A Conceptual Study on the Role of Blockchain in Sustainable Development of Public–Private Partnership
Abstract
:1. Introduction
- RQ: How can blockchain enhance the decision-making of actors in public–private partnerships, transforming traditional public–private partnerships into a smart system for sustainable development?
- (a)
- Select a specific topic for analysis. PPPs are selected as useful organizations, especially for those projects that are strategically required to achieve sustainable development goals.
- (b)
- Collect relevant literature on PPPs to identify the main critical factors that hinder their diffusion and to highlight the need to identify a solution.
- (c)
- Identify a specific tool that could solve the critical issues. Among the various kinds of technologies that have become powerful drivers of change and success for public, private, and hybrid organizations, the authors have chosen blockchain based on the numerous advantages that the literature generally recognizes in this tool.
- (d)
- Discuss how, effectively, blockchain can solve the critical issues of PPP development.
2. Theoretical Background
2.1. Public–Private Partnerships
2.2. Blockchain
- (a)
- It is a distributed ledger comprising blocks (records) of information about transactions among two or more parties, where each message is irrevocably recorded;
- (b)
- It is a system where each block is cryptographically linked to the others to create an immutable ledger;
- (c)
- Its administration is driven by the following three policies: the access policy that states who may read the information; the control policy that defines who may participate in the evolution of blockchain and how new blocks may potentially be appended to blockchain; and the consensus policy that establishes which state of blockchain is valid, resolving disputes of any kind.
- -
- It is a system that allows for the reduction of costs, time, and complexities in executing information exchange and administrative functions. Considering that blockchain primarily works as a database register, it follows that it offers an efficient way to build a central database at a lower cost. Consequently, blockchain could help reduce costs in terms of money and save the time necessary to fulfill information duties.
- -
- It is a system that offers increased transparency of data and transactions, which is also guaranteed through the immutability of the storage, which, for any change, requires the approval of all participants. Consequently, the accountability and auditability of the activities of the subjects who adhere to the system increase. The blockchain system is, in essence, self-auditing. Any retroactive change results in a record that is disclosed by alterations to subsequent blocks. This makes corruption difficult and reduces the financial and operational costs associated with corruption that could place a project in jeopardy.
- -
- It is a system that contributes to increased public trust due to effective record-keeping and information availability (Allessie et al. 2019; Becker and Bodó 2021).
- -
- It is a system that reduces fraud, bureaucracy, and corruption. Blockchain technology ensures that transactions comply with programmed rules through smart contracts. The latter provide a digital workflow process, whereby a series of binding steps need to be undertaken before an outcome is reached. In this way, eventual contractual frauds are easily detected, thus enhancing the security of contracts (Min 2019). As Karamitsos et al. (2018) stated, the contract is finalized only after the completion of the aforementioned processes.
3. Discussion
- (a)
- Partner selection;
- (b)
- Agreement formation;
- (c)
- Execution.
- -
- The automated enforcement of agreements and the resulting decrease in dishonest behavior;
- -
- A single truth, valid for all participants, is shared across the network;
- -
- Partners are more responsive during the execution phase because information must be confirmed in real-time rather than only after the fact.
4. Concluding Remarks
- -
- The institutional public partner aspires to lead while staying in power, ensuring that the private member meets its contractual obligations properly and using public funds efficiently and effectively;
- -
- Private partners want to earn a profit;
- -
- Users seek a new facility or service at a minimum cost.
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
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Tafuro, A.; Dammacco, G.; Costa, A. A Conceptual Study on the Role of Blockchain in Sustainable Development of Public–Private Partnership. Adm. Sci. 2023, 13, 175. https://doi.org/10.3390/admsci13080175
Tafuro A, Dammacco G, Costa A. A Conceptual Study on the Role of Blockchain in Sustainable Development of Public–Private Partnership. Administrative Sciences. 2023; 13(8):175. https://doi.org/10.3390/admsci13080175
Chicago/Turabian StyleTafuro, Alessandra, Giuseppe Dammacco, and Antonio Costa. 2023. "A Conceptual Study on the Role of Blockchain in Sustainable Development of Public–Private Partnership" Administrative Sciences 13, no. 8: 175. https://doi.org/10.3390/admsci13080175
APA StyleTafuro, A., Dammacco, G., & Costa, A. (2023). A Conceptual Study on the Role of Blockchain in Sustainable Development of Public–Private Partnership. Administrative Sciences, 13(8), 175. https://doi.org/10.3390/admsci13080175