Ranjit Khadka Title: Thesis Topic of the thesis: The impact of blockchain technology in enhancing sustainable supply chain management in Finnish manufacturing industries. Vaasa 2024 School of management Master’s thesis in international business program 2 UNIVERSITY OF VAASA School of Management. Author: Ranjit Khadka Title of the Thesis: Title: Thesis : Topic of the thesis: The impact of blockchain technology in enhancing sustainable supply chain management in Finnish manufacturing industries. Degree: Master’s degree. Programme: International business. Supervisor: Ausrine Silenskyte Year: 2024 Pages: 131 ABSTRACT: Sustainable supply chain management is becoming a significant issue primarily a result of glob- alization and is being studied in-depth throughout the supply chain, manufacturing, and logis- tics industries. As a result, increasing concerns about the effects on the environment, social responsibility, and economic sustainability gave rise to the idea of sustainable supply chain management, or SSCM. Because of this, it can be very difficult to effectively address issues of transparency, accountability, and traceability in traditional supply chains. Therefore, to ad- dress it, a digitally advanced technology called ‘blockchain’ is a possible way to improve SSCM because of its decentralized, immutable, and transparent characteristics. Moreover, it signifi- cantly contributes to utilizing data and transaction recording on a distributed record of trans- actions, improving transparency, traceability, and accountability, and minimizing inefficiencies. The thesis investigates how blockchain technology could eventually be used for sustainable supply chain management in the Finnish manufacturing sector, with particular focus on how it may contribute to operational efficiency, traceability, and transparency, as well as the ultimate goal of financial benefits to be acquired. Also, this research tried to investigate precisely how block chain technology could improve supply chain sustainability in the industrial sector of Finland. Therefore, to accomplish it, the thesis has performed a cross-case analysis of seven Finnish businesses. The research glimpses into the variables that affect the adoption of block chain technology, as well as the problems and advantages that may become apparent. In the context of data collection, the thesis has incorporated a combination of quantitative and quali- tative methods. The study includes interviews with important participants, including supply chain managers, sustainability officers, and IT specialists from different Finnish manufacturing firms. Furthermore, websites, industry statistics, and corporate reports are the sources of sec- ondary data. Methodological techniques were employed to examine the data obtained from surveys and interviews. The results were then presented in the form of tables, charts, and graphs to facilitate comprehension and reinforce the topic under consideration. The findings reveal that Finnish manufacturers perceive blockchain’s promise for monitoring raw materials, enhancing risk management, and facilitating more ethical sourcing procedures. This appears to be particularly significant for those in the renewable energy, maritime innova- tion, and sustainable fuel production categories. Nonetheless, the majority of businesses are still in the trial or experimental stages of putting blockchain into practice, while other compa- nies are depending more on already-in-place technology, including ERP, SAP, and IoT. KEYWORDS: Sustainability, Supply chain, Sustainable supply chain management, Blockchain technology, Transparency, Traceability, Finnish manufacturing industries. 3 Table of Contents 1 Introduction 5 1.1 Background of the study 7 1.2 Research objectives and research questions 10 1.3 Justification for the study 12 1.4 Research gap 15 1.5 Key concepts and definitions 17 1.6 Research limitations 20 1.7 Structure of the thesis 21 2 Literature review 22 2.1 Introduction to blockchain technology 22 2.2 Sustainable supply chain management (SCM) 24 2.3 Block chain technology in sustainable supply chain management 27 2. 4 Implication of Blockchain technology in various industrial sector 31 2.4.1 Adoption of Blockchain technology in Industry 4.0 31 2.4.2 Implication in different business sectors 33 2.5 Blockchain technology adoption in manufacturing industry 35 2.5.1 Blockchain enabling sustainable manufacturing 38 2.5.2 Challenges of blockchain enabled sustainable manufacturing 39 2.6 An overview of the sustainable Finnish manufacturing sector 40 2.7 Theoretical frame works and models. 44 2.7.1 Triple bottom line theory 47 2.7.2 Circular economy theory 51 3 Research methodology 57 3.1 Research Philosophy 57 3.1.1 Philosophical concepts and research questions 59 3.3 Research approach 60 3.4 Research strategy 61 3.5 Choices of methods 61 3.5 Research timeframe 63 4 3.6 Data collection and analysis 63 3.6.1 Data collection 64 3.6.2 Data analysis 65 4 Results and data analysis 67 4.1 Mediums of approach for data collection 67 4.2 Data’s from primary data sources 67 4.2.1 Participated interviewees from Finnish manufacturing companies 68 4.2.2 Response to research questions 69 4.3 Findings 74 4.3.1 Company A 74 4.3.2 Company B 75 4.3.3 Company C 76 4.3.4 Company D 76 4.3.5 Company E 78 4.3.6 Company F 81 4.3.7 Company G 81 5 Cross-case comparison 83 6 Conclusion 93 6.1 Blockchain’s potential to improve traceability and transparency 94 6.2 Financial gains from blockchain adoption 95 6.3 Present condition of BT adoption in Finnish manufacturing sector 96 6.4 Obstacles in implementing BT in Finnish manufactural sector 97 6.5 Future possibilities and author’s recommendations 99 7 Limitations 101 8 Future research directions 103 References 105 5 Figures Figure1.Steps in block chai information and transaction. 23 Figure 2. Sustainability in supply chain managment. 26 Figure 3: Areas of research interest 28 Figure 4: How a blockchain works 29 Figure 5: The place of blockchain in supply chain management 30 Figure 6: Special qualities of blockchain 32 Figure 7: Elimination of a manufacturing firm's verification costs 36 Figure 8: Contribution of blockchain to sustainable performance of manufacturers 38 Figure 9: Shares of Finnish manufacturing sector globally, 2022 report 41 Figure 10: Finnish manufacturing industrial export composition, 2017 report 42 Figure 11: Three spheres of sustainability 42 Figure 12: Relationships of TBL and CE theories for SSCM 45 Figure 13: Block chain enabling Circular Economy (CE) through SSCM 53 Figure 14: Three main drivers towards Circular Economy 56 Figure 15: Finnish companies’ current statue of Blockchain technology in supply chain management 71 Figure 16: Perceptions of participants on future prospects of blockchain in Finnish manufacturing industries 73 Figure 17: Relevance of company D business 77 Figure 18: Sustainable cooperation with supply chain 77 Figure 19: Materiality Metrix 2022-2023 of company E 79 Figure 20: Sustainable supply chain in company E 79 Figure 21: Categories of the companies involved in this research 83 Figure 22: Challenges for extensive implementation of BT in the Finnish manufacturing sector 98 . 6 Tables Table 1. Theoritical framewrok for sustainable supply chain management 47 Table 2. Tools of approach for data collection 67 Table 3: Companies and interviewees 68 Table 4. Interviewee’s familiarity to blockchain technology in SSCM 70 Table 5. Interviewee's familiarity to blockchain technology 71 Table 6. Resources enabling sustainable supply chain companies 72 Table 7. Interviewee's perception on BT and SSCM 73 Table 8. Companies and their relation to blockchain technology 83 Table 9. Findings from the data collected 86 Table 10. International manufacturing company piloting blockchain technology 90 Abbreviations SCM- Sustainable supply chain management BT- Blockchain technology BGP-Border gateway protocol TBL- Triple button line approach SC- Supply chain CE- Circular economy RQ-Research question KPIs-Key point indicators ROI- Return of investment 7 1 Introduction In today’s era of technology, technological advancement has grown rapidly and has several implications for varieties of businesses, companies, and industries across dif- ferent countries in the world. Furthermore, Industries have diverted towards achieving sustainability in the supply chain by shifting from their focus only on traditional profit margins to the environment and social implications of manufacturing. Therefore, this research emphasizes the need to investigate and identify how blockchain technology has been impacting the manufacturing industries in Finland to achieve their goal of maintaining sustainable supply chain management. Hence, the introduction chapter of this thesis includes a comprehensive discussion of the background of the topic, research question and research objectives, justification for the research, research gap, key concepts and definitions, research methodology, and delimitations. And, at the end, it consists of an explanation of the structure of this thesis. 1.1 Background of the study Due to globalization, supply chains have become more complex, which is the reason behind the development of the concept of sustainable supply chain management (SSCM) (Fritz, 2022, p. 1). Moreover, according to Morana (2013, p. 15) sustainable supply chain management can be defined as ‘’ the management of material, infor- mation and capital flows as well as cooperation among companies along the supply chain while taking goals from all three dimensions of sustainable development i.e. eco- nomic, environmental and social into account who are derived from customer and stakeholder requirements”. In recent years, manufacturing industries have routinely used blockchain technology, a novel kind of disruptive internet technology, to stream- line the production procedures of goods and minimize expenses from revenue (Shuang et al., 2015, p.61). Likewise, Dehkordi (2021, p. 26) defines it as ‘’a digital database for a durable and tamper-proof storing and tracking transactional data record”. Further- 8 more, block chain technology has been comprehended as a technology that distributes data over a network of nodes made up of different stakeholders, securely and efficient- ly storing blocks of data digitally and connecting them in an immutable, interconnected chain using encryptions (Silenskyte et al., 2023, p. 1).Supply chain management (SCM) is the complete and integrated management of goods, cash, data, and operations (Duan et al., 2023, p. 245). Additionally, it has a big impact on a company’s capacity to compete when it comes to cost for manufacturing, time taken to marketing, working capital needs, return on investments, and profitability (Duan et al., 2023, p. 245). Fur- thermore, it is evident that global supply chains are often extremely large-scale struc- tures made up of intricate webs of knowledge, transactions, and production processes (Dursun et al., 2022, p. 2). Moreover, according to the report from the World Trade Organization of 2018, the value of global merchandise exports reached US$ 19.48 tril- lion (WTO, 2019, p. 8). Thus, in this context, global supply chain networks have become particularly complex and subjected to risks, uncertainty, and complications because (Duan et al., 2023, p. 245) suggests that of the enormous challenges in the geopolitical, economic, and tech- nological domains, making managing in today’s world-wide supply chain an increasing- ly challenging task. Also, supply chain management (SCM) has been significantly dis- rupted by recent innovations in technology, which have led to the investigation of new ideas and approaches to business. Thus, Duan et al. (2023, p. 244) claims that to solve this issue, integrating innovative and modern technology is becoming the predominant approach for enhancing sustainable supply chain management Among other technolo- gies, block chain technologies have evolved into a very promising technology among those technological developments that have revolutionized supply chain management through addressing automation, timeliness, traceability, and putting focus on industrial innovation (Duan et al., 2023, p. 244). Behnke & Janssen (2020, p. 1) illustrates that due to the growing trend of complicated supply chains, there is an increasing need for precise, relevant, transparent, and relia- 9 ble information regarding the sustainability, safety, and quality of products Thus, the Integration of blockchain technology, which is expanding in popularity, could improve supply chain accountability, traceability, and transparency, making it applicable to sup- ply chain operations and enhancing sustainability (Hannila, 2023, p. 1). Thus, integrat- ing it to supply chain as it has recently gained widespread acceptance, could increase supply chain transparency, traceability, and transparency, consequently rendering it suitable to supply chain operations and strengthening environmental sustainability (Hannila, 2023, p. 1). Additionally, the analysis of the literature by Dursunet al. (2022, p. 6) highlights that the supply chain business has already profited from the blockchain industry's four fundamental characteristics. These elements include accountability or transparency, technological advances, reliability, and commerce. Additionally, Hannila (2023, p. 1) states that through Incorporating blockchain technology is an essential initiative in addressing the increasing needs of continuous supply chain management for exchange of information, ecological responsibility, and accountability. Dursun et al. (2022, p. 6) suggests that Manufacturing has been continuously globally competitive, becoming well-defined supply chain management increasingly significant and advantageous. Customers in today's supply chain systems struggle to determine the real worth of a product owing to a lack of transparency. Furthermore, investigating supply chains is generally not practical in cases of accusation of inappropriate or uneth- ical behaviour as well as creating other major supply chain difficulties include heavy paperwork, high processing fees, and delayed processes (Dursun et al.,2022, p. 6). Similarly, blockchain technology facilitates a cross-enterprise framework that promotes a higher degree of information exchange in industrial ecosystems by assisting with the transition to shared and distributed systems (Dutta et al., 2020, p. 2). Consequently, its integration helps industries develop flexible and scalable businesses with more afford- ability, safety, efficiency, and strict control, which boosts a company's profit and com- petitiveness (Dutta et al., 2020, p. 10). Hence, block chain integration in 10 manufacturing industries enhances agile practices, product customization, smartauto- mation, and employs empowerment, resolving fake product issues through chemi- calsignatures or tokens in database systems (Dutta et al., 2020, p. 10). Duan et al. (2023,p. 246), argues that block chain’s security, visibility, and transparency features can bebeneficial in eradicating unethical behavior, restoring confidence in commercial supplychains, and fostering a transparent culture. Moreover, the most significant impli- cation of blockchain technology is that it facilitates the sharing of carbon emission data through cross- supply chain divisions, which improves knowledge of how environmen- tal factors affect supply chain operations (Duan et al., 2023, p. 246) assisting sustaina- bility concerns. In Finland, manufacturing industries contribute over 30% of its GDP and almost half of its exports, which is a significant economic sector (Mex, 2023). Therefore, this research is crucial because the manufacturing sector is so important to Finland's economy and blockchain has the potential to make it more sustainable, which makes it significant to research the function that blockchain plays in Finnish supply chains. 1.2 Research objectives and research questions The primary objective of this research is to determine the potential implications of blockchain technology for enhancing supply chain transparency and traceability of sus- tainable practices in Finnish manufacturing industries. In addition to that, the study sets a goal to identify how blockchain technology can facilitate to Finnish companies for the achievement of social and environmental sustainability goals. Furthermore, the aim of this study is to investigate the financial advantages of blockchain technology in Finland’s manufacturing sectors for sustainable supply chain management, taking into account the possibility of minimizing costs, enhancing profitability, and improving brand reputations. 11 Thus, these stated objectives are in alignment with the following suggested research questions for this research, which are highlighted as follows, along with the justifica- tions: RQ 1. How does the use of blockchain technology facilitate transparency and traceability to maintain sustainable supply chain management in Finnish indus- trial sectors? Blockchain technology enhances sourcing and manufacturing traceability, providing transparency and real access to suppliers, products, and components, thereby prevent- ing tampering and ensuring truthfulness in business operations (Difrancesco et al., 2022). In recent years, it has become more frequent that supply chain experts are ex- ploring block chain implementation’s potential benefits in complex global supply chains, requiring fast, agile, and dynamic solutions to meet customers’s needs (Difran- Cesco et al., 2022). Besides, in regards to this question, the initial objectives of analys- ing the primary supply chain sustainability concerns in the Finnish manufacturing in- dustry is directly addressed by this question. It is due to the fact that blockchain tech- nology is transparent and decentralized; it can improve supply chain visibility by offer- ing real time information and traceability. Hence, the answer to this question will help us comprehend how blockchain technology may be used to solve traceability and transparency problems in the context of Finnish manufacturing. Besides that, the above mentioned question is an exploratory question because the research intends to explore and allows a researchers to go deeply to discover a finding (Mashuri et al., 2022, p. 24) through questioning ‘how’ in the topic, which has not been sufficiently researched so far. RQ 2. What financial advantages can blockchain technology contribute Finnish manufacturing industries to enhance sustainable supply chain management? Blockchain technology contributes to economic sustainability because it facilitates di- sintermediation, which is a significant benefit of using blockchain technology in supply 12 chain management (Rejeb & Rejeb, 2020, p 365). It overcomes financial problems in the supply chain through controlling monopolized product and material flow (Rejeb & Rejeb, 2020, p. 366). Blockchain has the potential to enhance business transactions, making payments and refunds faster, safer, and cheaper (Difrancesco et al., 2022). In addition to that, it has the capacity to boost customer loyalty, reward programs, and provide insights into buying behaviors while protecting retailers from coupon fraud (Difrancesco et al., 2022). Therefore, this question corresponds with the second goal of evaluating the potential applications of blockchain technology for resolving sustainabi- lity-related problems. Moreover, the study indicates evaluating the economic impact on the industrial sector of Finland by investigating the financial benefits connected with the use of blockchain technology. To sum up, this question attempts to contribute to the thesis by extensively examining the various consequences of blockchain techno- logy on sustainable supply chain management in the Finnish manufacturing sector while also addressing the economic benefits of its implementation. 1.3 Justification for the study Since the past few decades, the concept of the term supply chain has been changed due to society’s awakening to the earth-threatening actions of industry, which has compelled practitioners to make changes in industry procedures (Zare et al., 2022, p. 1). Furthermore, in the context of supply chain management, Khanfar et al. (2021, p. 1) discuss that sustainability approaches have become essential for the manufacturing industry to accommodate rising demand while minimizing environmental and social consequences. Over the past three decades, supply chain sustainability has grown its significance and emerged as a key factor in driving demands and consumer loyalty (Kouhizaden, 2021). Likewise, Zhang et al. (2023, p. 7) demonstrates that the necessity for customs formali- ties, administration, and procedural digitalization are the most important reasons for organizations for implementing blockchain in their supply chain. Hence, this new per- ception of the people towards supplies and products can be justified by sustainable 13 supply chain management. Hence, this new perception of the people towards supplies and products can be justified by sustainable supply chain management. In fact, sus- tainable supply chain management (SSCM) is based on an integrated business model that incorporates cooperation, stakeholder participation, and a network view, signalling a new paradigm in supply chain management that is grounded in sustainability value proposition (Loughlin et.al, 2021, p. 20). Therefore, Turjo et.al. (2021, p.1) argues that if blockchain technology is integrated; this can significantly enhance data security, au- thencity, and management of time, decentralization, reducing expenses, enhancing efficiency and transactional operations in traditional supply chain management that can greatly improve sustainability. The manufacturing industries are those industry, which are the key components of the economy that focuses on producing final products, much like primary industries do with raw materials and service sectors with intangible value (Spacy, 2023). And, these industries includes, garment industry, metal industry, furniture industry, automotive industry, food and beverage industry and so on ( Spacy, 2023). Numerous internation- ally recognized manufacturing companies has already adopted blockchain technology in maintaining sustainable supply chain management which are FedEx, Ford motor company, DeBeers, Nestle and Wal-Mart global tech (Glover, 2022). In the context of manufacturing industries, Khanfar et al. (2021, p. 6) highlight that the centralized management system of the traditional manufacturing supply chain raises the risk of data loss, inaccuracies hacking, unethical behaviour, and acts of violence, which might decrease confidence between stakeholders in the supply chain. Moreover, Centralized manufacturing supply chains do not possess stability and transparency in- manufacturing procedures, goods, and operations. Thus, to avoid these difficult cir- cumstances in supply chain operations Khanfar et al. (2021, p. 6) suggest that block chain technology enables a trustworthy, easily identifiable, and transparent supply chain, promoting sustainable manufacturing practices. 14 Although, manufacturing industry constitutes a major component of Finnish economy, however, there is not enough of promotion of sustainable operations as well as tradi- tional assumptions about products and processes exist (Mettinen, 2021, p. 56). Addi- tionally, consumer’s perception in Finland about industrial production is still shaped by outdated perceptions leading to believe that the sector is still unsustainable (Mettinen, 2021, p. 56). Besides that, according to the statistical report of the year 2022, the Finn- ish manufacturing industry significantly contributes 25.09% to the country’s GDP which is vital for economic growth and competitiveness (Neill, 2024). Although, manufactur- ing industry constitutes a major component of Finnish economy, however, there is not enough of promotion of sustainable operations as well as traditional assumptions about products and processes exist (Mettinen, 2021, p. 56). Additionally, consumer’s perception in Finland about industrial production is still shaped by outdated percep- tions leading to believe that the sector is still unsustainable (Mettinen, 2021, p. 56). According to the findings from the research conducted by (Kullas, 2018, p. 102) sug- gests that “customers are becoming more conscious of sustainability issues and are pressing businesses in the sector to provide more environmentally friendly options”. Due to this reason manufacturing industries have be encourage to integrate sustaina- bility concerns in the actions of their suppliers as well as incorporate it into their own operations (Kullas, 2018). Additionally, the Finnish textile manufacturing industries are Showing significant trends in sustainability in supply chain operations with firms sys- tematically addressing sustainability issues and integrating it into their identity, brand, and values (Kullas, 2018). But, the significant challenges in this context are environ- mental issues and increasing stakeholder demand towards companies to consider how their actions will affect sustainability and to adopt sustainable practices (Kullas, 2018). In contrast, this research will significantly contribute to academic researchers in block chain technology, sustainable supply chain management as well to industry stakehold- ers.Also, the significance of this study is that it will highlight if the outcomes might in- 15 fluence the formulation of plan, policies, and decision making procedures executed by Finnish manufacturing industries firms looking to enhance sustainability performance. 