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A blockchain is a shared digital ledger, which permanently records and encrypts transactions and distributes them to all members in the network, thereby retaining the full history of transactions. Blockchain technology has recently gained ground and is used in a variety of industries, for example, cryptocurrency, insurance, government, healthcare, logistics, luxury items, collectibles, art and media.

As we implement new technologies, we should not only consider the benefits to business, but we should also aim to maintain the well-being (for example, safety and privacy) of all the stakeholders. Currently, there is a gap in the business and information technology literature in terms of covering the ethical aspect of this technology. Aside from a small number of recent articles in this regard, most of the guidance focuses on technical reasons to decide whether to use blockchain technology. However, it is important to understand some of the ethical or sustainability issues or opportunities, which may arise during the application of the technology in a business context. Therefore, one aim of this paper is to give relevant suggestions to help implement blockchain technology more effectively and ethically.