, and GDP (gross domestic product) growth [2,3].…”

“…A circular economy may be able to address systemic issues and provide adequate conditions for developing a secure data management solution utilizing blockchain technology [1][2][3]. While taking into account the country's risk premium assessment elements, coherent data management will result in economic risk reduction, a decline in unemployment, thriving foreign investments, and GDP (gross domestic product) growth [2,3]. There is no doubt that anyone involved in socioeconomic or societal activities will eventually realize how important a circular economy is concerning the preservation of data warehouses, economic expansion, and the creation of new jobs as the main sources of innovation and competitive advantages, the efficient use of resources by businesses [4][5][6][7].…”