1.4 Research gap Previously, several studies have been done that investigated the use of block chain technology within the context of bit coins and crypto currencies (Saberi et al., 2018, p. 7). However, further investigation is needed to examine the implementation of block chain technology for various business operations, for instance, sustainable supply chain management (Saberi et al., 2018, p. 3). Additionally, the lack of research on the use of blockchain technology outside of crypto currencies, especially in the field of sustainable supply chain management, creates a research gap. As a result, it suggests more study on the practicality of blockchain technology in real-world applications and how successfully it can improve sustainability practices (Saberi et al., 2018, p. 7). Zhang et al. (2023, p. 1) claim that although the impact of blockchain on sustainable supply chain management has captured the curiosity of professionals as well as aca- demics, it still needs to be explored in academic field. Additionally, Zhang et al. (2023, p. 1) highlight that sustainability as a relevant subject in blockchain and supply chain management research, however, the studies about relationship between sustainability and block chain is mainly ignored by supply chain management researchers in the pre- sent context. On the other hand, (Ayan et al., 2022, p. 2) argue that there have been numerous discussions in both academics on how to effectively incorporate sustainabil- ity concepts throughout supply chain management. However, there is insufficient re- search that has been done concerning blockchain technology and supply chain man- agement. Consequently, several researchers are encouraging more research on a number of topics, such as how to use blockchain technology to avoid supply chain dis- ruptions, assess the traceability and resilience of the system, and guarantee its sus- tainability (Ayan et al., 2022, p. 2). Therefore, it suggests that there is a significant lack of literature concerning achieving success involving supply chain and block chain appli- 16 cations establishing a research gap due to the lack of adequate literature on this topic. Duan et al. (2023, p. 245) state that implication of blockchain technology being a modern and advanced technology has become an increasingly prevalent approach that is revolutionizing supply chain performance through enhancing transparency, tracea- bility, and efficiency, capable of building a sustainable future. Although, blockchain technology promises numerous advantages to consumers as a whole, it has yet to be widely implemented due to a variety of problems and restrictions (Ismail & Materwala, 2019, p. 36), which can significantly create barriers to enabling sustainable manufac- turing. Thus, a research gap exists in the need for a detailed examination and identifi- cation of the sustainability implications of blockchain technology in supply chains. On the other hand, (Santhi & Muthusamy, 2022, p. 17) claim that the ability to scale high energy and power consumption, productivity, latency, as well as high installation costs, and a lack of standardization are among the primary obstacles to appropriate implica- tion of blockchain technology .Hence, these barriers can impact sustainable supply chain management. Sharabati & Jreisat (2024, p. 13) illustrate that although block chain improves trans- parency, security, and efficiency in supply chain management, it still faces problems related to interoperability, standardization, and legal and regulatory compliance. How- ever, there are issues that must be addressed. Thus, Sharabati & Jreisat (2024, p. 13) argue that more empirical study is needed to confirm blockchain’s usefulness in real- world applications which creates the research gap in this study. Awareness of blockchain technology has been growing rapidly; nevertheless consider- able barriers to large-scale application still are known to exist (Ataran & Gunadekaran, 2019, p. 427) due to several factors involved in it. For instance, due to lack of Lack of knowledge ,understandings and faith in technology, delaying bitcoin mining , energy consumption, established regulatory structures and so on (Ataran & Gunadekaran, 2019, p. 428).Consequently, this circumstances results in impacting the study in know- 17 ing the effectiveness of blockchain in sustainable supply chain management which es- tablishes research gap for this study. Therefore, it is difficult to ensure if Finnish manufacturing industries have already im- plemented block chain technology as a tool so that they can achieve their sustainability target in their supply chain management system. As a result, this study will explore these research gaps to examine whether blockchain technology has been implemented in the manufacturing industries of Finland and if it has contributed to achieving sus- tainability targets in their supply chain systems. 1.5 Key concepts and definitions In this thesis, the most significant concepts are blockchain technology, supply chain, manufacturing industries, sustainability, supply chain management, sustainable supply chain management, supply chain transparency, and traceability. A blockchain is a distributed, immutable, transparent, and secure system used for data transfer and storage across peer-to-peer network nodes (Medina et al., 2024, p. 2). Moreover, Guo et al. (2023, p. 4) comprehend it as a technology that has a database that is decentralized, facilitates peer-to-peer transactions, safeguards privacy, tracea- bility, data integrity, the authentication process, and systems working together, in ad- dition to encouraging data traceability and collaboration through the use of encryp- tion, agreements, and smart contracts. Supply chain is the network of organizations involved in developing new goods and services, obtaining raw materials, processing them into semi-finished and finished goods, and shipping them to final customers (Swaminathan & Lu, 2015). Moreover, a supply chain is an international network of companies that work alongside to optimize the movement of goods and knowledge between suppliers and customers at the most affordable price and the most quickly performance which aims towards guaranteeing satisfaction for customers (Govil & Proth, 2002, p. 7). 18 Sustainability has been defined as the concept to “provide the potential for reducing the long-term risks associated with resource deflection, fluctuations in energy costs, product liabilities, pollution, and waste management” (Shrivastava, 1995, p. 955). Supply Chain Management is a network of facilities which generate raw materials and convert them into transitional items are then followed through final products, which are subsequently delivered to customers throughout a distribution system that encompasses acquisition, manufacture, and distribution the primary goal of supply chain management aims to maximize value while minimizing costs (Shukla et al., 2011, p. 2059). In most of the industries, supply chain management involves the entire process from product design to consumer disposal, including procurement, planning, production, distribution, fulfilment, and often sales support (Swaminathan & Lu, 2015). (Fernandez et al., 2024) suggests that it is the process of controlling the movement of products and services into and out of a company, encompassing each stage involved in trans- forming raw materials and component parts into finished items and delivering them to the final customer, is known as supply chain management, or SCM. Sustainable supply chain management practices are essential to industry chain opera- tions (Mugoni et al., 2024, p. 4). Therefore, it is defined as the management of materi- al, capital, human, and information resources through collaboration amongst diverse SCM enterprises that pledge to uphold social, political, and environmental stability in order to ensure long-term sustainability (Mugoni et al., 2024, p. 4). According to Mamasioulas et al. (2020, p. 769), manufacturing industries are those industries that operate in a significant competitive situation which instead of establish- ing a competitive advantage through innovation, companies frequently depend on it for resilience or to accumulate an advantage through enhanced efficiency and flexibil- ity. Sustainable manufacturing can be understood as the integration of processes and systems capable of producing high-quality products and services with a lesser quantity and more sustainable resources (energy and materials), while also being less danger- 19 ous for employees, consumers, and the people around them, and capable of mitigating environmental and social impacts throughout the course of their lives (Machado et al., 2020, p. 1464). Supply chain transparency is the concept of transparency refers to the data that is readily accessible to end consumers and enterprises in a supply chain Implementation that consists of environmentally conscious supplier’s activities helps to influence con- sumer buying patterns and create circumstances that push competition to match their behaviours, particularly for managers with valuable, highly publicized brands (Franciso & Swanson, 2018, p. 3). Traceability is defined as the ability to trace an entity’s history, application, or location using recorded identifications, outlining what should be traced (history, application, and location) and how to do so (means) (Olsen et al., 2013). . 20 1.6 Research limitations According to Sharabati and Jreisat (2024, p. 1), blockchain technology has a significant potential for transforming several industries, including supply chain management. However, the existence of important challenges such as scability, interoperability, regu- lation, and practical application in blockchain technology (Sharabati & Jreisat, 2024, p. 1) can impact investigating and identifying its potential benefits to the manufacturing industires. Additionally, blockchain can enhance SMEs' financing efficiency by reducing costs, but requires increased coordination among various supply chain finance actors (Sharabati & Jreisat, 2024, p. 12). Thus, it serves as a crucial limitation in this research for examining its impacts on maintaining the sustainable supply chain management system in the Finnish manufacturing sector. Another major limitation of this research could consist of the study's exclusive focus on Finland's manufacturing sector, disre- garding other nations and industries. 21 1.7 Structure of the thesis The thesis consists of 8 main chapters. It begins with the first chapter as an introduc- tion section of the thesis. It gives a general overview of the subject and highlights the importance of blockchain technology in relation to sustainable supply chain manage- ment in the Finnish manufacturing sector. Furthermore, it consists of the background and justification of the topic, presents the research question and research objective, illustrates key concepts with definitions, and clarifies the adopted research methodol- ogy and delimitation of the research. Subsequently, the second chapter encompasses the literature review section. It investigates existing academic publications, examining fundamental ideas, hypotheses, and empirical research concerning blockchain tech- nology and sustainable supply chain management. The third chapter discusses the methodological approach used in the research. It includes an explanation of the re- search designs, data, collection strategies, and analytical tools applied. The fourth chapter focuses on the results and data analysis section. This section presents the sev- eral approaches of data collections and findings drawn from the gathered information and explores how blockchain technology might improve sustainable supply chain man- agement techniques in the management sector of Finland. The fifth chapter consists of cross-case comparison that has provided and examined in detail, with a focus on the most significant patterns and insights that the study re- vealed through comparing different case companies involved in this thesis. Finally, to conclude the thesis, the sixth section consists of conclusion section. And, it summarizes the findings, evaluates the significance, and delivers an overview of the broader im- pacts of blockchain technology on sustainable supply chain management in the manu- facturing sectors within Finland. In the seventh section of the thesis, the limitations of the research are discussed. It illustrates whether there were any restrictions or biases that might have affected the research findings. Consequently, future research direc- tion section as an eighth chapter of this thesis which has included offering possible directions for in-depth analysis and investigation within the field. 22 2 Literature review This chapter's objectives are to give a general overview of supply chain management and blockchain technology, as well as to discuss the technology's role in sustainability and its evolution. It additionally draws attention to the implications of blockchain technology for the Finnish manufacturing sector's legislative and regulatory frame- work, as well as its economic significance and environmental issues. Additionally, it also analyses global case studies as well as Finnish case studies, evaluating empirical evidence concerning the impact of blockchain technology on maintaining sustainability in manufacturing industries. Moreover, it also investigates how different theoretical frameworks and models are applicable in this regard. 2.1 Introduction to blockchain technology Interestingly, the most recent innovations in the field of information and communica- tion technologies (ICT) have stressed the necessity of supply chain digital replication and digital information technologies in managing SC modification challenges and strengthening the supply chain (Kaid et al., 2024, chapter 1). Likewise, previous studies have demonstrated that ICT promotes supply chain integration (SCI) by effectively dealing with the increasing quantity and complexity of information transmitted be- tween multiple organizations in the SC (Kaid et al., 2024, chapter 1). In addition, there are projections that Industry 4.0 technologies enabled by ICT will further accelerate process integration, which would enhance supply chain resilience (SCR). Therefore, among these technologies, blockchain stands out as a prominent alternative with sub- stantial potential to overcome the multifaceted nature of SCs (Kaid et al., 2024, chap- ter 1). So, Kaid et al. (2024, chapter 1) discuss that blockchain technology is a promis- ing solution for addressing the complexities of supply chains (SCs), integrating assets and resources, and enhancing transparency in transactions. Tripathi et al. (2023) highlight that the first generation of blockchain technology was launched with the invention of bitcoin by Satoshi Nakamoto, also known as Satoshi, in 23 2008, which at first introduced the concept of blockchain and marked the deployment of cryptocurrencies in cash-based financial applications, such as digital payment sys- tems. Subsequently, the second generation of blockchain brought smart contract technologies for currency transactions, while the third generation introduced solutions for healthcare, government, and science, and the fourth generation is establishing the way for AI as well as digital intelligence (Tripathi et al., 2023). Hence, it is a reliable and modest technology. It is a decentralized and distributed digital ledger system used to record transactions across many computers so that the record cannot be modified ret- roactively without compromising all subsequent blocks and the network's agreement (Sabari et al., 2018). In fact, it works through blocks and chains, creating decentraliza- tion via cryptography. Blockchain technology differs from traditional information systems by including four fundamental features such as non-localization (decentralization), security, transparen- cy, and smart operation (Saberi et al., 2018). The below figure clearly describes its op- erational performance. 24 Figure: 1. Steps in blockchain information and transaction. Source: https://doi.org/10.1080/00207543.2018.1533261. 2.2 Sustainable supply chain management (SCM) Supply chain management has been defined by Morana (2023, p. 15) as “a network of organizations that are involved through upstream and downstream linkages in the dif- ferent processes and activities that produce value in the form of products and services in the hands of the ultimate customer’. Additionally, Morana (2023, p. 16) suggests that supply chain management is now widely regarded as an essential concern for any organization operating in the primary, secondary, and/or territory industries. Likewise, supply chain management optimizes operations and decreases production and delivery cycles in response to external demands such as globalization and competitiveness (Morana, 2023, p. 16). Furthermore, Stevenson et al. (2019, p. 477) clearly highlight that numerous studies have examined the issues associated with handling multi-tier global supply networks. The outsourcing process to low-wage regions has become a key topic for The Operating System for Continuous Academics globally (Stevenson et al., 2019, p. 477). Thus, sourcing from low-wage and low-cost production countries might lead to ineffective behavioural monitoring and control systems due to physical distance. Research has focused on supply chain transparency, material origins, illegiti- mate subcontracting, and counterfeiting of goods (Stevenson et al., 2019, p. 477). In one hand, with globalization of manufacturing, the supply chain framework has grown increasingly dynamic in order to give companies a long-term competitive ad- vantage in the age of digitization (Clifford defee, 2010). On the other hand, According to Muchenje et al. (2023, p. 53), concerns about climate change; resource scarcity, and social injustice have prompted corporations to prioritize sustainability in the past few decades. There has been a growing interest in sustainable supply chain management as environmentally concerned consumers are placing more and more pressure on cor- porations to act ethically and with integrity. In addition, more environmental pressure 25 organizations have emerged, and governments have implemented laws intended to safeguard the environment (Muchenje et al., 2023, p. 53).Furthermore, many coun- tries have established regulatory groups that now act as watchdogs for environmental issues (Muchenje et al., 2023, p. 53). In contrast, this awareness has resulted in the evolution of the concept of sustainable supply chain management globally. . In recent context, several studies have been going on for investigating; particularly a solution for Promoting sustainable practices and governance throughout supply chains and complex multi-tier sub-supplier networks can be problematic for organizations claiming to pursue a socially sustainable strategy (Stevenson et al., 2019, p. 477). Con- sequently, unethical conduct throughout supply chains can negatively impact sales, shareholder wealth, and the reputation of manufacturers as well. For instance, manu- facturing industries. On the other hand, Fritz (2022) claims that the spread of globalization has brought about higher levels of complexity in supply chains, which prompted the research and development of sustainable supply chain management (SSCM). Consequently, the con- cept of sustainable supply chain management has been developed in order to address these issues. Therefore, Morana (2023, p. 16) defined sustainable supply chain man- agement as ‘’the management of material, information, and capital flows as well as cooperation among companies along the supply chain while taking goals from all three dimensions of sustainable development, i.e., economic, environmental, and social, into account, which are derived from customer and stakeholder requirements. Moreover, sustainable supply chain management (SCM) has gained attention in recent years, with outsourcing becoming a crucial aspect. Ageron et al. (2023, pp. 168–182) argue that SCM ensures competitiveness and sustainability in distributed enterprises as manufac- turing has become more of a service. 26 Figure: 2. Sustainability in supply chain management. Source: https://www.2012.customerfocuscircle.ch/en/blog/sustainability-in-supply- chain-management. Over the past decade, governments and organizations have emphasized environmen- tal, social, and corporate responsibility, leading companies to consider sustainability in manufacturing and services (Ageron et al., 2023, pp. 168–182). In terms of business perspective, sustainable supply chain management mainly emphasizes economic sus- tainability, which encompasses balancing economic, social, and environmental sus- tainability, such as decreasing expenses, resource-optimized performance, and long- term benefit generation (Sayed & Kersten, 2019). Additionally, Sayed & Kersten (2019) discuss that economic sustainability efforts aim to foster long-term prosperity for the community and individuals through encouraging sustainable management and expan- sion of the environment's resources. Moreover, economic sustainability facilitates growth through boosting creative thinking, entrepreneurial behaviour, worker efficien- cy, and environmental protection, simultaneously necessitating responsible invest- ment, morale to participate in company practices, and fair trade, which reduces ex- penditures on operations and improves efficiency (Rajak et. al., 2022). 27 Optimizing as well as practicing supply chain sustainability benefits not only the envi- ronment but also our business, society as a whole, and consumers. Nevertheless, in business practices, in order to create a sustainable supply chain, a company must ad- dress environmental, social, economic, and legal challenges at every point of intersec- tion (Muchenje et al., 2023, p. 55). Adopting a holistic plan reduces waste and envi- ronmental effects while improving working conditions, ensuring safety and health, and putting an end to labour exploitative practices (Muchenje et al., 2023). Additionally, in accordance with economic sustainability, which is supported by innovation and tech- nological advancement, lower production costs translate to lower pricing for custom- ers, and sustainable supply chain management enables organizations to save revenue (Mastrocinque et al., 2022). Also, Muchenje et al. (2023) highlight that businesses could substantially decrease their manufacturing expenses by switching out the re- sources they were using for other options. These measures not only benefit the envi- ronment and the locals, but they also encourage the growth of businesses. 2.3 Blockchain technology in sustainable supply chain management To enhance sustainability, Xia (2023) indicates that blockchain technology, a revolu- tionary technology that has been developed in recent years, has enormous possibilities for application throughout supply chain operations. However, a supply chain is a chal- lenging interconnected internet technology for cash, materials and goods, information, and the movement of products (Xia, 2023). Nevertheless, the coordination method, which was centred on a single chain leader, is not necessarily effective in coordinating all stakeholders involved in a supply chain (Xia, 2023). 28 Figure 3: Areas of research interest. Source: https://doi.org/10.3390/su12187638 As supply chains become more complicated, consumers anticipate more information regarding product safety, quality, and sustainability (Yontara, 2023). Therefore, the demand for accuracy, relevance, transparency, and confidence in information traveling throughout the supply chain is intensifying. (Yontara, 2023) reveals that a single possi- bility to address this customer requirement is to drastically reduce the distance be- tween suppliers and end consumers, thereby streamlining the supply chain and boost- ing traceability. Subsequently, blockchain technology, which allows all stakeholders access, can be utilized to offer independently verified supply chain information while also resolving traceability and concerns regarding confidence (Yontara, 2023). Block chain technology has the capacity to revolutionize several important responsibilities, including supply chain design, reorganizing security considerations, adaptability, re- source management, process management, and product management (Yontara, 2023). An appropriately redesigned supply chain line is capable of maintaining tracking infor- mation synchronized across all corporate departments (Yontara, 2023). As a result, it may additionally reduce the time and expense of using intelligent agreements (Chang et al., 2019). Ultimately, blockchain deployment in supply chains not only improves 29 efficiency and lowers costs; nevertheless, it also improves stakeholder relationships (Queiroz et al., 2019). Likewise, (Yontara, 2023) theorizes that it encourages sustaina- ble supply chains by allowing closed-loop operations for reuse, recycling, and recon- struction. It tracks sustainability performance, evaluates suppliers, and assesses envi- ronmental impacts, with the goal of fostering cleaner production and the circular economy. Figure: 4. How a blockchain works (procedures). Source: https://doi-org.proxy.uwasa.fi/10.1108/SCM-09-2018-0309. 30 Figure 5: The place of blockchain in supply chain management. Source: https://doi-org.proxy.uwasa.fi/10.1016/j.clscn.2023.100113. In the context of sustainable supply chain management (Khanfar et al., 2021) mainly demonstrates the major three fundamentals of sustainability namely economic, envi- ronmental and social. Moreover, it is obvious that blockchain technology strengthens the reliability and trustworthiness of supply chain transactions, processes, and the ef- fectiveness of decisions which consequently results in sustainability (Khanfar et al., 2021) which is the main goal of sustainable supply chain management. Even more, the major implication of blockchain technology for supply chain operation which (Hoek, 2019) claims are blockchain facilitates the monitoring of sustainability performance to evaluate suppliers, guarantee that products are moved directly from manufacturing company to customer, packaging is easily identifiable, and accordingly the conse- quences for the environment are monitored. Dutta et al. (2020) highlight its major significance which are Distributed, transparent, immutable, non-reversible self-sustaining, open source, anonymity, ownership and distinctive characteristics, source of information, and contractual automation (smart contract) represent some of the characteristics that enable blockchain technology to 31 be acknowledged in various domains. Hence, Treiblmaier (2018) reveals that because of these advantages it provides, the general curiosity model in blockchain has been experiencing exponential growth since the end of 2015 due to the reliability it offers. 