Blockchain-powered grids: Paving the way for a sustainable and efficient future

Blockchain-powered grids: Paving the way for a sustainable and efficient future

21 May 2024 | Nazir Ullah, Waleed Mughed Al-Rahmi, Fahad Alblehai, Yudi Fernando, Zahyah H. Alharbi, Rinat Zhanbayev, Ahmad Samed Al-Adwan, Mohammed Habes
Blockchain technology has the potential to serve as a foundational element for energy record-keeping systems. This study investigates the factors influencing users' intention to accept Blockchain technology for Smart grids, using the Technology Organization Environment framework and Structural Equation Modelling. The findings indicate that innovativeness significantly affects the adoption of Blockchain technology in Smart grids, along with cost-saving and regulatory support. Innovativeness and traceability significantly influence upper management support, while traceability has a substantial impact on cost-saving. However, innovativeness has an insignificant effect on cost-saving. Traceability and competitive pressure do not significantly affect the intention to use Blockchain technology. The study extends the Technology Organization Environment theory, providing insights for the industry to implement best practices in Blockchain technology. The findings suggest that experts would recognize innovative technology as a means to improve the traditional energy system. Despite some limitations, the study's theoretical and practical implications are justified. Blockchain technology can enhance energy sustainability by improving customer convenience, enabling autonomous peer-to-peer energy trading, and reducing electricity loss. The study also highlights the importance of technological, environmental, and organizational factors in the adoption of Blockchain technology in Smart grids. The research model, based on the Technology Organization Environment framework, was validated using Partial Least Squares Structural Equation Modelling. The results show that innovativeness, traceability, and relative advantage are positively associated with the intention to use Blockchain technology, while upper management support and cost-saving are also positively associated. However, upper management support and competitive pressure do not significantly affect the intention to use Blockchain technology. The study concludes that Blockchain technology can improve energy efficiency and sustainability in Smart grids, and that regulatory support is crucial for its adoption. The findings suggest that Blockchain technology can be effectively utilized in the Smart grid context to enhance energy management and reduce costs.Blockchain technology has the potential to serve as a foundational element for energy record-keeping systems. This study investigates the factors influencing users' intention to accept Blockchain technology for Smart grids, using the Technology Organization Environment framework and Structural Equation Modelling. The findings indicate that innovativeness significantly affects the adoption of Blockchain technology in Smart grids, along with cost-saving and regulatory support. Innovativeness and traceability significantly influence upper management support, while traceability has a substantial impact on cost-saving. However, innovativeness has an insignificant effect on cost-saving. Traceability and competitive pressure do not significantly affect the intention to use Blockchain technology. The study extends the Technology Organization Environment theory, providing insights for the industry to implement best practices in Blockchain technology. The findings suggest that experts would recognize innovative technology as a means to improve the traditional energy system. Despite some limitations, the study's theoretical and practical implications are justified. Blockchain technology can enhance energy sustainability by improving customer convenience, enabling autonomous peer-to-peer energy trading, and reducing electricity loss. The study also highlights the importance of technological, environmental, and organizational factors in the adoption of Blockchain technology in Smart grids. The research model, based on the Technology Organization Environment framework, was validated using Partial Least Squares Structural Equation Modelling. The results show that innovativeness, traceability, and relative advantage are positively associated with the intention to use Blockchain technology, while upper management support and cost-saving are also positively associated. However, upper management support and competitive pressure do not significantly affect the intention to use Blockchain technology. The study concludes that Blockchain technology can improve energy efficiency and sustainability in Smart grids, and that regulatory support is crucial for its adoption. The findings suggest that Blockchain technology can be effectively utilized in the Smart grid context to enhance energy management and reduce costs.
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