2. 4 Implication of Blockchain technology in various industrial sector In general, blockchain technology has been attracting the interest of several industries. Similarly, Ataran & Gunadekaran (2019, P. 17) demonstrate that most prominently, blockchain applications are primarily used in the financial industry, although there is growing interest in their implementation in manufacturing, which offers a lot of poten- tial for a wide variety of activities in the manufacturing business and possesses the potential to dramatically change the face of the manufacturing process. 2.4.1 Adoption of Blockchain technology in Industry 4.0 It is evident that Industry 4.0 is a significant technological transformation focusing on openness, assistance, and interconnections (Javaid et al., 2021), in which blockchain technology has significantly impacted the consumer and production sectors, offering numerous advantages to the industrial manufacturing sector. To elaborate more, In- dustry 4.0 incorporates advanced digital technologies like blockchain to enhance secu- rity, privacy, and data transparency, enabling rapid manufacturing and achieving tar- gets for both small and large enterprises (Javaid et al., 2021). Furthermore, Industry 4.0, or the fourth industrial revolution, has received a lot of attention since its incep- tion in 2011, which incorporates significant aspects such as the Internet of Things (IoT), cloud computing, cyber-physical systems (CPSs), and big data (Shah et al., 2021). 32 Figure 6: Special qualities of blockchain. Source:https://www.researchgate.net/publication/336054880_Applications_of_Blockc hain_Technology_in_Business_Challenges_and_Opportunities. Javaid et al. (2021) justified more that blockchain’s value in Industry 4.0 implementa- tion is crucial for trust-based financial transactions, controlled supply transactions, and product identification. Thus, it assists in such a way that it eliminates foreign currency and fiat currency issues, facilitating controlled supply transactions (Javaid et al., 2021), which portrays the significant implications in the industrial sector. In the current con- text, again (Javaid et al., 2021) argue that comprehending blockchain and its signifi- cance has become essential for ensuring the successful implementation of Industry 4.0. According to Shah et al. (2021), the entire worldwide Industry 4.0 market is antici- pated to be approximately USD 210 billion by 2026. Real-time data gathering and anal- ysis are critical for improving industrial operations. Nevertheless, this will be successful through the implications of additive manufacturing, 3D printing, augmented reality (AR), and edge computing, which enable dispersed, collaborative, and automated de- sign and manufacturing workflows (Shah et al., 2021). These technologies eliminate material waste, lower production costs, and improve durability. However, difficulties like security, trust, traceability, transparency, depend- ability, and improved integration continue to exist, which can be solved with the ap- 33 propriate implication of a technological solution. Hence, blockchain, which is a capable technology and a decentralized ledger system, can help alleviate these kinds of prob- lems by enabling safe and trustworthy data transactions in a peer-to-peer network (Shah et al., 2021). In addition to that, it can subsequently be implemented in many industrial applications, including food supply chain traceability, financial services, healthcare, logistics, and manufacturing processes (Shah et al., 2021). 2.4.2 Implication in different business sectors Pal et al. (2021) highlighted that, as a consequence of its numerous applicative and helpful qualities, blockchain technology has the potential to drastically revolutionize the way organizations perform with widespread adoption. Additionally, Pal et al. (2021) claim that blockchain technology can transform the way businesses work by drastically revolutionizing established market structures as a consequence of rapid technological and digital advancements. On the other hand, Pal et al. (2021) argue that, although block chain technology has the potential to transform the global busi- ness organization environment, it also has challenges such as adoption and viability issues that must be addressed before it can be used legally, economically, and techni- cally in a variety of applications. Likewise, Ataran & Gunadekaran (2019, P. 429) sug- gests that blockchain technology, which is generally interpreted incorrectly but poten- tially significant, manages data and agreements throughout numerous industries. Moreover, it is regarded as the most significant innovation since the internet, drawing enthusiasm from a variety of commercial enterprises (Ataran & Gunadekaran, 2019, p. 429). In the context of a variety of businesses, Finasko (2017) emphasizes that the technolo- gy could potentially be utilized for trading and settlement applications, smart contracts concerning derivatives, which are real estate, bonds, music distribution, electronic vot- ing alternatives, autonomous healthcare record management, verification of identity, fraudulent banking identification, rights of ownership management, and misconduct management. Besides, (Ataran & Gunadekaran, 2019. p. 429; Bagley (2016) highlights 34 its implication more on being advantageous in facilitating property registration, reduc- ing costs, and increasing efficiency. Countries, which include Georgia, Sweden, and Honduras, are experimenting with implementing block chain-based enterprises. . In terms of the financial industry, Ataran and Gunadekaran (2019, p. 430) illustrate that the technology could potentially be employed in the insurance, payments, and financial services industries for maintaining ownership records, settlements, and clear accounts to be delivered, as well as verifying the validity and execution of contractual agreements. In addition to that, blockchain technology simplifies banking and finance by reducing centralized server systems and mandating widespread open-source proto- cols. As a result, this makes possible safer and fewer fraudulent transactions, thereby minimizing the need for third-party trust while increasing user confidence (Ramageri & Arjunwadkar, 2020, p. 97).Moreover, The applicable quality or features of blockchain technology enables financial applications which( Al-Jaroodi & Mohamed, 2019) indi- cates are digital currencies (cryptocurrency), trading of stock, insurance businesses, settlement of financial activities and peer-to peer international financial transactions. In addition to supporting business administration for society in general, this technology constitutes enormous possibilities in educational management by streamlining a multi- tude of administrative tasks performed by educational institutions and by facilitating the spreading of information about education (Pal et al., 2021; Bhaskar, Tiwari, & Joshi, 2020). Besides that, Ataran and Gunadekaran (2019, p. 433) demonstrate that block chain technology presents opportunities for the government through providing a trustworthy, available exchange and dynamic collection of information. It assists with record management, such as preserving meticulous records of birth and death dates and property transactions, by securely storing sensitive data and ensuring data recov- ery. In contrast, centrally controlled storage of information also provides security, dis- regarding criminals or loss. Therefore, it can be understood that blockchaining has significant implications in sev- eral industries due to its promise as a technology. Likewise, Al-Jaroodi & Mohamed 35 (2019) illustrate that the major industrial sectors in which it is implemented are healthcare, logistics, manufacturing, energy, agriculture and food industry, robotics and entertainment industry, construction industry, telecommunication finance, as well as insurance. On the other hand, Ataran and Gunadekaran (2019, p. 424) suggest that implementation is particularly slow and businesses are only exploring the surface of this technology's potential applications. However, whenever it is implemented appro- priately, the company's benefits can potentially be immense. Blockchain technology has the potential to shape the industry of the future, with in- dustrialized countries such as the United States, the United Kingdom, and Europe in- corporating it into a variety of industries (Ramageri & Arjunwadkar, 2020, p. 98). For instance, at the moment, incredible global corporations including Unilever, Walmart, and Sainsbury's are conducting experiments with block chain technology to improve supply chain transparency and sustainability, along with potential financial benefits (Stevenson et al., 2019, p. 476). Blockchain has the potential to impact almost $400 trillion throughout numerous kinds of industries (Ataran and Gunadekaran, 2019, p. 440). On the contrary, Ramageri & Arjunwadkar (2020, p. 98) affirm that blockchain technology continues to develop frequently, with novel applications developing in plenty of industries, and many businesses have also begun to transition to block chain technology. 2.5 Blockchain technology adoption in manufacturing industry Blockchain technology's application in the financial industry can impact manufacturing firms by enhancing real-time transparency and cost savings in compensation (Ko et al., 2018). Moreover, Ko et al. (2018) and Catalini & Gens (2016) indicate that blockchain technology influences manufacturing through enhancing financial transparency and supply chains, significantly reducing verification and monitoring costs, and encouraging confidence among enterprises, consequently eliminating the need for trust-based veri- fication. Furthermore, according to Catalini and Gens (2016), blockchain technology may significantly reduce networking costs through the elimination of intermediaries to 36 make manufacturing companies more successful. As a consequence, they might estab- lish an innovative marketplace infrastructure that eliminates intermediaries, eliminat- ing transaction costs as well as increasing efficiency (Catalini & Gens, 2016). Figure: 7: Elimination of a manufacturing firm’s verification costs. Source: https://www.mdpi.com/2071-1050/10/11/4274#B15-sustainability-10-04274. It is obvious that the appropriate implications of blockchain technology in manufactur- ing industries result in several advantages. For instance, Anwar (2020) presents that its contributions are supply chain audits to improve accountability, optimizing sustainabil- ity at manufacturing operations, eliminating challenges for micro-manufacturers, con- firming data security, and monitoring the maintenance process. Interestingly, in real- world scenarios, manufacturing companies that use blockchain technology are Volkswagen Group, Toyota Group, Samsung, Ford, Nestle, Unilever, Foxconn, Daimler, Pfizer Merck & Co. (Anwar, 2020). In the present scenarios, it is widely observed that manufacturers are placing emphasis on sustainable development that addresses challenges, generates benefits for society and the economy, and reduces their environmental footprints, allowing them to re- spond to problems more efficiently (Khanfar et al., 2021). In fact, Khanfar et al. (2021) and Saberi et al. (2019) present that in the traditional manufacturing supply chain, in- formation is controlled centrally and maintained in one central location, where central- ized management improves the possibilities of data loss and the entire system is vul- nerable to human error, stealing information, unethical behaviour, or exploitation. 37 Khanfar et al. (2021, p. 3) suggest that in the conventional supply chain management of manufacturing industries,' managing information in the supply chain is challenging as real-time and reliable data are needed to avoid poor performance, fraud, and risks, as well as a need to improve data reliability, traceability, and authenticity by using bet- ter verifiability and information sharing systems’. Therefore, it is significant for manu- facturing industries to implement modern supply chain procedures, for which Khanfar et al. (2021) argues that boosting customer competence and sustaining the supply chain, which is consequently essential to further enhance its accountability, security of information, dependability, and traceability. Hence, to ensure the fix of such circum- stances in the supply chain in manufacturing sectors (Esmaeilian et al. 2020), the block chain promotes sustainable manufacturing approaches by establishing a trustworthy, transparent, easily identifiable, secure, and reliable supply chain. Ham et al. (2012) claim that manufacturers have discovered numerous kinds of obsta- cles, particularly high labor costs, challenging business environments, and frequent modifications to client needs and wants. Thus, to overcome these obstacles and achieve sustainable financial growth, firms must manage operations and supply chains effectively and efficiently (Pham et al., 2012). Furthermore, the economic performance of the industrial supply chain should be evaluated in five areas: reliability, responsive- ness, flexibility, financial performance, and quality (Khanfar et al., 2021).In short, block chain technology has the huge potential to drastically improve economic performance and drive company growth (Khanfar et al., 2021) in the manufacturing industries, con- tributing positively to these areas of economic performance. In contrast, block chain technology is capable of helping manufacturers keep track of market prices, competi- tors, and management performance, leading to more successful financial performance (Ko et al., 2018) which facilitates for economic sustainability. 38 Figure: 8. Contribution of blockchain to sustainable performance of manufacturers. Source: https://doi.org/10.3390/su13147870. 2.5.1 Blockchain enabling sustainable manufacturing In terms of maintaining sustainability, Upadhyay et al. (2021) highlight that blockchain technology facilitates manufacturing industries to minimize waste and pollution throughout the manufacturing supply chain by encouraging the use of renewable en- ergy sources and reducing the consumption of fuel. Additionally, Khanfar et al. (2021, p. 10) argue that manufacturers could maximize resource use, minimize gas emissions, and closely track and evaluate each product's carbon influence by providing precise and legitimate information and strengthening traceability capacity by employing block chain adoption. Also, it improves environmental management methods by allowing for traceability, accuracy, and immediate access to data, facilitating cancellations of goods, 39 conserving resources, and minimizing emissions, which helps consumers, come across ecologically friendly products (Khanfar et al., 2021, p. 10; Manupati et al., 2019). Blockchain technology makes it possible manufacturers to effectively maximize the use of natural resources and energy by enabling decentralization capabilities and improv- ing the traceability and transparency of resource and energy-related information (Sa- beri et al., 2019; Upadhyay et al., 2021).As it facilities for transparency and traceability, it can be employed during recycling for monitoring recyclables and encourage con- sumers to contribute to arranging recyclable materials (Khanfar et al., 2021, p. 10). Sustainability is simultaneously a pressing demand and a challenge for engineering the world (Lenge et al.,(2020 ) .Likewise, the development of smart technologies such as blockchain technology which Lenge et al. (2020 ) explain that it is important to ensur- ing the sustainability of future production systems. Therefore, Blockchain is a future- oriented information technology that enables organizations and industries to be more sustainable (Lenge et al., 2020) in terms of manufacturing. Industrial businesses ac- count for more than 30% of worldwide greenhouse gas emissions, emphasizing their involvement in fighting against climate change resulting sustainable manufacturing initiative encourages sustainable development and competitiveness (NEWS, 2023). 2.5.2 Challenges of blockchain enabled sustainable manufacturing Although blockchain technology promises numerous advantages to consumers as a whole, it has yet to be widely implemented due to a variety of problems and re- strictions (Ismail & Materwala, 2019, p. 36), which can significantly create barriers to enabling sustainable manufacturing. Furthermore, the ability to scale high energy and power consumption, productivity, latency, as well as high installation costs, and a lack of standardization are among the primary problems (Santhi & Muthusamy, 2022, p. 17). For example, the agreements that are used to guarantee a blockchain’s integrity must be performed each time new blocks are added. On the other hand, however, as more components are brought into the chain, it grows in size, consuming additional 40 energy and demanding greater processing capability (Ismail & Materwala, 2019, p. 36). As a result, integrating technology alongside low-powered IoT devices is challenging, ultimately preventing firms' ability to accomplish their sustainability goals (Ismail & Materwala, 2019, p. 36), resulting in unsuccessful attempts to enable sustainable manufacturing. (Schaffer et al., 2019; Zheng et al., 2018) explain that scalability for private Ethereum blockchains is hindered by factors such as block frequency range, size, computational capacity, and confirmation costs. IBM and other service providers have established cloud-based networks for quick implementation. However, lack of standardization, budget limits, unfamiliar technical architecture, a lack of feasible application scenarios, regulatory concerns, and a lack of awareness are all challenges (Ismail & Materwala, 2019) that hinder the sustainability approach. (Geo et al., 2022; Apostolaki et al., 2017) explain that, whereas the implementation of block chain technology in smart sustainable manufacturing procedures can increase security through asymmetric encryption and digital signatures, cyberattacks remain a danger due to blockchain system’s vulnerability intentional users. For example, (Ismail & Materwala, 2019) illustrate that it may take control of blockchain messages using a border gateway protocol (BGP) forwarding method, resulting in an increased block communication delay that creates barriers for transparency and data security. 2.6 An overview of the sustainable Finnish manufacturing sector According to NEWS (2023), the Finnish economy relies heavily on the manufacturing sector, which accounts for over half of Finnish exports and nearly 30% of GDP. To elaborate more, manufacturing industries constitute the fundamental foundation of the Finnish economy at large. Moreover, in the context of sustainability, NEWS (2023) states that the sustainable manufacturing Finland program aimed to refresh business paradigms and increase productivity while actively addressing climate change chal- lenges. 41 Figure 9: Share of Finnish manufacturing sector globally, 2022 report. Source: https://www.theglobaleconomy.com/Finland/Share_of_manufacturing. In the context of manufacturing industries, Koiviola (2023) illustrates that manufactur- ing is Finland's most important economic sector, which individually stands for over half of the country's exports. In recent years, Finland has been driving towards a new ap- proach, which Koiviola (2023) discusses as an attempt to provide the industry with new options to act more sustainably, recognizing the importance of its growth. Moreover, Finnish sustainability concepts are entirely focused on manufacturing ecosystems and developing new solutions to improve industry efficiency, productivity, and environ- mental friendliness (Koiviola, 2023). 42 Figure 10: Finnish manufacturing industrial export composition, 2017 report. Source:https://teknologiateollisuus.fi/sites/default/files/inline- files/20180919_Circular%20Economy%20Playbook%20for%20Manufacturing_v1%200. pdf. In order to execute it, Finland has been widely acknowledged as a digital powerhouse and regards digitization as a critical component of a sustainable industrial future. Nokia's RXRM solution is considered one of the Industry 4.0 technologies that have the potential to provide exciting new possibilities for businesses (Koiviola, 2023). Further- more, Finnish companies have been making progress in energy efficiency and ecologi- cal technologies (Koiviola, 2023), which is a relevant example of a sustainable manu- facturer. For instance, companies like Merus Power, based in Nokia, Finland, create unique battery energy storage systems and power quality solutions to support the green transition and improve operational excellence and environmental performance in many industries. Additionally, in a global context, Koiviola (22023) claims that Finn- 43 ish companies such as Denovo are working throughout the world to create effective interfaces between humans and machines, optimize industrial processes, and reduce the consumption of energy. According to NEWS (2023), it highlighted that it has chosen Sandvik as a prominent firm to lead an ecosystem project aiming at generating solutions for the worldwide mining and contracting industries. Mexo (2020) indicates that the ultimate objective and initiatives from the government perspective of Finland are to eventually make Fin- land an actual worldwide superpower in smart sustainable manufacturing, resulting in enhanced competitiveness, more high-value exports, and less environmental harm. In addition to that, through a sustainable manufacturing program, Mexo (2020) reveals that Finland aims to enhance Finnish manufacturing industries' competitiveness and carbon footprint, fostering global leadership in sustainable manufacturing through collaborative innovation and business renewal. In contrast, large corporations have understood the significance of sustainability as a development driver, but small and medium-sized enterprises, particularly subcontrac- tors, continue to dispute their level of competitiveness (NEWS, 2023). Hence, Sustain- able Manufacturing Finland is a key initiative to promote sustainable practices, as con- sumers place a higher value on environmental responsibility and expect complying products. Therefore, companies are intentionally ensuring sustainability with the ob- jective of preserving their company’s brand reputation (NEWS, 2023). 44 2.7 Theoretical frame works and models. The thesis utilizes two theoretical frameworks, which are referred to as the triple bot- tom line (TBL) and circular economy frameworks. The triple bottom line theory aligns with this research because this approach highlights the economic, environmental, and social components of sustainability (Zak, 2015, p. 252), which is essential to exploring how block chain affects each of these parameters of Finnish industrial supply net- works. Likewise, circular economy theory appears to be relevant and aligns with the concept of sustainable manufacturing because Aljamali (2024) argues that the concept has revealed the potential to transform the prospects of manufacturing industries. Additionally, Aljamali (2024) indicates that this concept could significantly benefit the manufacturing sector by improving the interaction between society and industry and encouraging collaboration among all supply chain actors. Figure 11: Three spheres of sustainability. Source:https://www.researchgate.net/profile/Agnieszka-Zak- 2/publication/281703207_Triple_bottom_line_concept_in_theory_and_practice/links. 45 Figure 12:. Relationship of TBL and CE theories enabeling SSCM using blockchain technology. Source: Figure created by author. Overall, the figure clearly demonstrates the corelationships of the theories that are enabled by blockchain technology in maintaining sustainablity in supply chain management.Nevertheless, furhter detailed description are as follows: Blockchain technology Blockchain technology Tripple bottom line theory Economic, social and environmental benefits. Enable integration of sustainability practices + sup- ply chain efficiency = Sustainability in supply chain management. Circular economy theory Reproduction, reuse and recycle of materials 46 Theories Aspects Impact of blockchain technology Impact on SSCM Tripple bottom line theory Social Ensuring openness and accountability of labour practices and sustainable procurement (Yosef et al., 2023). Helps guarantying equal employment opportunities, an increase trust be- tween stakehold- ers, and promotes community partici- pation (Yosef et al. (2023, p. 2). Enviromental Monitoring the negative environmental impact of items throughout their entire existence (Tawiah et al., 2022, p. 2). Assist promoting improved environ- mental practices, legal compliance and decreased waste production (Bulkowska et al., 2023). Economical Optimizing operations, lowers misconduct and transaction costs, and maximizes productivity (Kwok & Treiblmaire, 2023, p. 5-6). Helps enhancing financial perfor- mance, lowering expenses, and boosting revenue (Dutta et al., 2020, p. 10). Circular economy theory Eliminating pollution and waste from Enables detailed infor- mation on utilization of resources and inefficiency Improves styling for recyclable materi- als, decreases ad- 47 the environ- ment. (Souza et al., 2024, p. 2). verse environmen- tal effects, convert wasteful resources into renewable ones and resource management ((Souza et al., 2024, p. 3). Preserving goods and Resources in Operation. Monitoring the source and the lifespan of items (Re- jeb et al., 2023, p. 7). Promoting repair, refurbishment, re- cycle, and recycling to extend the use- ful life of the prod- uct (Bohmecke- schwafest et al., 2022, p. 3787). Restoring Ecological Ecosystems Maintaining comprehen- sive information of envi- ronmental consequences and material contributions (Rejeb et al., 2023, p. 7). Encouraging ethical production and acts that benefit several stakeholders eco- systems worldwide (Rejeb et al., 2023, p. 2). Table 1: Theoritical framework for sustainable supply chain management (SSCM). Source: Table created by author. 2.7.1 Triple bottom line theory According to Yosef et al. (2023, p. 2), the triple bottom line (TBL) is a sustainability con- cept that divides challenges into three bottom lines: social, environmental, and eco- 48 nomical. Moreover, as a result of TBL theory and practice, certain companies are now beginning to comprehend the relationship between environmental health, social well- being, and an organization's financial performance and resilience. It is evident that, the triple bottom line theory suggests establishing sustainable development, which (Zak, 2015, p. 253) demonstrates that it ’’captures the essence of sustainability by measuring the impact of an organization’s activities on the world, including both its profitability and shareholder values and its social, human, and environmental capital’’. Further- more, Zak (2015) explains the applicability of the triple bottom line approach, through which it measures a company's performance considering its connection to all stake- holders, including local communities and governments, rather than simply those with whom it has direct transactional connections (e.g., workers, suppliers, and consum- ers).According to Yosef et al. (2023), the triple bottom line in supply chain manage- ment (SCM) involves integrating concerns about sustainability into the acquisition of products, manufacturing, distribution, and elimination to benefit all parties involved. Treiblmaier (2019) states that blockchain technology enables the support of the Triple Bottom Line (TBL) paradigm because it places emphasis on social, environmental, and financial sustainability by increasing supply chain transparency, efficiency, and sustain- ability. Similarly, technological innovations, such as blockchains, are transforming value networks across enterprises (Konyha et al., 2017). Additionally, Kshetri (2018) and Flint (2004) claim that, when it is used successfully, these technologies that revolutionize data storage, access, and processing may support important supply chain management goals. Consequently, resulting benefits include satisfaction with consumers that en- hances trust and collaboration, improved revenue margins, and expansion of business. Kshetri (2018) and Flint (2004) argue that, BT, which subsequently results in promoting social and economic sustainability as a factor of triple bottom line theoretical frame- work work. 49 Considering triple bottom line theory in the research, which concentrates on sustaina- bility for society, the environment, and the economy, could potentially be especially relevant to the Finnish industrial industry in multiple contexts:  Goal of sustainable development: Finnish manufacturing businesses can potentially utilize the TBL as a conceptual framework to connect with global sustainable development goals, making sure that their whereby company achievement is guaranteed through balance promotion of financial performance, the environmental and society as a whole (Nogueira et al., 2023, p. 1), which can be possible with the implication of block chain technology. Consequently, this could consist of minimizing foot prints of carbon, minimizing waste products, and boosting sustainable em- ployment practices significantly ((Zak, 2015, p. 254)  Technological integration: Incorporating complex technologies, such as blockchain, into the supply chain could contribute to accountability, effectiveness, traceability and environmental sustainability (Duan et al., 2023, p.244). Subsequently, in recognition of Finnish manufacturing sectors, it directs implying improved material monitoring, lower resource use, and more comprehensive supply chain stability and signify- cantly influences a company's competitiveness, including production costs, marketing time, working capital requirements, return on investment (ROI) and profitability (Duan et al., 2023, p. 245)  Involvement of stakeholders: The TBL approach empowers Finnish manufacturers to more effectively con- nect and integrate across every stakeholder, including the community at large, 50 legislatures, and unintentional partners through improving transparency which is enabled by block chain technology (Gisel & Nobre, 2023, p. 1). So, this com- prehensive involvement promotes relationship building and cooperation, two characteristics which are necessary for long-term sustainability as well as com- pany achievement as a social sustainability goal.  Conformity to rules and commercial setting: Through, adopting TBL procedures could benefit Finnish industries in sat isfying demanding European Union environmental and ecological sustainability stand- ards, through which European Parliament (2021) suggest that Integrating data technology to promote environmental policy, guaranteeing transparency and public accessibility to the data. Since, according to Dutta et al. (2020, p. 2), block chain technology enhances communication of data in industrial ecosys- tems by facilitating the transition to shared and distributed systems across organizations. Besides, it can also improve their market popularity as pioneers in sustainable manufacturing, encouraging environmentally concerned customers and potential investors because Mettinen (2021, p. 56) claim that the Finnish manufacturing industry being a large contributor to the economy, still presents issues in encouraging sustainable operations and resolving outmoded customer expectations, which can lead to unsustainable practices.  Innovation and competitiveness for sustainability: Emphasizing TBL could improve creativity in Finnish manufacturing by stimulat ing the invention and use of environmentally conscious technology and practice es. For example, block chain technology as a sustainable innovation which could potentially assist Finnish manufacturing companies through improve efficiency by reducing raw material and energy consumption, improving product quality and efficiency through reduced material consumption, hazardous materials, and packaging, and increasing recyclable materials (Hermundsdottir & 51 Aspelund, 2020. P. 4). Thus, all of this additionally enhances competitiveness; nevertheless it secures the industrial sector's sustainable future in an interna tional marketplace that is becoming progressively concerning sustainability. To sum up, according to Bals (2018), the use of technology for enhancing complicated value networks seeks not only to increase effectiveness and efficiency at the corporate level but also to create sustainable supply chain (SC) that reduce the consumption of precious resources, which is applicable in the Finnish manufacturing context. As a re- sult, the intelligent mixing of physical, informational, and financial flows provides the execution of triple bottom line (TBL) sustainability theory in the practical perspectives that guides as a theoretical concepts and framework to enable SSCM. In contrast, in the present context of development of TBL has been merging assessment of life cycles technology with block chain in order to track and monitor sustainable supply chains. Hence, the TBL framework is capable of helping Finnish manufacturers embrace sus- tainable methods through incorporating social, environmental, and financial objectives into their business operations, contributed by technological advancements which in- clude blockchain, resulting in increased sustainability, regulatory compliance and com- petitiveness in the industry. 2.7.2 Circular economy theory Our natural environment is in critical condition and (Centobelli, 2022) states that un- changeable modifications to the environment, biodiversity loss, and the decreasing amount of critical resources represent increasingly serious dangers to human well- being. Therefore, in order to maintain continuous flow of natural resources as a mate- rials to the manufacturing industries, (Centobelli, 2022; Ghisellini et al., 2016; Murray et al., 2017; Prieto-Sandoval et al., 2018) highlights the concept of the circular econo- my (CE) which is emerging as an acceptable alternative to these challenges which aims towards transitioning from today's linear economic framework to the closed-loop eco- nomic activity based on resource regeneration and ecosystem restoration. 52 According to (Bohmecke-schwafest et al., 2022, p. 3787) the circular economy (CE) concept is rooted in systems theory and industrial ecology, which is gaining attention for its practical framework for sustainable development. In other words, the literature proposes a closed-loop; restorative industrial economy that operates within the planet's ecological limits outlines three main principles: reduce, reuse, and recycle (Bohmecke-schwafest et al., 2022, p. 3787). Reduction involves optimizing production efficiency, promoting less consumption, and minimizing energy, raw material, and waste input. Reusing entails for maximizes product lifecycles, promotes consumer de- mand, and reduces virgin material input (Bohmecke-schwafest et al., 2022, p. 3787). Blockchain technology could result in promising outcomes in addressing supply chain sustainability in terms of trust, traceability, and transparency that has potential to pro- vide safety and authenticity while also reducing the consumption of resources ulti- mately can ensure that all commodities offered are ecologically sustainable and (Cen- tobelli, 2022). (Bohmecke-schwafest et al., 2022, p. 3787) argue that accordance with recent study, block chain can improve the principles of reduce, reuse, and recycle in supply chains, waste management, and renewable energy consumption by increasing traceability, responsible purchasing, and accurate information via smart contracts. As a consequence, block chain technology enables circular economy sufficiently. 53 Figure 13: Blockchain enabling Circular Economy (CE) through SSCM. Source: https://hubs.ly/Q01XMMl50. The circular economy (CE) concepts, as well as the significance of block chain technol- ogy in sustainable supply chain management (SSCM), appears to be extremely signifi- cant to the Finnish manufacturing industry. In Finland, at the present context, where sustainability is a national concern (Annukka et al., 2019), manufacturers are increas- ingly implementing CE principles to deal with environmental issues and improve re- source efficiency. Here's how this concept applies to the Finnish manufacturing the manufacturing sector:  For material optimization: According to Business Finland (2023), The Finnish manufacturing industry is committed to decreasing the environmental effect of production through 54 resource optimization purposes, which is consistent with what Bohmecke- Schwafest et al. (2022, p. 3787) suggest that CE principles of reducing, reus- ing, and recycling align. By implementing CE practices, Finnish firms may reduce waste, reduce energy consumption, and improve product lifecycles, consequently contributing to a more sustainable manufacturing setting. Additio- nally, according to the Finland promotion board (2024), Finland developed the world's first ‘’national road map for the circular economy’’ (2016-2025). By 2030, the circular economy is expected to bring at least three billion euros to the Finnish economy every year. With regard to Finland, a circular bio economy constitutes a strategy for achieving sustainable development, combating climate change, conserving natural resources, and enhancing the environment while simultaneously producing economic employment and economic growth (Fin land Promotion Board, 2024).  Enabling transparency and traceability: Since, Movaffaghi & Yitmen (2023, p. 2) suggest that, from the CE standpoint, BCT is an enabling technology, particularly in terms of enhancing the efficiency and transparency of building information management (BIM) along with data exchange to retain the value of resources throughout their duration of use. Therefore, relating it with the Finnish perspectives, block chain technology could potentially benefit SSCM in Finland through enhancing traceability and trans- parency throughout the supply chain (Dursun et al., 2022, p. 6). Moreover, Finn- ish producers can put together a block chain to monitor the goods' origins and journeys, ensuring that they are obtained sustainably and transparently (Rejeb et al., 2023, p. 2). These measures are critical to preserving the excellent envi- ronmental standards for which Finnish companies are recognized worldwide.  To execute sustainable Innovation: 55 Integrating blockchain technology with CE principles allows Finnish industries to innovate in their supply chains because (Rejeb et al., 2023, p. 2) argue that in the CE context, BCT, due to its innovativeness, can be utilized to alleviate some of the restrictions that prohibit the CE from reaching its full potential through considering the capacity to give consistent information to all supply chain part ners and has the potential to boost confidence among CE stakeholders. BCT facilitates smart manufacturing, as it is based on particular tokens, im proves the life cycle of products accessibility, reinforces CE practices, secures material integrity, reduces inaccuracies, and shortens time to response, allowing manufacturers to estimate costs, strengthen product acquisition strategies, and enhance operational efficiency sustainability (Rejeb et al., 2023, p. 7), which aligns with advancing CE goals of Finland. Furthermore, the development of this technology builds confidence among customers and stakeholders strengthen ing Finland's position as a pioneer in environmentally conscious manufacturing through pro moting innovation for sustainability (Rejeb et al., 2023, p. 2). In addition to that, technology emphasized by Rejeb et al. (2023, p. 6) facilitates stakeholders in the circular economy (CE) in guiding business organizations, par- ticularly in the Finnish manufacturing industries, in the direction of adopting sustainable and circular business practices. Hence, as a consequence, it is critical for Finland's industrial industry as it converts to a circular economy, which emphasizes waste reduction, material reuse, and commitment to sustainability. Since, the technology industries of Finland (2018) claim that moving towards a circular economy is crucial for in novation and prosperity, now is the moment to accelerate adoption in the Finnish manufacturing industry. 56 Figure 14: Three main drivers towards Circular Economy. Source:https://teknologiateollisuus.fi/sites/default/files/inline- files/20180919_Circular%20Economy%20Playbook%20for%20Manufacturing_v1%200. pdf. To summarize, according to the Technical industries of Finland (2018), The Finnish manufacturing industry acknowledges the circular economy and its impact on devel- opment and profitability. Additionally, the supporting ecosystem is ongoing maturing. Therefore, it can argued that the circular economy theory, supported by block chain technology, provides an effective foundation for the Finnish manufacturing industry .For instance, manufacturing companies such as furniture, garments, crude oil, gar- ments, robotics, textile as well as transportation and logistics and transportation could be benefited to improve supply chain sustainability, correlate with national environ- mental goals, and remain competitive in an international market that constantly along with morals ethical manufacturing. 57 3 Research methodology In the thesis, this chapter encompasses detailing the research methodology, data col- lection process, and evaluation of the study's reliability and validity. Moreover, the methodology highlights the key aspects of empirical research and supports their trust- worthiness and validity. We outline the study strategy, which includes case selection and description. The data collection and analysis process is then further explained. Consequently, the goal of this chapter is especially to discuss and promote the research methodologies performed. 3.1 Research Philosophy Blackwell (2018, p. 2) illustrates that a research philosophy is the researcher's perspec- tive on reality, practice, and understanding, which influences data design, accumula- tion, and analysis alongside supplementing philosophical ideas. In addition to that, Skyi et al. (2020, p. 290) describe that research is an approach of investigation or a journey of discovery that moves from the known to the undetermined in order to establish truthfulness, prove a phenomenon valid or invalid, or facilitate extensive examination of something that has been hypothesized or speculated as an unproven idea in the form of a proposition, assumption, hypothesis, or an adumbration or notification of something ambiguous in description. Furthermore, according to Noor (2008, p. 1602), the appropriate research approach depends on the nature of the studied social phenomenon. Additionally, Bhattacherjee (2012, pp. 5-8) explains that academic research can take many forms, including authen- tic theoretical research, applied research, exploratory or grounded research, explana- tory research, quantitative research, research that is qualitative, empirical investiga- tion, desk study, field investigations, and combination research or triangulation, among many additional approaches to study. Elgeddawy & Abouraia (2024, p. 2) argue that comprehension of a research framework is critical for good research because it enables 58 for meaningful knowledge generation and data interpretation, which requires a strong conceptual comprehension of its discourse. Discussing the implication of philosophical concepts, the thesis utilizes the pragmatic theory as the philosophical concepts, which Elgeddawy & Abouraia (2024, p. 2) define as a philosophy that emphasizes context-specific, practical information and the junc- tion of comprehending, experiencing, and accomplishing. In other words, pragmatics is a research methodology that incorporates both subjective and objective methodolo- gies to comprehend and overcome issues, emphasizing flexibility and practicality that prioritize both objective and subjective viewpoints while paying attention to particular circumstances (Elgeddawy & Abouraia, 2024, p. 1). Subsequently, as the thesis incorpo- rates mixed methods of research, the pragmatic approach significantly aligns with the core objectives of this research. Pragmatism emphasizes the practical application of research to solve real-world prob- lems. Therefore, the thesis investigates the practical benefits of blockchain technology, such as improving sustainability in supply chain management. Moreover, the focus is on actionable outcomes, such as enhanced transparency, traceability, and financial advantages for Finnish manufacturing industries. Likewise, pragmatic is that framework for research which frequently uses a mixed-methods approach, integrating qualitative and quantitative data to achieve a thorough grasp of the study topic (Walsh & Kaushik, 2019, P. 2). It is because Jansen (2023) claims that pragmatism promotes flexibility in research, allowing researchers to investigate goals encompassing philosophical borders while considering different perspectives on various areas of the subject. Therefore, the thesis includes the quantitative data, which measures how block chain deployment has improved effectiveness, savings in expenses, and sustainability. On the other hand, qualitative data, which includes information gained from interviews or case studies with industry stakeholders in order to better comprehend their perspectives on the consequences of blockchain technology. 59 In contrast, Elgeddawy & Abouraia (2024, p. 2) suggest that a pragmatic researcher prioritizes the practical consequences of research findings in resolving the topic under examination, which indicates that outcomes of this research should benefit Finnish manufacturing industry stakeholders. Combining quantitative and qualitative method- ologies allows pragmatic researchers to gain a comprehensive understanding of the problem in its surrounding circumstances. Furthermore, a pragmatist's goal is to gener- ate practical information that solves problems and guides decision-makers (Elgeddawy & Abouraia 2024, p. 2), especially in the context of maintaining a sustainable supply chain in the manufacturing sectors of Finland. 3.1.1 Philosophical concepts and research questions The thesis incorporates two main research questions to identify and examine the ap- plicability of block chain technology in maintaining sustainable supply chain manage- ment in the Finnish manufacturing sector, and its justification in relation to research philosophy is mentioned below: RQ 1. How does the use of blockchain technology facilitate transparency and Traceability to maintain sustainable supply chain management in Finnish industrial sectors? From a practical standpoint, the nature of the research questions determines the re- search methodologies (Elgeddawy & Abouraia, 2024, p. 2). Moreover, pragmatism em- phasizes research that examines real-world issues and offers solutions that are applica- ble (Elgeddawy & Abouraia, 2024, p. 2) concerning the practical difficulties of increas- ing supply chain transparency and traceability. Thus, this research question tries to explore practical issues concerning to Finnish manufacturing industries, which aims to investigate how blockchain technology might address practical challenges of transpar- ency and traceability in supply chains, therefore contributing directly to more sustaina- ble practices. 60 RQ 2. What financial advantages can blockchain technology contribute to Finnish manufacturing industries to enhance sustainable supply chain manage ment? This research question aligns with pragmatism as a research philosophy because prag- matism emphasizes practical perspectives or experiences (Walsh & Kaushik (2019, P. 4) of the research, which means that the research's goal of this research question is to find concrete financial gains that Finnish manufacturing industries have gained, and that is a useful conclusion of this research. Additionally, pragmatism is concerned with what works in practice, and the research topic aims to identify practical advantages that may be utilized in the manufacturing business. Besides that, this research question anticipates the understandings of the facts, which are focused on identifying financial benefits to industry stakeholders, which include corporate executives, lawmakers, and supply chain managers, therefore demonstrating pragmatism in research. 3.3 Research approach According to Creswell (2014, p. 3), research approaches are approaches and proce- dures for conducting research that include assumptions, gathering data, evaluation, and interpretations and requires numerous choices and should be selected based on the topic's level of complexity. Again, Creswell (2014, p. 3) argues that Choosing a re- search approach depends on the subject or issue at consideration. Furthermore, re- search requires logical thinking to make predictions, establish findings, and construct interpretations (Butte, 2010). There are three forms of justification: abductive, deduc- tive, and inductive (Butte, 2010). In the context of research approach, the thesis adopts abductive approach which com- bines both inductive and deductive approaches as a research approach because it ap- pears to be most appropriate due to the fact that the study is expected to look for new patterns and insights that emerge from the usage of blockchain technology, rather than verifying existing theories. In addition to that, since thesis utilizes mix-methods of re- 61 search, abductive research emphasizes investigating the relatively new and growing application of blockchain in sustainable supply chain management from both qualita- tive and quantitative methods. It allows for flexible investigation and formulation of theories using both quantitative and qualitative data. Consequently, this research ap- proach is very beneficial when new perspectives and explanations are sought, making it the best choice for this study. 3.4 Research strategy A research strategy is a sequence of actions that guides the researcher's cognitive pro- cess which is systematic methodical plan that directs the researcher's thought process and ensures that the appropriate data collecting and analysis approach is used ((Chetty & Walia, 2020).Additionally, the research also utilizes exploratory research strategy performed when there is not much or no previously conducted study on the subject issue (Chetty & Walia, 2020), since topic has not been widely researched yet in the Finnish perspectives. Therefore, as a research strategy for this research consists of qualitative approach, conducting in-depth interviews with important stakeholders (lo- gistics and supply chain managers, blockchain specialists, sustainability specialist etc.) to obtain rich, detailed information. On the other hand, in regards of quantitative ap- proach, distributing surveys to a wider range of companies to get numerical data on the adoption and effects of block chain technology. 3.5 Choices of methods According to Khan et al. (2023, p. 12), researchers utilize different research methodolo- gies to plan, develop, carry out, and assess their investigations, assuring the validity, reliability, and credibility of the findings. The research utilizes mixed-methods research, which combines quantitative and qualitative methods to enhance each other's abilities, resulting in a thorough knowledge of study topics and allowing for different investiga- tions (Khan et al., 2023, p. 18). Moreover, whenever an in-depth knowledge of the re- 62 search problem is required to triangulate findings and increase the credibility of the study (Khan et al., 2023, p. 18). Since the thesis incorporates a mixed-methods approach, which allows for a thorough investigation of the issue, which involves combining the capabilities of qualitative and quantitative research (Nair & Prem, 2020, p. 1) to develop a comprehensive under- standing of how block chain technology could contribute to sustainability in the Finnish manufacturing industry's supply chains. In terms of the qualitative research approach in this study, the main purpose is to demonstrate a comprehensive understanding of industry experts' perspectives, experi- ences, and perspectives around the practical application and consequences of block chain technology in supply chain management. Additionally, it includes a methodologi- cal approach such as interviews, focus groups, and analysis of documents. In regards to conducting interviews, the thesis Conduct semi-structured interviews with important stakeholders from Finnish manufacturing industries, such as supply chain managers, IT professionals, and sustainability officers. These interviews will go into their experiences with blockchain technology, including its perceived benefits, problems, and role in sus- tainability. Furthermore, organize focus groups to enable talks amongst experts from various firms in order to acquire varied opinions and uncover common themes. Like- wise, in the context of analysing documents and supplementing and contextualizing interview materials, reviewing relevant industry papers, research papers, annual re- ports and organizational documents has contributed to the thesis. In the context of applying quantitative research methodology in the study, it mainly focuses on establishing a statistical analysis of the correspondence between the adop- tion of block chain technology and supply chain sustainability accomplishments. Fur- thermore, it encompasses methods such as surveys and data analysis. In addition to that, generate and circulate structured surveys to a broader sample of Finnish manu- facturing industry personnel. Moreover, the survey contains questions about block chain adoption, particular applications in supply chain management, and measurable 63 sustainability benefits (including improvements in carbon footprint, waste products, and energy source use). 3.5 Research timeframe The time horizon in the research or the timeframe relevant to the investigation signifies the period throughout which the researcher has been involved in examining the popu- lation (Alamgeer, 2023). As a result, the researcher decides on the time horizon based on the study objectives and type of investigation (Alamgeer, 2023). According to the temporal range, there are two types of research time horizons: longitudinal research and cross-sectional research (Alamgeer, 2023). Cross-sectional research refers to stud- ies in which a researcher wants to investigate samples at a certain period (Alamgeer, 2023). In contrast, longitudinal research examines samples across time, and particularly in longitudinal studies, the time range may range from short to extensive (Alamgeer, 2023). In the context of this research, the study encompasses cross-sectional research be- cause of the perspective of overview analysis and comparative perspective. In terms of overview analysis, it captures the present stage of blockchain deployment and its im- mediate influence on supply chain sustainability. Besides that, in regards to compara- tive perspective, it enables the comparison of many organizations or departments at the same time, exposing differences in blockchain usage and its impacts. Moreover, conduct surveys and interviews involving a number of firms throughout a particular length of time. Likewise, analyse the obtained data to discover developments, patterns, and relationships between block chain technology and supply chain sustainability. 3.6 Data collection and analysis Data collection and analysis is one of the crucial factors of the research to give direc- tions for the research towards conclusion. Nevertheless, once the data is obtained, the researcher’s role is to examine it, analyse it and draw a meaningful conclusion. Thus, data collection and analysis procedures for this research are discussed as follows; 64 3.6.1 Data collection According to (Khan et al., 2023, p. 22) data collection entails acquiring appropriate data to answer the study questions which depends on their study methodology and aims, researchers utilize a variety of data-gathering methods, including interviews, question- naires, observations, experiments, and content analysis. On the other hand, research- ers have to demonstrate that data is obtained methodically and according to specified procedures that attempt informed authorization from participants (involving human subjects) and ensure the confidentiality and anonymity of the data (Khan et al., 2023, p. 22). As the thesis consists of a mix of methods of research, in the context of methods of data collection, the thesis involves utilizing both primary and secondary data sources. In fact, choosing the correct data source for the purpose of research is influenced by aspects such as the study question, objectives, budget, period of time, and available resources (Wahi & Yassouri, 2024). Furthermore, primary sources include comprehen- sive original data, whereas secondary sources respond with background and context. As a consequence, combining primary and secondary sources could allow researchers to acknowledge gaps or trends in the literature (Wahi & Yassouri, 2024). According to Bouchrika (2024), primary research is the collection of original data for a given purpose, rather than depending on databases or publications. Consequently, in this study, primary data sources are mainly semi-structured interviews and case stud- ies, which are gathered from first-hand information (Bouchrika, 2024). For instance, we conducted interviews with key stakeholders in the Finnish manufacturing industry, such as supply chain managers, sustainability officers, and technology specialists. Subse- quently, interviews provide perceptions, constraints, professional viewpoints on the subject matter, and possibilities Bouchrika (2024) regarding blockchain implementation in sustainable supply chain management. Additionally, the thesis utilizes information gathered as a primary source from case studies. Selected Finnish manufacturing enter- prises that have previously implemented blockchain technologies for SSCM will be 65 evaluated comprehensively to figure out their consequences for sustainability perfor- mance. The thesis incorporates gathering information from six to eight semi-structured interviews with the companies and surveys (Taherdoost, 2011, p. 4). Likewise, the in- terview guide has been created based on an understanding from the literature review demonstrating how blockchain technology and its features enhance supply chain sus- tainability in Finnish manufacturing industries. Thus, this may include interviews with firm employees and data access with their authorization. As a secondary data source for information in the research, the thesis encompasses data gathered from academic literature, industry reports, government publications, company websites, and annual reports (Taherdoost, 2011, p. 4). As a solid theoretical framework for the investigation, academic literature, peer-reviewed publications, con- ference proceedings, and scholarly books about block chain technology, supply chain management, and the connection between them in manufacturing scenarios have played a significant role. Furthermore, reports representing key organizations in the industry, academic institutes, and technological companies on the potential of block chains for sustainable supply chain operations. Moreover, Finnish government policies and activities promoting sustainability and digitization in industrial industries have pro- vided useful background. Alongside, these online resources provide information on Finnish manufacturing businesses' commitments to sustainability and existing supply chain practices. 3.6.2 Data analysis Data analysis varies depending on the type of data and the study method (Khan et al., 2023, p. 22). Therefore, since the thesis incorporates mixed methods of research, in the context of quantitative research, numerical data are used to identify links, patterns, and trends in numerical information (Khan et al., 2023, p. 22), which are collected by administrative surveys from numerous manufacturing companies in Finland to gather numerical data on block chain implication and its impacts. In addition to that, the re- search utilizes tools such as Excel to evaluate numerical values to measure and identify trends and patterns on how efficiently block chain technology has been adopted in the 66 Finnish manufacturing sector to achieve sustainability goals in their supply chain opera- tions. Also, it includes demonstrating quantitative data through visualization using charts, graphs, tables, and pie charts, which resulted in a comparable outcome. On the other hand, in terms of qualitative data analysis, it entails detecting themes, patterns, and categories in text, audio, or visual data gathered through interviews, observations, or analysis of contents with regards to blockchain technology and sustainable supply chain management in the setting of Finland’s manufacturing sector. In contrast, the thesis integrates data analysis of data gathered from both primary and secondary data sources in a comprehensive manner. . 67 4 Results and data analysis This chapter contains demonstrations of data collected using both qualitative and quantitative methodologies in a systematic manner. Furthermore, the information is presented in the form of tables, pie charts, bar graphs, and statements. Moving ahead, it then progresses with data analysis, eventually producing an analysis of the results to reach a conclusion on the following chapter of this thesis. 4.1 Mediums of approach for data collection For this research, the data were gathered mostly through interviews, including partici- pants contacted via social media platforms such as LinkedIn, the company's website, and referrals from friends as well as survey conducted. Furthermore, online tools are quite effectively employed in this regard as well. Medium of interviews and communica- tions No. of participants Phone calls 10 WhatsApp 5 Email 3 Zoom 2 Microsoft Teams 5 Table 2: Tools of approach for data collection. Source: table created by author based on conducted data collection procedures. 4.2 Data’s from primary data sources From the primary data collection perspective, this study has conducted a several com- prehensive interviews with key stakeholders in the Finnish manufacturing industry, such as supply chain managers, sustainability officers, and technology specialists and 68 additionally focused groups conducting research on the particular topic. Subsequently, interviews has provided facts on perceptions, constraints, professional viewpoints on the subject matter, and possibilities Bouchrika (2024) regarding blockchain implemen- tation in sustainable supply chain management in the context of Finnish manufactur- ing. 4.2.1 Participated interviewees from Finnish manufacturing companies Since the thesis is concerned with research on the adoption of blockchain technology in Finnish manufacturing industries, conducting semi-structured and open-ended ques- tions with industrial officials and managerial professionals contributed to significant direction (Mathers, Fox, & Hunn, 2000, p. 3). As a result, because the research is ex- ploratory, it has aided in reaching a thorough conclusion through in-depth examination of the data encountered (Mathers, Fox, & Hunn, 2000, p. 3). Thus, following is the list of companies as well as interviewees involved in this re- search: Name of companies No. of interviewees Company A 1 Company B 2 Company C - Company D 2 Company E 1 Company F - Company G 1 Table 3- Companies and interviewees. Source: Table created by author. 69 4.2.2 Response to research questions According to Rahmann (2018), in order to accurately represent data in research, it is necessary to provide qualitative interview data, eliminate pointless details by focusing on important elements and themes related to the study topic, and correctly transcribe the data. Again, Rahmann (2018) proposes that people comprehend data, utilize charts or tables and analyse them to communicate a narrative, rather than writing extensive papers. Thus, following are the responses as ‘data’ responded by interviewees which are pre- sented below: S.No. Research question Response 1. How does the use of blockchain tech- nology facilitate transparency and Traceability to maintain sustainable supply chain management in Finnish industrial sectors (referring to your company)? Most responds were agreeing to the point that due to blockchain tech- nology being a distributed ledger based system connected through several and transaction recorded in several computers at a time makes it very effective tool for reducing fraud and increasing transparency in supply chain operations. Addi- tionally, they also mentioned that each transaction during the opera- tions is recorded in time and acces- sible to the public, allowing all stakeholders, including consumers, government agencies, and share- holders and to independently assess the company's commitment to sus- 70 tainability and its identification. 2. What financial advantages can block- chain technologies contribute Finnish manufacturing industries to enhance sustainable supply chain management? Respondent’s common response was emphasizing stage of BT im- plementation in the global as well as Finnish context. Since, blockchain technology is in the trial or study phase, it is evident that it can en- hance transparency and traceability. Some of the interviewed argued that it makes accessible to product tracking, risk management, reduc- ing frauds and errors to improve sustainability. Ultimately, it helps cost reduction. Most of the respondent of the inter- view has excessively claim that block chain technology could potentially benefit Finnish manufacturing in- dustries through enhancing risk management & enhancing sustain- able financing. Since, Manufacturers may use blockchain technology to confirm the authenticity of raw ma- terials, which lowers the risk of fraud and counterfeiting. And, agreed that this lowers insurance costs as well as minimizes supply chain interruptions, all of which im- 71 prove the bottom line. Table 4: Respondent’s perception concerning to research question. Source: from the record during interview sessions. S.no. Level of familiarity No. of participants 1. Not at all 1 2. Slightly 4 3. Moderately 2 4. Very much 0 5. Extremely 0 Table 5: Interviewee’s familiarity to blockchain technology in SSCM. Source: From the record during interview sessions. 33% 45% 11% 11% Blockchain technology in sustainable supply chain Stage of Research and trial Unfamilarity Familarity Interest of adoption 72 Figure 15: Finnish companies’ current status of blockchain technology in supply chain management. Following table represents several Finnish manufacturing companies and their ap- proaches of ensuring sustainability in their supply chain operations in the present con- text: Resources enabling sustainable supply chain in companies Finnish manufacturing Companies Tools and methods enabling SSCM Manufacturing products Company A Participation and training programs, adopting carbon data collection too. Smart energy, technolo- gies for electrification and automation. Company B SAP, ERP, IBM, Novel computers. Technologies and engines of marine, energy solu- tions, automation. Company C Supplier code of conduct, supplier sus- tainability audit. Sustainable technology and solutions for mining. Company D Block chain technology, IoT sensor tech- nology, Eco RFID. Renewable energy solu- tions, wood products. Company E Raw material risk assessment, sustaina- bility audits. Refined petroleum prod- ucts, renewable fuels. Company F supplier and distributor code of conduct, Milk and milk products. Company G Supplier sustainability audit, Sustainabil- ity risk assessment, sustainable supply chain policy, supplier sustainability man- agement. Solutions for the pulp and paper industry, Automa- tion as well as energy so- lutions. 73 Company H Supplier code of conduct, supplier as- sessment. Cranes, lifts, solutions of services. Table 6: Resources enabling sustainable supply chain in companies. Source: Table created by author through referring annual reports of the companies. Individual thoughts Perceptions Total no. Blockchain technology has potential to enhance sus- tainability in supply chain operations Agree 7 Blockchain technology does not have potential to enhance sustainability in supply chain operations Disagree 0 Different solutions such as ERP, SAP etc. are familiar with the existing system. 7 Table 7: Interviewee’s perception on BT and SSCM Source: From the record during interview sessions. Figure 16: Perceptions of participants on future prospects of blockchain in Finnish manufacturing industries. 83% 17% Perceptions of participants Agree Disagree 74 4.3 Findings The findings encompass data’s gathered from mainly secondary sources. So, as a sec- ondary source of data the research encompasses data collected from several segments, for instance organization’s website, annual reports, statistical reports, surveys (Sindhi, 2017).Furthermore, it includes data’s from major manufactural industries of Finland which are categorized as A-G and described as follows: 4.3.1 Company A According to Company A annual reports, in the context of blockchain adoption, since it being a leading Finnish manufacturing company specializing in marine innovation, has been actively involved in blockchain development and research. However, in the pre- sent context, it does not have its own block chain solutions for its supply chain opera- tions. But the company is interested in how the technology might be applied to benefit the sector. Moreover, it has shown significant interest in enabling blockchain technol- ogy in supply chain operations by keeping track of the progress of other firms, for in- stance, trade Lens and GSBN, which are creating block chain for the shipping sector. The company comprehends that block chain’s implementation in the transportation industry is growing due to its demonstrated cost-optimization potential and digitalize its supply chain operations. Additionally, the company suggest that A.P. Moller, Maersk, and IBM's blockchain technology is used in shipping by over 40 worldwide port and terminal operators, customs agencies, brokers, and others. Since, cloud- based shipping enables many trade partners to work on a single shared transaction view while maintaining privacy and confidentiality, consequently, a 12-month study by Maersk and IBM revealed blockchain’s ability to reduce shipment transit times by 40%, resulting in significant cost savings. In contrast, blockchain’s decentralized; tamper- proof ledger technology improves data security and verifiability while lowering admin- istrative and operational risks. Thus, the company believes that by automating the pa- per-heavy international transportation process, block chain could potentially save bil- 75 lions of dollars, accelerate product market times, lower trade barriers, and produce jobs. 4.3.2 Company B Inevitably to the Company B annual report from the year 2023, a leading finnish- Swidish manufacturing industry, in the context of sustainable supply chain is facilitating responsible sourcing natural sources through maintaining and developing mutually beneficial relationships with significant suppliers. Moreover, the strategic emphasize regions of it is that sustainability is their core driving force or approach of their growth strategy. In terms of sustainable supply chain management, the company emphasizes biodiversity conservations, reduction, reuse and recycling materials and resources for sustainable manufacturing and consumptions. In regards of adoption of digitalization of supply chain, its digitalization initiative aims to enhance operational safety, efficiency, and innovation, utilizing digitalization to max- imize resources and enhance people’s life. In addition to that, in this context Company B has stated its objective in a meaningful statement which is as follows: “Company is aiming to improve openness and sustainability in its supply chain both internally and externally’’. In the present context, this company has not fully implemented blockchain technology in its day to day supply chain operations. However; the company considers it as an ad- ditional illustration of how to improve supply chain transparency and security. Addi- tionally, it has begun investigating how block chain might help the company and its entire brand in order to secure a more resilient and temper-proof logistics action. In contrast, the analysis of its several years of reports directs that Company B that sup- ply chain’s sustainability in its internal supply chain operations are not influenced block chain technology yet. However, the company is ongoing on trial phase as an examina- tion. if it could be applicable to grab the objective of transparent and traceability to become more sustainable. However, it uses technologies such as IoT sensor technology and EcoRFID. 76 4.3.3 Company C The company has been emphasizing environmental sustainability in the context of sus- tainable supply chain management. Through analysing its reports various from differ- ent years suggests that, for enabling sustainable supply chain management, the com- pany utilizes tools such as company’s carbon farm calculator, renewable energy sources, supplier and distributor code of conduct, training programs as well as sustain- ability strategy and tools implementation. In short, in the present context, it can be comprehended that the company does not operate and implement blockchain technology supplier and distributor code of conduct in its supply chain operations. 4.3.4 Company D Company D has been well known in Finland as a leading manufacturer of sustainable technology, solutions, and services for the aggregates, mineral processing, and metal refining sectors around the world. Furthermore, its sustainability is demonstrated through its product and process knowledge, which helps clients enhance energy and water efficiency, increase productivity, and minimize environmental concerns and col- laborators for positive transformation. 77 Figure 17: Relevance of Company D business. Source: taken from the company D annual sustainability report 2023, p. 45. Figure 18: Sustainable cooperation with supply chain. Source: Taken from the company D annual sustainability report 2023, p. 50. The annual report of Company D suggests that in the context of sustainable supply chain management, it supports safe operational procedures, fair employment, and climate change activities for approximately 20,000 suppliers in 100 countries. Further- more, the corporation requires suppliers to adhere to its Supplier Code of Conduct and 78 worldwide best practices. Moreover, Company D intends to spend 30% of its immedi- ate procurement budget with suppliers that are dedicated to science-based emission reductions by 2025 .In the year 2023, SBTi organization commitments accounted for 25.6% of direct supplier costs. Metso also teaches, consults, and audits suppliers' sus- tainability performance, including e-learning courses on sustainability expectations, human rights, safety, and the SBTi establishing approach. Several manufacturers have already demonstrated business advantages resulting from energy efficiency and opera- tional optimization. Supplier sustainability audits promote compliance and continual improvement. It sug- gests that its missions are based on annually auditing program which selects suppliers to do audit based on their environmental and social evaluation of risks. By the year 2023, Company D had conducted 172 supplier sustainability audits, and 59% of the indicated corrective measures were executed primarily by the year end. Therefore, it can be understood that Metso is not relying on technologies to reach its goal of sus- tainable supply chain management. On the other hand, it applies several other ap- proaches to achieve their objectives of sustainability in their supply chain operations. 4.3.5 Company E Company E has been one of the leading Finnish manufacturing industry and the world's largest providers of sustainable fuels and renewable feedstock solutions for diverse polymer and chemical industry applications. Since, the company emphasizes on achiev- ing sustainability following are the metrics of its approaches towards it: 79 Figure 19: Materiality matrix 2022-2023 of Company E. Source: Taken from company E annual sustainability report 2023, p. 34. Figure 20: Sustainable supply chain in Company E. Source: Taken from the company E website. Its annual report of 2023 highlights that it is the fact that it is a prominent manufactur- er of sustainable aviation fuel and diesel, with a target of lowering greenhouse gas emissions by 20 million tons per year by 2030. Besides, the company intend the goal of Renewable raw material sourcing Crude oil and other fossile raw material sourcing Sustainability audits Liquified waste plastic sourcing Sustainable supply chain management 80 rendering Finland's Porvoo oil refinery the most ecological in Europe by 2030. Likewise, company E has committed itself to achieving carbon-neutral manufacturing by 2035 and lowering carbon emissions by 50% by 2040. Subsequently, the company has con- tinuously been able to be on the Dow Jones Sustainability Indices and the Global 100 list. According to company corporation report (2022), in terms of block chain technology adoption, Circularise, working alongside with ISCC, Neste, Asahi Kasei, Borealis, Trinseo, Shell, Arcelik, Philips Domestic Appliances, EVBox, Marubeni, and Itochu, had ground- breaking initiative to test a blockchain system that will supplement the ISCC Plus certi- fication. Moving ahead, it was the initial attempt that ten chemical and appliance busi- nesses have utilized a blockchain-based digital solution to improve the sustainability certification of complicated value chains which circularise and Marubeni generated the partnership. In fact, it was a test if blockchain could be applicable in oil manufacturing companies for achieving sustainability in their supply chain operations. Additionally, Company E along with participants had implemented a public blockchain to authenti- cate, decentralize, and encrypt data while confirming material flows along with appli- cable sustainability qualities. In its supply chain, blockchain technology has been transforming the way data is stored and exchanged. Nevertheless, companies no longer need to record separate balances of products and transactions in Excel . Instead, they may utilize blockchain and smart contracts to hold balances, record transactions, and enforce mass balance laws and each transaction is entirely traceable. Consequently, auditors will be able to depend on block chain for aspects of the auditing in supply chain operations ensuring transparen- cy which is one of major component of sustainable supply chain management. Thus, it can be comprehend that to ensure transparency and traceability in supply chain operations Company E is trying to implement blockchain technology and in the present context is in the study phase of its implementation. 81 4.3.6 Company F According to company F annual report demonstrates that, it is a leading smart energy manufacturing company in Finland, is proactively and exclusively working for sustaina- bility in its supply chain operations. Also, it has been dedicatedly working to decrease emissions throughout its supply chain with the intention of accomplishing its commit- ment to sustainability objectives. The objective is to reduce scope 3 emissions (indirect emissions from suppliers) by 25% by 2030 and 90% by the year 2050, through the implications of several other ap- proaches and tools. Nevertheless, blockchain technology has not yet been adopted in this context. Additionally, it is adopting a plan to involve suppliers in emissions reduc- tion through training sessions, supplier days, and data collection in regards to sustaina- ble supply chain management. Consequently, the effort seeks to promote collabora- tion, employ low-carbon and recycled materials, and track progress toward emission reduction goals. Therefore, Company E, on the contrary, has not used any technology, such as block chain, to meet its sustainability goals in supply chain management. Nevertheless, it has been applying a variety of additional methods and tools to achieve its sustainability goals. 4.3.7 Company G Based on the information provided in the annual report of Company G, along with oth- er Finnish manufacturing companies, being one of the leading, is implementing many sustainability efforts to improve the sustainability of its supply chain operations. Addi- tionally, one of the major initiatives of SSCM is creating a dual purchasing alternative that provides different sources for materials to reduce reliance on only one supplier. Interestingly, it also adopts the policy of demand planning and forecasting, which means anticipating future requirements to ensure consistent supply chain circulation. It 82 has also regulated the step of supply chain disruption screening, identifying potential threats and minimizing issues. Additionally, the company has initiated inventory man- agement, which entails efficiently managing stock to reduce waste and increase supply chain resilience. By securing the regional supply base, it helped strengthen local suppli- ers to increase strength and dependability. The significant aspect concerning to SSCM that itis following a supplier’s code of con- duct (SCoC) establishes basic legal and ethical criteria for suppliers, such as human rights, health and safety, environmental management, anti-corruption, and trade com- pliance. Besides that, the company created an internal information site, which launched in 2023 and focuses on sustainable supply chain management to improve organizational knowledge and capacities. In terms of category management procure- ment, the model involves optimizing the global supplier base, building connections, and establishing particular objectives for sustainability within procurement categories. On the other hand, the most effective approach called supplier assessment helped conduct background checks as well as self-assessments on new suppliers to verify they meet its ethical and environmentally friendly requirements. Thus, these programs are looking to strengthen supply chain resilience, guarantee compliance with sustainability requirements, and decrease the negative environmental impact of its operations. In contrast, through analysing annual and sustainability reports of Company G, It can be comprehended that it could potentially interpret that it has not implemented any sorts of technologies, such as block chains, to achieve its sustainability goals in the con- text of supply chain management. Nevertheless, it applied several other approaches to meet their objectives. Likewise, interviewees of this company has highlighted that company has researched about block chain and its possibility of its implication in the future in a large scale in the context of supply chain management to achieve their sus- tainability objectives. 83 5 Cross-case comparison This study has incorporated the different analysis carried out during the entire investi- gation. Additionally, process, based on the several sample of Finnish companies. There- fore, the figure & the table below readily demonstrate the results of the different in- vestigation approaches: Figure 21: Categories of the companies involved in this research. Source: Figure created by author. Companies Current situation of BT adoption status Key sustainability approaches Adoption challenges A Yet, it has not been adopted, but researching in different do- mains. tracking block chain projects in shipping and cutting time spent trav- eling by forty percent 1). The price and Intensity of Supplies: Initial Expenses of Setting, costly maintenance, and limitation on resources. 2).Insufficient Technical Knowledge: Lack of technical exper- B Phase of trial, investigating fea- sibility. Focusing on IoT, EcoRFID, recycling of materials, and conserva- Energy & Power solutions Metals and logisitcs Forest products and agricutlure Automation & industrial solution Telecommunications 84 tion of biodiversity. tise, requires trainings of employees and stakehold- ers. 3). Combining with Pre- sent Systems such as: ERP, SAP .For instance: The majority of businesses have well-established supply chain management systems, such as Company A & D, as well as SAP and ERP. It could be necessary to make significant chang- es in order to integrate blockchain into these cur- rent systems, which might be prohibitively costly and problematic. 4). Adoption by Suppliers and Partners in Business: There is an existence of challenges of its integra- tion in supply chain as most of the Finnish supply chain stakeholder’s are not technically aligned and supportive with block chain technology adop- tions. C Not yet adopted. Manufacturer code of conduct, energy conser- vation, and emissions farm calculator. D Not yet adopted. Sustainability inspec- tions, audits of suppli- ers, including SBTi for offsets against carbon. E Block chain re- search with the Circularize pro- ject. Target carbon neutrality by 2035; the adoption of alternative fuels; mass balancing scheme based on block chain technology. F Not adopted yet. Data gathering for Scope 3 emissions and supplier training for reductions in emissions. G Not implement- ed; investigating potential uses. Inventory control, screening potential sup- ply chain disturbances, and supplier behaviour guidelines. Table 8: Companies and their relations to blockchain technology. 85 Source: Table created by author. The data collected as well as reflected through various approaches in this thesis reveals that Finnish firms are becoming more interested in block chain; nevertheless there are differences in the degree of acceptance and testing. Company A has demonstrated a noteworthy level of interest in the potential of blockchain technology to enhance sup- ply chain operations and minimize expenses, while not having completely adopted the technology. Although it is still in the testing stage, Company B has looked at using block chain to improve supply chain security and transparency. In an effort to enhance the sustainability certification of intricate value chains, Company E is now exploring block chain solutions. In the meanwhile, in order to meet their sustainability objectives, Companies C, D, F, and G have not yet embraced blockchain technology, preferring to use other strategies including Internet of Things sensors, renewable energy sources, and supplier codes of behaviour. The study indicates that although blockchain technology has the potential to improve supply chain management sustainability through increased data security, shortened delivery times, and guaranteed transparency, its uptake in the Finnish manufacturing industry is still in stages of development. Businesses have begun investigating the pos- sible uses and advantages of blockchain technology, and some, like Company E, are taking steps towards implementing the technology into practice to guarantee a more transparent and sustainable supply chain. In order to have the greatest possible sus- tainability impact, the thesis emphasizes the significance of further research and de- velopment in this field as well as the necessity for businesses to assess how blockchain may be successfully incorporated into their current systems. In order to achieve their sustainability goals in supply chain management, a substantial amount of Finnish manufacturing businesses are presently using alternative techniques and technologies, such as supplier codes of conduct, sustainability audits, and Internet of Things sensor technology. While keeping blockchain technology under consideration for future deployment, Companies included in this research like B, F & G have concen- trated on integrating sustainability through operational strategies including emissions 86 reduction, sustainable sourcing, and resource efficiency. This demonstrates that even while block chain has many advantages, businesses are still assessing its viability and enhancing their sustainability initiatives via tried-and-true approaches. Also, the out- come from the study demonstrates following additional key findings: S.no Categories Justifications 1. Interest on block chain technology According to the majority of interviewees, blockchain technology has the potential to enhance supply chain operations' sustainability through increased efficiency, transparency, and traceability. 2. Positive perception Through carefully analysing datas, it can be confirm that Finnish manufacturing firms are actively investigating how blockchain technology may be used in their supply chains. This is especially the case for businesses that specialize in sustainable energy and maritime innova- tion. 3. Transparency & Traceability With the decentralized and unchangeable ledger of block chain technology, Finnish businesses can monitor goods and materials from the point of production to the end user with a high degree of traceability and trans- parency. 4. Efficiency and cost reduction Majority of respondents highlighted that “BT have the ability to monitor products and materials with a high degree of traceability and transparency from the mo- ment of production to the end consumer and assume that it could potentially benefit as theoretically suggest- ed”. 5. Sustainability benefits By cutting materials, strengthening supply chain resili- ence, and monitoring sustainable materials and pro- cesses more effectively, blockchain can help achieve 87 sustainability goals. 6. Limitations and challenges Some of respondents argued that blockchain has a lot of promise, although before it is widely used, issues involv- ing scalability, data privacy, and interaction with current systems must be resolved. Table 9: Findings from the data collected. Source: Table created by the author. According to research conducted by Kauppinen and Livari (2022), blockchain technolo- gy has fascinating prospects in a variety of businesses. Nevertheless, Finland is still in the early stages of adoption compared to many other nations. Additionally, most of the interviewees representing several finished manufacturing companies in this research have argued that blockchain technology is a new concept and tool for enabling sustain- ability in their supply chain management. However, Kauppinen & Livari (2022) as well as interviewees have most often described that blockchain technology will revolution- ize future supply chain operations in Finnish manufacturing sectors. However, in the present scenario, it has been researched by some of the Finnish manufacturing com- panies, such as company A, B & E. Although this novel distributed system ledger-based technology can impact stakeholders of the company positively (PWC, 2023), on the other hand, Finnish manufacturing companies such as company C, F and the focused group, have not been familiar with its significant implications for enhancing sustainabil- ity. Linnakangas et al. (2023) suggest that the Finnish blockchain ecosystem, which includes the public sector, research organizations, and businesses, fully utilizes the potential of block chain technology in its research, business, and technology portfolios. Moreover, Finnish block chain development and solutions are globally competitive and widely acknowledged (Linnakangas et al., 2023). However, Kauppinen & Livari (2022) have identified the following as the major issues in Finland regarding the perceptions of blockchain technology adoption: 88  The absence of trust from a cultural and organizational perspective.  A lack of worldwide regulations and legal standards to implement it.  Understanding that different stages of digital transformation in different sec- tors establish barriers for implementing block chain technology. It is evident that in order to create and capitalize on the prospects afforded by blockchain technology, trust must be established by specific examples from Finland in a smaller industrial environment. Begin simple and progress to larger projects, (Kauppinen & Livari, 2022).In addition to that, an interviewee representing business Finland argued that Finnish manufacturing are not interested to implement blockchain technology due to not being sustainable as well its due to complexity for its implementation. The manufacturing industries in Finland are diverting from traditional forms of manufac- turing to modern manufacturing through sustainability in their supply chain operations, which is enabled by its digitalization (Valtanen, 2017). Moreover, the research conducted by Passi, Valtanen, and Tanner (2017, p. 149) claims that block chain technology enables trust-based transactions without the need for intermediary companies, which has the potential to revolutionize industrial production processes such as supply chain networks and logistics. It might potentially develop revolutionary digital business models, although its practical maturity and abilities must be demonstrated (Passi, Valtanen, & Tanner, 2017, p. 149). Passi, Valtanen, and Tanner (2017, p. 22) argue that manufacturing industries are going in a new direction, incorporating new technologies, for instance, block chain technologies, circular economies, and artificial intelligence. Moreover, Passi, Valtanen, and Tanner (2017, p. 22) highlight that digitalization can further improve efficiency in operations and manufacturing, which can lead to a more sustainable supply chain. 89 Passi, Valtanen, and Tanner (2017, p. 149) further suggest that blockchain technology has the potential to substantially change or fully transform the industrial business. Ad- ditionally, blockchain technology has numerous potential uses in manufacturing pro- cesses, including logistics management, supply chain transparency and traceability, real-time negotiations, product lifecycle data management, product authenticity, and records of inspection (Passi, Valtanen, & Tanne, 2017, p. 149). Moving ahead, block chain-based applications enable trusted relationships between supply chain partners, eliminating the need for intermediaries or traditional purchasing processes. In addition to that, it also enables manufacturers, suppliers, customers, and machines to connect quickly and cost-effectively (Passi, Valtanen, & Tanner, 2017, p. 149), which can revolu- tionize Finnish manufacturing industries significantly. That is why blockchain’s poten- tial is vast, especially when combined with other technological breakthroughs like the Industrial Internet of Things (IoT), machine learning, and artificial intelligence (Passi, Valtanen, & Tanner, 2017, p. 22), which are significantly essential to be considered by Finnish manufacturing stakeholders. According to that outcomes of the research by (Passi, Valtanen, & Tanner, 2017, p. 150) demonstrate that when trust between stakeholders becomes an issue in supply chain management; it results in the following different categories:  Data management.  Identity management.  Digital content management.  Smart contracts.  Trading platforms.  Decentralized notaries.  Cloud storage. Thus, including blockchain technology to address these trust issues can significantly ensure transforming traditional forms of supply chain and logistics (Passi, Valtanen, & 90 Tanner, 2017, p. 150) to that type of supply chains that are modern and digitalized, which can lead to sustainability. In contrast, the conclusion of the study by Passi, Valtanen, and Tanner (2017, p. 150) highlights the following international manufacturing companies adopting blockchain technology in their supply chain operations: Name of companies Country Product specializations Ever ledger UK Diamond Greats USA Sport shoes Marine transport international UK Shipping Provenance UK Food Raketa Russia Luxury watch Walmart USA Food Table 10: International manufacturing company piloting blockchain technology. Source: Table created by author and information from Passi, Valtanen, & Tanner (2017, p. 150). In terms of most of the Finnish manufacturing, not being familiar with and interested in adopting this technology is due to what Valtanen (2021) revealed: high start-up costs and gaining widespread adoption in an internationally decentralized business were identified as key challenges. Additionally, according to the some of the inter- viewees from business Finland organization argued that due to its most possible higher financial costings to install and operate and lack of enough technical manpower as well. Others considered BC an immature technology lacking standards and best prac- tices Valtanen (2021). Moreover, Valtanen (2021) claim that as a result, individually tailored BC solutions could slow down data flow and restrict flexibility. Furthermore, Valtanen (2021) sug- gests that several researches indicates that issues such as integrating BCs with legacy 91 and IoT systems, ensuring information dependability, and distinguishing private data. A lack of competence in several aspects of BC system development hinders the move from testing to production and wider usage of BCs (Valtanen, 2021) which appears to be relevant in the context of Finland. Finally, there is a public debate about the vast amount of energy consumption in BCs, which is often perceived as a misconception limiting the growth of BC systems, particu- larly for sustainability purposes (Valtanen, 2021) can be considered as the major rea- son behind block chain technology being not popular in the supply chain operations in regards of manufacturing companies of Finland. Analysing the annual reports and sustainability reports (2023) from some of the major Finnish manufacturing companies including categories of energy and power solutions, metals & logistics as well as automation & industrial solutions, it can be comprehend that most of their sustainability in their supply chain operations are driven by the fol- lowing key approaches rather than applying blockchain technology:  Through risk assessment of sustainability.  Enabling supplier sustainability audit.  Conducting management of suppliers.  Practicing supplier engagement programs.  Formulating and practicing code of conducts.  Regulatory monitoring suppliers.  Providing stakeholders of supply chain trainings different segments concerning sustainable supply chain management. According to research conducted by the University of Oulu (n.d.), block chain is re- ferred to as the next major technological revolution, which presents prospects in a wide range of businesses, including future information traffic, administration, welfare, and healthcare. In the context of Finland, usage remains limited, owing mostly to a lack of knowledge. Nevertheless, Salo et al. (2023) argue that blockchain technology does not provide an all-encompassing solution to all problems, which could be the most 92 possible reason the Finnish industrial sector is not interested in incorporating it into their operations. However, it is an excellent answer for certain, well-defined situations that have the potential to deliver major benefits to various industries and organizations, provided the social consequences are well understood and approached correctly (Salo et al., 2023). On the other hand, the implementation of blockchain technology necessi- tates careful consideration of societal structures, the appropriate methodology, and an understanding of the many forms of block chains, which is not a solution that works for everybody, but it may deliver significant benefits to companies with various stakeholders and frequently occurring transactions (Salo et al., 2023). Since, there exists limitation of adaptation of blockchain technology in Finnish manu- facturing companies, according to blockchain forum (2022) block are used by Consult- ing services such as Avae, Ape LLD, and block lane. In addition to that blockchain tech- nology development involves companies includes BCBSec, Chainfrog Oy, and Equilibrum. Also, some Finnish financial companies that are working for digitalization as well as digital asset management are adopting and they provide block chain-related services such as cryptocurrency trading, NFT, and metaverse (blockchain forum, 2022). Hence, these data suggest that block chain technology adoption is still limited within IT, gaming, consulting, and digitalized financial companies in Finland. On the other hand, industrial sectors such as manufacturing in Finland are keeping it in the trial and study phase. However, it can be understood that its large-scale potential and popularity will attract manufacturing stakeholders to implement it in their supply chain operations in the future. Moreover, Sahoo et al. (2022, p. 27) claim that there is significant research undertaken around the world to identify SSCM’s applicability, benefits, and approach- es. 93 6 Conclusion This thesis has been able to comprehensively investigate the use of blockchain tech- nology in sustainable supply chain management (SSCM), looking for possible ad- vantages and difficulties before examining its real-world implementation in the context of the Finnish manufacturing sector. In fact, the purpose of this study was to look at the possibilities of blockchain in SSCM, assess how it contributes to sustainability, and discover more about the driving forces behind its implementation in order to offer an understanding of block chain technology in SSCM. This chapter of the thesis brings together data compiled from scientific sources, prior case studies, annual reports, industry reports, and industry practitioners from Compa- nies A to H. Moreover, the thesis encompassed 8 samples of Finnish manufacturing companies from different categories based on varied backgrounds and locations for its investigation. In addition to that, the literature review section has included two signifi- cant theories to exhibit the theoretical framework of this research. Likewise, the thesis investigates how blockchains affect Finnish industrial supply networks using the frameworks of the circular economy and the triple bottom line (TBL). On the other side, while the circular economy theory seeks to revolutionize manufacturing indus- tries by enhancing societal-industry contact and promoting collaboration, the TBL the- ory places emphasis on economic, environmental, and social sustainability aspects. Subsequently, it demonstrated how blockchain technology could execute sustainability targets as a whole. Furthermore, case studies, interviews, and scientific resource anal- ysis all establish how important blockchain technology is to sustainable supply chain management (SSCM) from the global as well as Finnish manufactural perspective. This study appropriately combined qualitative as well as quantitative research tech- niques with both primary and secondary data analysis from earlier case studies to per- form theoretical as well as non-theoretical investigation. Substantially examining the function of block chain within the context of SSCM, the theoretical component of the research sought to further the body of academic knowledge already in circulation. 94 Primary data was gathered through in-depth interviews with industry professionals, offering insightful opinions and perceptions. Consequently, these interviews from sev- eral Finnish manufacturing sector and focused groups, which provided in-depth knowledge of the of the current status of implementation of blockchain technology in their companies and comprehended the motivational obstacles, beneficial characteris- tics, and possibilities of blockchain technology in SSCM, were a crucial component of the study. The study has successfully accomplished its goals primarily by outlining the fundamen- tal role of blockchain in SSCM and examining the advantages, difficulties, and driving forces behind block chain. It maneuverer its way through the intricacies of supply chain management, discovering about the challenges encountered due to environmental stewardship, social responsibility, and globalization. Additionally, it was discovered that the technology can be employed to facilitate a number of things, including prod- uct commercialization, monitoring the origins of items, and concentrating on sustaina- bility considerations. On the other hand, alongside with blockchain technology, IoT and smart contracts are consistently growing digital factor that has been able to revolu- tionize supply chain management in terms of achieving sustainability targets. 6.1 Blockchain’s potential to improve traceability and transparency Blockchain technology is capable of improving supply chain operations' traceability and transparency, according to Finnish manufacturing professionals, as well as through analysing several scientific papers concerning the topic. In fact, it uses distributed ledger technology to record transactions instantly, cut down on fraud, and give trans- parent visibility. As a result, this guarantees the implementation of sustainable practic- es and boosts trust in the supply chain's sustainability initiatives. Additionally, the transparency of blockchain technology corresponds with the increasing expectation of governments and consumers for increased accountability in sectors such as manufac- turing and automation, particularly energy sectors. Hence, it can be comprehended that blockchain technology is crucial in today’s supply chain management by offering a 95 safe and unchangeable ledger, building trust, and lowering the risks of fraud and coun- terfeiting, which could strengthen supply chain traceability and transparency to ac- complish sustainability targets. 6.2 Financial gains from blockchain adoption Although the potential for cost savings and efficiency advantages has been significantly acknowledged in Finland as well as globally, the financial benefits of blockchain adop- tion are not accurately determined in the Finnish manufacturing context. It is evident that enhanced transparency has the potential to decrease administrative expenses while optimizing processes and minimizing mistakes. On the other hand, better trace- ability is additionally helpful in streamlining inventories and logistics, which could cul- minate in cost savings. Another important conclusion from this research is the recognition of the financial benefits that block chain could offer to Finnish manufacturing industries. However, yet it has not been identified fully because companies have not fully implemented seeking to achieve it in their supply chain management procedures. Nevertheless, while block chain is still in the trial or study phase in many companies, respondents acknowledged its potential to reduce costs through improved risk management, fraud reduction, and streamlined operations. For instance, the use of blockchain to verify the authenticity of raw materials can minimize the risk of fraud and counterfeiting, reducing the need for costly insurance and mitigating supply chain disruptions. In short, through the analysis of the data collected from this thesis outlines that financial benefits are the major tar- gets of the Finnish manufacturing companies in regards to blockchain technology adoption, which plays a crucial role in achieving its extensive implementation around its stakeholders. Overall, since identifying financial benefits was a major objective of this research, it can be concluded that blockchain has the potential to significantly reduce costs as a result of automating and digitizing procedures that have historically involved a lot of 96 paper, such as international shipping and logistics. Apparently, according to Company A, integrating blockchain in transportation might result in up to 40% shorter transit times and significant operational cost savings. As a consequence, this research signifi- cantly indicates that block chain can be used to increase operational effectiveness and profitability over an extended period of time, in addition to being a means for promot- ing sustainability. Despite the obvious financial advantages, the study also shows that the majority of Finnish businesses have begun experimenting with blockchain technol- ogy. So, there is no doubt that they haven't quite incorporated it into their daily activi- ties either. Hence, such meticulous explore can be the result of the necessity to verify and evaluate blockchain’s functionality in large-scale industrial applications one more time. 6.3 Present condition of BT adoption in Finnish manufacturing sector The information obtained from corporate reports and interviews points to a limited current awareness of blockchain technology in the Finnish manufacturing sector. Even though many businesses, including Company A and Company B, have become con- scious of how blockchain technology might enhance sustainability and transparency, they haven't yet fully integrated it into their supply chain processes. Rather, these businesses are actively investigating and testing the potential of blockchain technolo- gy, frequently by studying how it is applied in other sectors of the economy, including transportation and shipping. For instance, Company A maintains constant surveillance on how major international corporations that have successfully implemented block chain in shipping operations— such notably A.P. Moller, Maersk, and IBM—use blockchain technology. As a result, these businesses have set an example for Finnish manufacturers to follow by demon- strating how blockchain can enhance data security and optimize logistics. Likewise, similar to this, Company E hasn't yet deployed the technology widely, but it has taken part in a cooperative project that examines block chain in assuring sustainability along sophisticated chains of value. Therefore, it can be comprehended that Finnish manu- 97 facturing companies are interestingly pioneering their policies and approaches toward adoption of this technology, but scaling it to the next level needs more effort and mo- tivation. According to the data collected in this research, block chain use is still in the beginning stages in Finnish industry. Moving ahead, the majority of businesses haven't used it yet, but a few others, including Companies A, E, and B, is investigating its possibilities. In order to improve the transparency of their supply chains, several businesses have started integrating technological advancements like IoT, SAP, and ERP systems; how- ever, since blockchain is still in its experimental stage in the majority of Finnish indus- tries, which apparently indicates a larger trend that suggests the industry is not yet fully utilizing block chain technology, despite its potential, because of functional, eco- nomic, and technological constraints. Hence, for their long-term viability initiatives, several businesses are concentrating on alternative strategies comparable to supplier audits and codes of conduct. 6.4 Obstacles in implementing BT in Finnish manufactural sector Although Finland is a technologically advanced country, through this research it can be concluded that still Finnish manufacturing industries is not much ready to integrate novel technology in its day –today operations in its supply chain operations to achieve sustainability target. It is because it has been found that one of the key barriers to the widespread adoption of blockchain technology in Finnish manufacturing is the current lack of familiarity with the technology among supply chain professionals. Furthermore, the information gathered for this study came from interviews, numerous of partici- pant’s claim that they knew very little to nothing about blockchain technology, and none of the participants professed to be extremely knowledgeable about its possible uses. Therefore, because businesses could be unwilling to engage in technology they do not entirely comprehend this knowledge disparity represents a serious barrier to the adoption of blockchain. Furthermore, because block chains are transparent and decentralized, there are extra concerns around information safety and confidentiality. 98 Since several scientific researchers have suggested that blockchain guarantees that data cannot be transformed, it also raises the possibility of confidential data regarding a business's supply chain processes being accessed by rivals or unapproved parties. On the other hand, several interviewees incorporated in this research have revealed and expressed concern about the aforementioned, emphasizing the necessity of carefully evaluating data management regulations immediately before integrating block chain technology in supply chains. Figure 22: Challenges for extensive implementation of BT in the Finnish manufacturing sector. Source: Figure created by author based on data collected through different approaches of this research. Blockchain technology adoption barriers in Finnish manufacting industries Lack of cost and technical expertise Collaboration with existing technologies such as SAP, ERP &IoT. Stakeholders limited adoption and collaboration to implement Potential energy consumption and scability issues 99 6.5 Future possibilities and author’s recommendations Despite these challenges of implementation on a larger scale to benefit from BT in the Finnish manufacturing context, the future prospects for blockchain technology in en- hancing sustainable supply chain management are expected to be promising. It's inter- esting to observe that a lot of Finnish businesses are already looking into how block chain technology might facilitate them meet their sustainability objectives. Additional- ly, a number of respondents expressed hope that block chain technology would even- tually be completely incorporated into supply chain operations. Surprisingly, block chain adoption is projected to increase due to growing consumer preferences and gov- ernmental requirements for supply chain transparency as well as accountability. Con- sequently, this constitutes the most important element for the technology's future scalability. In contrast, it can be argued that Finnish manufacturing enterprises must invest in developing their internal capabilities and knowledge of block chain technology in order to fully take advantage of the benefits of this technology. Besides that, for the purpose of conveying best practices, supply chain professionals from this industrial sector along with other industrial sectors could potentially benefit from training and education pro- vided by blockchain. Additionally, pilot initiatives for testing blockchain solutions in actual supply chain situations can be conducted in collaboration with technology pro- viders and other industries. Furthermore, it can be recommended that businesses should integrate block chain technology gradually, beginning with particular use cases where it can provide instant advantages, such as pollution tracking, supply chain traceability, or safeguarding against fraud. In addition to that, these organizations should have to work collabora- tively with academic researchers and professionals to significantly execute their scala- bility plan. And the most crucial step could be that businesses can reinforce their busi- ness case for more blockchain investment by concentrating on the technology's bene- fits in these domains. 100 According to the findings of this research, it can be undoubtedly recommendable that implementing blockchain technology could be a workable way to address the problems facing supply chain management (SCM) today, but it hasn't been widely used because of its relative lack of popularity in Finland. Those who support should educate compa- nies and sectors about blockchain technology because diving directly into its large- scale implementation can be risky. However, increasing its implication every year based on its outcomes and size of company could be a convincing idea. Also, other important factors are product type, industry, and the size of the company. 101 7 Limitations The limitation of this research prevails in the size of the sample, which means the number of the company’s employees and representatives that were interviewed and represents a small number of participants from the Finnish manufacturing industries. Consequently, there is a lack of sufficient evidence to extend and represent those find- ings to the entire Finnish manufacturing sector. In addition to that, the interviewees who participated in this study have limited knowledge and understanding of the topic at hand, which has significantly limited the results of this research. On the other hand, the research focused entirely on one business sector, which is Finnish manufacturing businesses, which subsequently leads to the conclusion that it might not be suitable to apply to other areas or sectors with varying segments such as technical, economical, and governmental conditions. Although most of the Finnish manufacturing industries included in this research have not accepted the implications and impact of blockchain technology in their supply chain operations, Nevertheless, some of the companies are conducting collaborative research, which is in the stage of trial or study, with other companies in the context of adopting block chain technology in their supply chain operations to achieve sustaina- bility, which has significantly impacted this research, drawing a comprehensive conclu- sion. It is because the findings regarding its potential benefits and limitations are based on limited actual experience and most likely will change as this technology develops further. In the context of the data collected, the qualitative data could be potentially impacted because of the interviewees own biases and perceptions developed from their own company’s policies, affecting their ability to draw a concrete conclusion in this re- search. On the other hand, regarding the quantitative data gathered for this research, there is a significant lack of statistical data, representing less data analysis, which has limited this research. Besides that, Challenges to implementing blockchain technology include scalability, compatibility among devices, and integration of present technolo- 102 gies (Verma et al., 2024, p. 3) has resulted in limitation due to impacting on gathering appropriate data in this research. 103 8 Future research directions In terms of analysing future direction of this research, evaluating the viewpoints of- fered by numerous stakeholders, including as suppliers, customers, and regulatory agencies, to gain a better understanding of the larger ecosystem and working together required for an efficient block chain implementation is required. For instance, (Gozali et al., 2024, p. 15) suggests that many open issues remain to be researched and ad- dressed in order to develop more workable and practical industrial applications, medi- cal services, commercial property, the customer and civilian applications, government and military operations and highly fast-moving products that can fully benefit coming from Block chain technology and achieve the desired outcome. Gozali et al. (2024, p. 15) claim that the significant operational cost of block chain rep- resents the most difficult barrier for blockchain applications, which is high prices. Addi- tionally, other challenges that remain include safety, confidentiality, scalability, energy and mineral extraction concerns, collaboration with additional systems, and, more especially, legal issues (Verma et al., 2024, p. 3). Thus, further research is essential in this significant aspect to investigate cost-effectiveness through conducting thorough cost-benefit evaluations to determine the economical, functional, and environmental consequences of block chain technology in supply chains. (Gozali et al., 2024, p. 15) Future studies should look into how the supply chain may be connected with new technologies like the Internet of Things (IoT) and artificial intelligence to improve sus- tainability (Verma et al., 2024, p. 11) in the manufacturing sector. Further research into regulatory frameworks and policy consequences will benefit governments, managers, IT professionals, sustainability officials, and supply chain experts in developing favour- able circumstances for the adoption of block chain technologies (Verma et al., 2024, p. 11). Sahoo et al. (2022, p. 40) argue that blockchain-based digitalization converts open supply chains into closed-loop systems, including social and environmental issues into company operations. These results in a developing business ecosystem, necessitating further study in the circular economy, digital economy, and sharing economy to handle 104 complexity (Sahoo et al., 2022, p. 40) thus, can contribute Finnish manufacturing indus- tries. 105 References ABB. (2023). ABB sustainability report 2023. https://search.abb.com/library/Download.aspx?DocumentID=9AKK108469A108. Ageron, B., Gunasekaran, A., & Spalanzani, A. (2012). Sustainable supply chain man agement: An Empirical study. International journal of production economics. ELSEVIER.Pages 168-182. Volume 140, issue 1. https://doi.org/10.1016/j.ijpe.2011.04.007. Ayan, B., Turan, S, S., & Guner, E. (2021). Bloch chain technology and sustainability in Supply chains and a closer look at different industries: A mixed method Approach. Logistics. 6(4), 85. https://doi.org/10.3390/logistics6040085. Ataran, M., & Gunadekaran, A. (2019).Block chain-enabled technology: the emerging Technology set to reshape and decentralise many industries. International Journal of applied decision sciences. Research gate. https://www.inderscience.com/offers.php?id=102642. Al-Swidi, A, K., AL-Hakimi, M,A., AL-Halbusi, H., AL-Harbi, J,A., & AL-Hattiami, H,M. (2024). Does block chain technology matter for supply chain resilience in dynamic enviromments? The role of supply chain integration. Vol. 19.p1- 21.22p. . https://doi.org/10.1371/journal. pone.0295452. Alamgeer, Z. (2023). The time horizon in research onion. The innovidea. https://theinnovidea.com/time-horizon-in-research-onion 106 Apostolaki, M., Zohar, A., & Vanbever, L. (2017).Hijacking Bitcoin: Routing attacks on cryptocurrencies. IEEXplore. https://ieeexplore.ieee.org/abstract/document/7958588. Ataran, M., & Gunadekaran, A. (2019).Block chain-enabled technology: the emerging technology set to reshape and decentralise many industries. International Journal of applied decision sciences. Research gate. https://www.researchgate.net/publication/332786698_Blockchain- enabled_technology_The_emerging_technology_set_to_reshape_and_decentrli s many_industries. Aljamal, D., Salem, A., Khanna, N., & Hegab, H. (2024). Towards sustainable manu facturing: A comprehensive analysis of circular economy key performance Indicators in the manufacturing industry. Sustainable Materials and Technologies, 40, e00953. https://doi.org/10.1016/j.susmat.2024.e00953. Ahmed, V., & Akotia, J. (2016). Research methodology in the build environment. Selection of case studies. Choosing an appropriate research methodology And method.Research gate. file:///C:/Users/Rajendra%20khadka/Downloads/Chapter3_RM.pdf. Ajayi, O, A. (2017). Primary sources of data and secondary sources of data. Department Of sciences and mathematics education. Research gate. https://www.researchgate.net/publication/369830104_Primary_and_ Second. Annukka, B., Lahtunoja, S., Ylonen, M. (2019). An evaluation of Finland’s sustainable Development policy. Research gate. Publications of the government’s analysis, assessment and research authorities. https://www.researchgate.net/publication/336346192_PATH2030. 107 Behnke, K., & Janssen, M,F,W,H,A. (2020). Boundary conditions for traceability in food Supply chain using block chain technology. International Journal of information Management. Science direct. https://www.sciencedirect.com/science/article/pii/S0268401219303536. Bouchrika, I. (2024). How to write research methodology in 2024.overview, Tips and techniques. Research.com. https://research.com/research/how-to-write-research-methodology. Bagley, J. (2016). The block chain a new web 3.0? [online]. https://block geeks.com/guides/what-is-block chain-technology. Business Finland. (2023). Competitiveness in sustainable way. Sustainable manufacturing Finland. https://www.businessfinland.fi/en/for-finnish- custom ers/services/programs/ended- Bals, L., & Tate, W. L. (2018). Sustainable Supply Chain Design in Social Businesses: Advancing the Theory of Supply Chain. Journal of Business Logistics, 39(1), 57- 79. https://doi.org/10.1111/jbl.12172. Böhmecke-Schwafert, M., Wehinger, M., & Teigland, R. (2022). Block chain for the circular economy: Theorizing block chain’s role in the transition to a circular Economy through an empirical investigation. Business Strategy and the Environment, 31(8), 3786-3801. https://doi.org/10.1002/bse.3032 108 Bouchrika, I. (2024). Primary Research Vs Secondary Research in 2024.Definitions, Differences, and Examples. https://research.com/research/primary-research-vs-secondary-research. Basuki, M. (2021). Supply chain management: A Review. Journals of Industrial engi- neering And Halal industries. Pages 9-12. https://www.researchgate.net/publication/354671163_SUPPLY_CHAIN_MANAGE MENT_A_REVIEW. Bhattacherjee, A. (2012). Social sciences. Research principles, Methods, and practices. Digital commons. University of South Florida. https://digitalcommons.usf.edu/cgi/viewcontent.cgi?article=1002&context=oa_t Blackwell, R, G. (2018). Introduction to positivism, interpretivism and critical theory. Research gate. https://www.researchgate.net/publication/323811451_Introduction_to_positivi sm_interpretivism_and_critical_theory. . Bułkowska, K., Zielińska, M., & Bułkowski, M. (2023). Implementation of Block chain Technology in Waste Management. Energies, 16(23), 7742. https://doi.org/10.3390/en16237742. Chadwick, B., Treasure, E., Stewart. K., & Gill, P. (2008). Methods of data collection In qualitative research: interviews and focus groups. https://www.nature.com/articles/bdj.2008.192. Cole, R., Stevenson, M. and Aitken, J. (2019), "Blockchain technology: implications for operations and supply chain management", Supply Chain Management, Vol. 24 No. 4, pp. 469-483. 109 https://doi-org.proxy.uwasa.fi/10.1108/SCM-09-2018-0309. Catalini,C., & Gans,S. J.(2020). Block chain technology can shape innovation and competition in digital platforms, but under what condition? Some simple economics of block Chain. Volume 63, Issue 7, pp. 80-90. https://dl.acm.org/doi/abs/10.1145/3359552. Centobelli, P., Cerchione, R., Vecchio, P. D., Oropallo, E., & Secundo, G. (2022). Block chain technology for bridging trust, traceability and transparency in Circular supply chain. Information & Management, 59(7), 103508. https://doi.org/10.1016/j.im.2021.103508. Chang, E, S., Chen, Y-C., & Lu, M. (2019). Supply chain re-engineering block chain Technology: A case Of smart contract based tracking process. Technological forecasting & social change. https://doi.org/10.1016/j.techfore.2019.03.015. Chetty, P., & Walia, A. (2020). How to formulate a research strategy? https://www.projectguru.in/how-to-formulate-a-research-strategy. Creswell, J, W. (2014). Research design: qualitative, quantitative, and mix-methods Approaches. Research design. Sage.p. (3-23). https://books.google.fi/books/about/Research_Design.html?id=4uB76IC_pOQC &redir_esc=y. Clifford Defee, C. and Fugate, B.S. (2010), "Changing perspective of capabilities in the Dynamic supply chain era", The International Journal of Logistics Management, Vol. 21 No. 2, pp. 180-206. https://doi.org/10.1108/09574091011071915. 110 Dehkordi, B, B. (2021). Application of block chain technology in sustainable supply Chain management. [Master’s thesis, LUT University]. https://lutpub.lut.fi/bitstream/handle/10024/162099/Master%27s%20Thesis% 20%20Bahar%20Bahramian%20Dehkordi. %20Final.pdf? Sequence=1. Dursun,T., Birinci,F., Altekin.B, & Sertkaya,I.(2022). Block chain technology for supply c- hain management. https://www.researchgate.net/publication/353764416_Blockchain_Techno logy for_Supply_Chain_Management. Duan, K., Pang, G., Lin, y.(2023). Exploring the current status and future opportunities Block chain technology adoption and application in supply chain management. Journal of digital economy. Science direct. Volume 2. Pages 244-288. https://www.sciencedirect.com/science/article/pii/S2773067024000050. Dutta, P., Choi, M,T., Somani, S., & B.R. (2020). Block chain technology in supply chain Operations: Applications, challenges and research opportunities. TransportationResearch part E: logistics and transportation Review . Volume 142, 102067. https://www.sciencedirect.com/science/article/pii/S1366554520307183. Difrancesco, M, R., Meena, P., & kumar, G. (2022). How block chain technology improve sustainability supply chain processes: a practical guide. National library of Medicines. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9797894. 111 Elgeddawy, M., & Abouraia, M. (2024). Pragmatism as a research paradigm. Research gate. `https://www.researchgate.net/publication/381802464_Pragmatism_as_a_Rese arc _Paradigm. Esmaeilian, B., Sarkis, J., Lewis, K., & Behdad, S. (2020).Block chain for the future of sustainable supply chain management in Industry 4. 0. Resources, conservation and recyclying. Volume 163. ELSEVIER. https://doi.org/10.1016/j.resconrec.2020.105064. European Parliament. (2021). EU environment policy to 2030: a systematic change. European Parliament. Topics. https://www.europarl.europa.eu/topics/en/article/20210701STO07544/eu- environmental-policy-to-2030-a-systemic-change. Fernando, J., James, M., & Eichler, R. (2024). Supply chain management (SCM): How it Works &why it’s important. Investopedia. https://www.investopedia.com/terms/s/scm.asp. Fritz, M.C.M. (2022). A supply chain view of sustainability management. Cleaner production letters. Science Direct. Volume 3. https://www.sciencedirect.com/science/article/pii/S2666791622000215. Franciso, K., & Swanson, D. (2018). The supply chain has no clothes: Technology Adoption of block chain for supply chain transperancy . Logistics. https://doi.org/10.3390/logistics2010002. Flint, D. J. (2003). Strategic marketing in global supply chains: Four challenges. Industrial Marketing Management, 33(1), 45-50. https://doi.org/10.1016/j.indmarman.2003.08.009. 112 Finasko. (2017). Block chain analysis-Applications of the technology in different sectors. https://finasko.com/t/blockchaintechnology-analysis-applications-of-the In different sectors. Finland Promotion Board. (2024). Circular economy. Finland Tool box. https://toolbox.finland.fi/circular-economy. Gemma, R. (2018). Open research online. The Open University. https://oro.open.ac.uk/49591/17/49591ORO.pdf. Govil, M., & Proth, M, J. (2002). Definition of a supply chain. Supply chain design and Management. Strategic and tactical perspective. Pages. 7-16.Science direct. https://doi.org/10.1016/B978-0-12-294151-1.X5000-0. Goldkuhl, G. (2012). Pragmatism vs interpretivism in qualitative information systems Research. Research gate. European Journals of information systems. pp. (135-146). https://www.tandfonline.com/doi/epdf/10.1057/ejis.2011.54?needAccess=true Guo, X., Zhang, G., & Zhang, Y. (2022). A Comprehensive Review of Block chain Tech nology enabled Smart Manufacturing: A Framework, Challenges and Future Research Directions. Sensors, 23(1), 155. https://doi.org/10.3390/s23010155. Ghisellini, P., Cialani, C., & Ulgiati, S. (2016). A review on circular economy: The ex- pected transition to a balanced interplay of environmental and economic systems. Journal of cleaner production.114, 11-32. https://doi.org/10.1016/j.jclepro.2015.09.007. 113 Gozali, L. & Daywin, J, F. (2024). The improvement of block chain technology in supply Chain management (case study: pesticide company). https://www.nature.com/articles/s41598-024-53694-w. George, T. (2023). Mixed methods research. Definitions, guide & examples. https://www.scribbr.com/methodology/mixed-methods-research. Guo, X., Zhang, G., & Zhang, Y. (2022). A Comprehensive Review of block chain Tech Nology Enabled Smart Manufacturing: A Framework, Challenges and Future Research Directions. Sensors, 23(1), 155. https://doi.org/10.3390/s23010155. Giesel, D, H., & Nobre, M, S, F. (2021). Implication of block chain technology and transp Erancy for business sustainability: A intergrative review. Revista de Administracao Mackenzie , 22(6), 1-30. http://dx.doi.org/10.1590/1678-6971/eramd210033. Hannila, H. (2023). Utilizing block chain technology in sustainable supply chain manage Ment [Master’s thesis, LUT University]. https://lutpub.lut.fi/bitstream/handle/10024/166299/Master%20thesis Hannila_Helmi%20.pdf. Hermundsdottir, F., & Aspelund, A. (2020). Sustainability innovations and firms com Petitiveness: A review. Journal of cleaner productions. Research gate. ELSEVIER. http://dx.doi.org/10.1016/j.jclepro.2020.124715. IBM. (2023). Block chain technology for supply chain solutions. www.ibm.com/blockchain-supply-chain. 114 Ismail, L., & Materwala, H. (2019). A Review of Block chain Architecture and Consensus Protocols: Use Cases, Challenges, and Solutions. Symmetry, 11(10), 1198. https://doi.org/10.3390/sym11101198. Jolle, M. (2013). Sustainable supply chain management. Proquest. Ebook contral. https://ebookcentral-proquest-com.proxy.uwasa.fi/lib/tritonia- ebooks/reader.action?docID=1187171&ppg=13. Javaid, M., Haleem, A., Pratap Singh, R., Khan, S., & Suman, R. (2021). Blockchain technology Applications for Industry 4.0: A literature-based review. Block chain: Research and Applications, 2(4), 100027. https://doi.org/10.1016/j.bcra.2021.100027. Jamwal, A., Agrawal, R., & Sharma, M. (2022). A framework to overcome block chain Enabled sustainable manufacturing issues through circular economy and Industry 4.0 measures. Volume 7. https://www.proquest.com/docview/2792895962?pq- origsite=gscholar&fromopenview=true&sourcetype=Scholarly%20Journals. Jansen, D. (2023). Research philosophy and paradigms. GRADCOACH. https://gradcoach.com/research-philosophy. Jaako, P., Valtanen, K., & Tanner, H. (2017). Towards a new eara in manufacturing. Final report of VTT’s for industry spread head program. file:///C:/Users/Rajendra%20khadka/Downloads/BCT%20and%20manufacturing . 115 Kauppinen, T., & Livari, M.(2022). Accelerating the deployment of block chain technol- ogy Requires trust building and introduction of successful example cases. University of Oulu. Faculty of information technology and electrical engineering. [Online]. https://joy.oulu.fi/en/news/accelerating-deployment-blockchain-technology- requires-trust-building-and-introduction-successful. Khanfar, A, A, A., Iranmanesh, M., Ghobakhloo, M., & Senali, G, M. (2021). Application of block chain technology in sustainable manufacturing And supply chain management: A systematic review. https://doi.org/10.3390/su13147870. Khan, A, Jaffer., Raman, M, A., Sambamoorthy, N., & Prashant, K. (2023). Research Methodology (methods, approaches and techniques). Research gate. http://dx.doi.org/10.59646/rmmethods/040 Ko, T., Lee, J., & Ryu,D.(2018). Block chain technology and manufacturing industry: Real time transparency and cost savings. Sustainability. MDPI. https://doi.org/10.3390/su10114274. Koiviola, Z. (2023). Sustainable manufacturing. Good news from Finland. https://www.goodnewsfinland.com/en/articles/five-from- fin land/2023/sustainable- manufacturing. Konyha, J., & Bányai, T. (2017). Sensor Networks for Smart Manufacturing Processes. In Solid State Phenomena (Vol. 261, pp. 456–462). Trans Tech Publications, LTD. https://doi.org/10.4028/www.scientific.net/ssp.261.456. 116 Konecranes. (2023). Sustainablity report 2023. https://investors.konecranes.com/sites/konecranes/files/Annual_report_2023/u sustainability report 2023.pdf. Kshetri, N. (2018). 1 Block chain’s roles in meeting key supply chain management objectives. International Journal of Information Management, 39, 80-89. https://doi.org/10.1016/j.ijinfomgt.2017.12.005. Khanfar, A,A,A., Iranmanesh, M., Ghobakhloo, M., Senail, G,M., & Fathi,M. (2021). Application Of block chain technology in sustainable manufacturing and supply chain management a systematic review. https://doi.org/10.3390/su13147870. Kshetri, N. (2021). Block chain and sustainable supply chain management in devel Oping countries. International Journal of information management. Volume 60. Science direct. https://www.sciencedirect.com/science/article/abs/pii/S0268401221000694. K,Mahtab., S.Sara., & S,Joseph.(2021). Block chain critical success factors for sustainabl- e Supply chain. International Journal of production Economics. Science direct. https://www.sciencedirect.com/science/article/abs/pii/S0925527320302012. Kabir, S, M, Syed. (2016). Methods of data collection. Research gate. P (201-245). https://www.researchgate.net/publication/325846997_. Kouhizadeh, M., Saberi, S., & Sarkis, J.(2021). Block chain technology and the sustainab Le supply chain: Theoretically exploring adoption barriers. International Journal of production economics. Science direct. Volume 231. 117 https://doi.org/10.1016/j.ijpe.2020.107831 Kullas,T. (2018). Sustainable supply management in SMES. Evidence from the Finnish Textile industry. [Master’s thesis, University of Vaasa] Osuva. https://osuva.uwasa.fi/handle/10024/9333. Kwok, J, A., & Treiblmaier, H. (2023). Block chain technology as a driver of economic Development in small economics: a dynamic capabilities framework. Journals of decision systems. Research gate. http://dx.doi.org/10.1080/12460125.2023.2214304. Lawani, A. (2020). Critical realism: what you should know and how to apply it. Research gate. Critical realism. http://dx.doi.org/10.1108/QRJ-08-2020-0101. Leng, J., Ruan, G., Jiang, P., Xu, K., Liu, Q., Zhou, X., & Liu, C. (2020). Block chain- em powered Sustainable manufacturing and product lifecycle management in industry 4.0: A survey. Renewable and Sustainable Energy Reviews, 132, 110112. https://doi.org/10.1016/j.rser.2020.110112. Linnakangas, M., Seppanen, S., & Suomi, T. (2023).Block chain boosting Finnish indust- ry.https://www.etla.fi/en/research/blockchains-bond Loughlin, MC, K., Lewis,K., Cascelles,D., & Nadurupati, S.(2021). Sustainability in supply Chains: reappraising business process management. Pages 19-52. Volume 34. https://doi.org/10.1080/09537287.2021.1884764. 118 Muchenje, C., Ruzive, B., Mugoni, E., Kastsvaino, H.m & Tapera, C,M ., (2023). Sus tainable Supply chain management: reducing the environmental impact of production and Distribution processes. https://www.igi-global.com/gateway/chapter/330792. Mastrociague, E.,Ramirez, J, F., Honrubia-Escribano, A., Pham, T.D. (2022). Technology Forecasting and social change.Industry 4.0 enabling sustainable supply chain Development in the renewable energy factor: A multi –criteria intelligent Approach.Volume 182. Science direct. https://doi.org/10.1016/j.techfore.2022.121813. Manupati, V, K., Schoenherr, T., Ramkumar, M., Wagner, S, M., Pabba, S, K., & Inder Raj Singh, R. (2019). A block chain-based approach for a multi-echelon sustainable Supply chain. International Journal of production Research, 58(7), 2222-2241. https://doi.org/10.1080/00207543.2019.1683248. Mathers, N., Fox, T, N., & Hunn, A. (2000). Using interviews in a research project. Research Gate. https://www.researchgate.net/publication/253117832_Using_Interviews_in_a_ research and project. Mexo. (2020). Sustainable manufacturing Finland program focuses on increasing the Competitiveness of the Finnish manufacturing industry in a sustainable way. https://www.mexfinland.org/2020/03/10/sustainable-manufacturing- finlandprogram-focuses-on-increasing-the-competitiveness-of-the-finnish- manufacturing- industry-in-a-sustainable-way. Maione, I. (2023). How to define the Research Question: Tips for Aspiring Researchers, Beginners and students. Resonio. https://www.resonio.com/blog/define-the-research-question. 119 Mettinen, L. (2021). Sustainable manufacturing in Finnish industrial SMEs from the LCA Perspective. [Master’s thesis, University of Vaasa]. Osuva. https://osuva.uwasa.fi/handle/10024/12897. Mohanta, B. K., Panda, S. S., and Jena, D. (2018). ‘An Overview of Smart Contract and Use Cases in Block chain Technology’, in 2018 9th International Conference on Computing, Communication and Networking Technologies, ICCCNT 2018. IEEE, pp. 1–4. doi: 10.1109/ICCCNT.2018.8494045. Mugoni, E., Kanyepe, J., & Taketa, M. (2024). Sustainable supply chain management Practices (SSCMPS) and environmental performance: A systematic review. Volume 3, issue 1, 100050. Science direct. https://doi.org/10.1016/j.stae.2023.100050. Medina, J.M., Baadet,C., & Cebraty, F,J. (2024). Block chain and agency theory in supply Chain management: A question of trust. International Journal of management, Volume 75, 2024, 102747. https://wwwsciencedirectcom.proxy.uwasa.fi/science/article/ . Mahtab,K.,Sara,S., & Joseph,S.(2021). Block chain critical success factors for sustainabl- e Supply chain. International Journal of production Economics. Science direct. https://www.sciencedirect.com/science/article/abs/pii/S0925527320302012. Morana, J. (2013). Sustainable supply chain. https://books.google.fi/books/about/Sustainable_Supply_Chain_ Management.html?id=qwzHEQAPwOUC&redir_esc=y. 120 Murthy, S, N., & Bhojanna, U. (2008). Business research methods. https://books.google.co.in/books?id=rAGl6iQNsw8C&printsec=frontcove r#v=onepage&q&f=false. Machado, G, C., Winroth, P,M., Silva, R,D,H,E. (2020). Sustainable manufacturing in Industry 4.0: An emerging research agenda. International Journal of Production research. Vol. 58, No. 5, pp. 1462-1484. https://www.tandfonline.com/doi/epdf/10.1080/00207543.2019.1652777? need Access=true. Medina, J.M., Baadet,C., & Cebraty, F,J. (2024). Block chain and agency theory in supply Chain management: A question of trust. International Journal of management, Volume 75, 2024, 102747. https://wwwsciencedirectcom.proxy.uwasa.fi/science/article. Mugoni, E., Kanyepe, J., & Taketa, M. (2024). Sustainable supply chain management Practices (SSCMPS) and environmental performance: A systematic review. Volume 3, issue 1, 100050. Science direct. https://doi.org/10.1016/j.stae.2023.100050. Mamasiouslas, A., Mourtzis, D., & Chryssolouris, G. (2020). A manufacturing inno Vation overview: concepts, models, and metrics. pp. 769-791. INTERNATIONAL JOURNAL OF COMPUTER INTEGRATED MANUFACTURING. https://www.tandfonline.com/doi/epdf/10.1080/0951192X.2020.178031 7?needAccess=true. 121 Mashuri, S., Rasak, A, S,M., Alhabsyi, F., & Syam, H. (2022). Semi-structured interview: A methodological reflection on the development of a Qualitative research instrument in educational studies. Volume 12, Issue 1. pp. 22-30. http://repository.iainpalu.ac.id/id/eprint/1247/1/Saepudin%20Mashuri. %20Artkel%20inter.pdf. Movaffaghi, H., Yitmen, I. (2023). Framework for dynamic Circular Economy in the Building Industry: Integration of Block chain Technology and multi- Criteria decision making approach.Sustainability.MDPI. https://www.diva-portal.org/smash/get/diva2:1811695/FULLTEXT01.pdf. Metso. (2023). Metso’s annual report 2023. https://www.metso.com/globalassets/investors/reports/2023/annual-report- 2023/metso_business_overview_2023.pdf. Nair, S, S. & Prem, S, S. (2020). A framework for mixed-method research. Volume 8. Issue 8. http://dx.doi.org/10.34293/management.v8i2.3220. Neill, O, A. (2024). Finland: share of economic sectors in the gross domestic (GDP) From 2012 to 2022. Statista. https://www.statista.com/statistics/327513/share-of-economic-sectors-in- the-gdp-in-finland. Neste. (2023). Neste annual report 2023. file:///C:/Users/Rajendra%20khadka/Downloads/Neste%20Annual%20Report%. 2023.pdf. 122 Neste Corporation. (2022). ISCC and circularise pilot block chain technology with 10 Companies including Neste, to complement mass balance certification. Circular economy & sustainability. https://www.neste.com/news/iscc-and-circularise-pilot-blockchain-technology- with 10-companies-including-neste-to-complement-mass-balance-certification. Nogueira, E., Gomes,S., & Lopes, M,J. (2023). Tripple bottom line, sustainability, and Economic Development : What Blinds them to work ? Abiblimetric approach. Sustainability.MDPI. http://dx.doi.org/10.3390/su15086706. Noor, M, B, K. (2008). Case study: A strategic research methodology .American Journal of Applied sciences. https://d1wqtxts1xzle7.cloudfront.net/98524637/ajassp.2008.1602-. Olsen, P., & Borit, M. (2013). How to define traceability. Trends in Food science & Technology.Volume 29, issue 2, pages 142-150. Science direct. https://www.sciencedirect.com/science/article/abs/pii/S0924224412002117. Onwuegbuzie, J, A., & Combos, P.J. (2011). Data analysis in mixed Research: A Premier. Macrothink institute. https://www.researchgate.net/publication/267387779_Data_Analysis. Paliwa, V., Chandra, S., & Sharma, S. (2020). Block chain technology for sustainable supply Chain: A systematic literature review and a classification frame work.MDPI. Sustainability. https://doi.org/10.3390/su12187638. 123 Pal, A., Tiwari, C. K., & Haldar, N. (2021). Blockchain for business management: Applications, challenges and potentials. The Journal of High Technology Management Research, 32(2), 100414. https://doi.org/10.1016/j.hitech.2021.100414. Pham, D.T., & Thomas, A.J. (2012).Fit manufacturing: a framework for sustainability. Journal of Manufacturing Technology Management, Vol. 23 No. 1, pp. 103-123. https://doi.org/10.1108/17410381211196311. Preikschat, K., Böhmecke-Schwafert, M., Buchwald, P., & Stickel, C. (2021). Trusted systems of records based on Block chain technology - a prototype for mileage storing in the automotive industry. Concurrency and Computation: Practice and Experience, 33(1), e5630. https://doi.org/10.1002/cpe.5630. PWC. (2023). How can block chain power industrial manufacturing? https://www.pwc.com/gx/en/industries/industrial- manufactur- ing/publications/assets/pwc-blockchain-in-manufacturing.pdf. Rahmann, M, M. (2018). How should I present qualitative interview data in a research? Article.editage insights. https://www.editage.com/insights/how-could-i-present-qualitative-interview- data-in-an-article . Queiroz, M.M., Telles, R. and Bonilla, S.H. (2020), "Block chain and supply chain Management integration: a systematic review of the literature", Supply Chain Management, Vol. 25 No. 2, pp. 241-254. https://doi.org/10.1108/SCM-03-2018-0143. 124 Rejeb, A., & Rejeb, K.(2020). Block chain and supply chain sustainability. Research gate. https://www.researchgate.net/publication/342513673_Blockchain_and_sup. Rejeb, A., Appolloni, A., Rejeb, K., Treiblmaier, I, M., & Keosh, G, T. (2023). The Role of block chain technology in the transition towards the circular Economy: Findings from a systematic literature review. Resource conservation & recycling advances. ELSEVIER.RESEARCH GATE. http://dx.doi.org/10.1016/j.rcradv.2022.200126. Ruggerio, A, C. (2021). Sustainability and sustainable development: A review of principl Es and definitions. Science of the total environment. Volume 786. https://doi.org/10.1016/j.scitotenv.2021.147481. Rajak, S., Mathiyazhagaan, K., Agarawal, V., Sivakumar, K., Kumar,V., & Appolloni, A. (2022) .Issues and analysis of critical success factors for the Sustainable initiatives in the supply chain during COVID -19 pandemic Outbreaks in India: A case study. https://doi.org/10.1016/j.retrec.2021.101114. Ramageri, M, B., & Arjunwadkar, M.(2020). Application of block chain technology in Various sectors: A review. https://www.researchgate.net/publication/354652587_Applications_of_Blockch ain_Technology_in_Various_SectorsA_Review. Sakyi, A, K., Musona, D., & Mweshi, G. (2020). Research methods and methodology advance in social research journal Vol.7. http://dx.doi.org/10.14738/assrj.73.7993. 125 Salo, T., Silenskyte, A., Bartminas, A., & Rakic, A. (2023). Block chain technology offers Immense possibilities.Digital economy and beyond. https://blogs.uwasa.fi/digitaleconomy/blockchain-technology-offers-immense- possibilities. Sahoo, S., Kumar, S., Sivarajah, U., & Kumar, A. (2022). Block chain technology for sust- Ainable supply chain management: trends and ways forwards. Research gate. http://dx.doi.org/10.1007/s10660-022-09569-1. Shah, K., Patel, N., Thakkar, J., & Patel, C. (2021). Exploring applications of block chain technology for Industry 4.0. Materials Today: Proceedings, 62, 72387242. https://doi.org/10.1016/j.matpr.2022.03.681. Santhi, R, A., & Muthuswamy, P. (2022). Influence of block chain technology in manufa Cturing supply chain and logistics.Logistics.Research gate. https://www.researchgate.net/publication/358600267_Influence_of_Blockchain _Te chnology_in_Manufacturing_Supply_Chain_and_Logistics. Schäffer, M., di Angelo, M., Salzer, G. (2019). Performance and Scalability of Private Ethereum Block chains. Business Process Management: Block chain and Central and Eastern Europe Forum. BPM 2019. Lecture Notes in Business Information Processing, vol 361. Springer, Cham. https://doi.org/10.1007/978-3-030-30429-4_8. Saberi, S., Kouhizadeh, M., Sarkis,J., & Shen, L.(2018). Block chain technology and its Relationships to sustainable supply chain management. Science direct. https://doi.org/10.1080/00207543.2018.1533261. 126 Silenskyte, A., Butkeviciene, J., & Bartminas, A. (2023). Journal of international manage Ment. Block chain based connectivity within platforms and eco-systems in int Ernational business. Science direct. https://www.sciencedirect.com/science/article/pii/S1075425323001060?via%3. Souza, B.E., Carlos, L, R., Mattos, De, A, C., & Scur, G. (2024). The role of block chain Platform in enabling circular economy practices. Research articles. Research gate. http://dx.doi.org/10.1002/csr.2885. Shukla, K, R., Garg, D., & Agarwal, A. (2011). Understanding of supply chain: A literature Review. International Journal of Engineering science and technology. Vol.3. https://www.academia.edu/download/53770247/7aa99d3554e2ccd5 fdedad2e3dbccd487d07.pdf. Shrivastava, P. (1995). The role of corporations in achieving ecological sustaina Bility, ‘Academy of management Review’, Vol.20, no.4. 936-960. https://journals.aom.org/doi/abs/10.5465/amr.1995.9503271996. Swaminathan, M.J., & Lu.X.L. (2015). Supply chain management. Research gate. http://dx.doi.org/10.1016/B978-0-08-097086-8.73032-7. Sharabati, A, A, A., & Jreisat, R, E. (2024). Block chain technology implementation in Supply chain management: A literature Review. Sustainability. MDPI. https://www.mdpi.com/2071-1050/16/7/2823. Shuang, W., Guixian, T., Islam, T., Khaskhelly, F,Z., & Shaikh, M.(2023). Effect of Block Chain technology for sustainable performance in supply chain management. Problems of sustainable development/ problemy Ekoro Zwoju. Vol. 18 Issue 2, 127 p159-166, 8p. https://ph.pollub.pl/index.php/preko/article/view/3954/3225. StoraEnso. (2023). Annual reports 2023. https://www.storaenso.com/en/investors/annual-report. Swaen, B. (2022). How do you incorporate an interview into a Dissertation? Tips. Scriber. https://www.scribbr.com/methodology/how-do-you-incorporate-an-interview. Into a dissertation. Synder, H. (2019). Literature review as a research methodology: An overview and Guidelines. Journal of business research. Volume 104, pages 333-339. https://doi.org/10.1016/j.jbusres.2019.07.039. Santhi, R, A., & Muthuswamy, P. (2022). Influence of block chain technology in manufa cturing supply chain and logistics.Logistics.Research gate. https://www.researchgate.net/publication/358600267_Influence_of_ Blockchain_Technology_in_Manufacturing_Supply_Chain_and_Logistics. Taherdoost, H. (2021).Data collection methods and research; a step-by step guide To choose data collection technique for academic and Business projects. file:///C:/Users/Rajendra%20khadka/Downloads/DataCollectionMethodsandToo lsforResearch.pdf. Tiia, Kullas. (2018). Sustainable supply management in SMES. Evidence from the Finnish Textile industry. [Master’s thesis, University of Vaasa] Osuva. https://osuva.uwasa.fi/handle/10024/9333. 128 Tripathi, G., Ahad, A,M., Casalino, G.(2023). A comprehensive review of block chain technology: Underlying principle and historical background with future chal lenges. Volume 9, ELSEVIER.Decision analytical journals. https://doi.org/10.1016/j.dajour.2023.100344. Treiblmaier, H. (2018).The impact of the block chain on the supply chain: a theory- based research framework and a call for action", Supply Chain Management, Vol. 23 No. 6, pp. 545-559. https://doi.org/10.1108/SCM-01-2018-0029. Treiblmaier, H. (2019). Combining Block chain Technology and the Physical Internet to Achieve Triple Bottom Line Sustainability: A Comprehensive Research Agenda for Modern Logistics and Supply Chain Management. Logistics, 3(1), 10. https://doi.org/10.3390/logistics3010010. Technology Industries of Finland. (2018). Circular Economy playbook for manufacturing (Version 1.0). Https://teknologiateollisuus.fi/sites/default/files/inline- files/20180919_Circular%20Economy%. Tawaiah, V., Zakari, A., Kyiu, A. (2022). Block chain technology and enviromental Efficiency: Evidence from US-listed firms. Research gate. http://dx.doi.org/10.1002/bse.3030. Upadhyay, A., Mukhuty, S., Kumar, V., & Kazancoglu, Y. (2021). Block chain technology and the circular economy: Implications for sustainability and social respon sibility. Journal of Cleaner Production, 293, 126130. https://doi.org/10.1016/j.jclepro.2021.126130. 129 University of Oulu. (n.d). Boost the block chain project. https://joy.oulu.fi/fi/kehittamis-ja-koulutushankkeet/tehoa-lohkoketjuista. Verma, S. (2019). How block chain and IOT is making supply chain smarter. IBM. https://www.ibm.com/blog/how-blockchain-and-iot-is-making-supply-chain- . Smarter. Van Hoek, R. (2020).Developing a framework for considering block chain pilots in the Supply chain – lessons from early industry adopters", supply chains manage ment. Vol. 25 No. 1, pp. 115-121. https://doi.org/10.1108/SCM-05-2019-0206. Vailo. (2023). Vailo’s annual report 2023. https://cdn- wp.valio.fi/valionetwork/2024/04/Valio_Sustainability_report. 2023.pdf. Valtanen, K. (2021). Opportunities and challenges of block chain technology In boosting sustainability. VTT Technical Research centre of Finland. file:///C:/Users/Rajendra%20khadka/Downloads/EcoDesign2021_Kristiina_Valta nen-C000065.pdf. Valmet. (2024). Sustainable supply chain. Valmet. https://www.valmet.com/about-us/sustainability/sustainable-supply-chain. Verma, A., Dixit, N., Ray, S., & Kaur, J. (2024). Block chain technology for sustainable supply Chains: A comprehensive review and future prospects. Research gate. World Journal of advance research and reviews. https://doi.org/10.30574/wjarr.2024.21.3.0804. 130 World Trade Organization. (2019). World Trade Statistical Review 2019. https://www.wto.org/english/res_e/statis_e/wts2019_e/wts19_toc_e.htm. Waki, M. & Yassouri, EL, T. (2024). What are the advantages and disadvantages of using Primary and secondary data sources? https://www.linkedin.com/advice/1/what-advantages-disadvantages-using. Wartsila. (2019). Block chai- The case for digitalising shipping. https://www.wartsila.com/insights/article/blockchain-the-case-for-digitalising- shipping. Walsh, A, C., & Kaushik, V. (2014). Pragmatism as a research paradigm and its implica – tions For social work research. Research gate. Social sciences. http://dx.doi.org/10.3390/socsci8090255. Xia, J., Li, H., & He, Z. (2023). The effect of block chain technology on supply chain collaboration: A case study of Lenovo.Systems.MDPI. https://www.mdpi.com/2079-8954/11/6/299. Yontra, E. (2023). Cleaner logistics and supply chain the role of block chain technology In the sustainability of supply chain management: Grey based demated Implementation. Science direct. Volume 8. https://www.mdpi.com/2079-8954/11/6/299. Yosef, F. A., Jum’a, L., & Alatoom, M. (2023). Identifying and Categorizing Sustainable Supply Chain Practices Based on Triple Bottom Line Dimensions: Evaluation of Practice Implementation in the Cement Industry. Sustainability, 15(9), 7323. https://doi.org/10.3390/su15097323. 131 Zak, A. (2015). Tripple bottom line concept in theory and practice. https://www.researchgate.net/profile/Agnieszka-Zak- 2/publication/281703207_Triple_bottom_line_concept_in_theory_and practice/links/5f081c5392851c52d626999e/Triple-bottom-line-concept-in- theory-and-practice.pdf. Zara, A, R., Shekarian, E., Ijadi, B., & Majava, J. (2022). Sustainable supply chain manage Ment: A comprehensive systematic review of Industrial practices. http://dx.doi.org/10.3390/su14137892. Zhang, T., Jia, F., & Chen, L. (2023).Block chain adoption in supply chains: implications for Sustainability. Production, planning and control. https://doi.org/10.1080/09537287.2023.2296669. Zhu, Q., Bai, C., & Sarkis, J.(2022). Block chain technology and supply chains: The Paradox of the atheoritical research discourse. Transportation Research Part E: Logistics and transportation review. Volume 164. Science direct. https://doi-org.proxy.uwasa.fi/10.1016/j.tre.2022.102824. Zheng, Z., Chen, J., Wang, Y., Wang, X., Chen, X., Liu, P., Xu, J., Xie, W., Chen, H., Deng, S., Xu, N. (2018). Highly Confined and Tunable Hyperbolic Phonon Polaritons in Van Der Waals Semiconducting Transition Metal Oxides. Advanced Materi als, 30(13), 1705318. pp. 134-143. https://doi.org/10.1002/adma.201705318.