IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v13y2020i18p4783-d413153.html
   My bibliography  Save this article

Modeling Cost Saving and Innovativeness for Blockchain Technology Adoption by Energy Management

Author

Listed:
  • Nazir Ullah

    (School of Management and Engineering, Department of Management Science and Engineering, Nanjing University, Nanjing 210093, China)

  • Waleed S. Alnumay

    (Computer Science Department, King Saud University, Riyadh 11437, Saudi Arabia)

  • Waleed Mugahed Al-Rahmi

    (Faculty of Social Sciences and Humanities, School of Education, Universiti Teknologi Malaysia, Johor Bahru 81310, Malaysia)

  • Ahmed Ibrahim Alzahrani

    (Computer Science Department, King Saud University, Riyadh 11437, Saudi Arabia)

  • Hosam Al-Samarraie

    (School of Media and Performing Arts, Coventry University, Coventry CV1 5FB, UK)

Abstract

In developed nations, the advent of distributed ledger technology is emerging as a new instrument for improving the traditional system in developing nations. Indeed, adopting blockchain technology is a necessary condition for the coming future of organizations. The distributed ledger technology provides better transparency and visibility. This study investigated the features that may influence the behavioral intention of energy experts to implement the distributed ledger technology for the energy management of developing countries. The proposed model is based on the Technology Acceptance Model construct and the diffusion of the innovation construct. Based on a survey of 178 experts working in the energy sector, the proposed model was tested using structural equation modeling. The findings showed that perceived ease of use, perceived usefulness, attitude, and cost saving had a positive and significant impact during the blockchain technology adoption. However, innovativeness showed a positive effect on the perceived ease of use whereas an insignificant impact on the perceived usefulness. The present study offers a holistic model for the implementation of innovative technologies. For the developers, it suggest rising disruptive technology solutions.

Suggested Citation

  • Nazir Ullah & Waleed S. Alnumay & Waleed Mugahed Al-Rahmi & Ahmed Ibrahim Alzahrani & Hosam Al-Samarraie, 2020. "Modeling Cost Saving and Innovativeness for Blockchain Technology Adoption by Energy Management," Energies, MDPI, vol. 13(18), pages 1-22, September.
    • Handle: RePEc:gam:jeners:v:13:y:2020:i:18:p:4783-:d:413153
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/13/18/4783/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/13/18/4783/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sachin Kamble & Angappa Gunasekaran & Himanshu Arha, 2019. "Understanding the Blockchain technology adoption in supply chains-Indian context," International Journal of Production Research, Taylor & Francis Journals, vol. 57(7), pages 2009-2033, April.
    2. Mengelkamp, Esther & Gärttner, Johannes & Rock, Kerstin & Kessler, Scott & Orsini, Lawrence & Weinhardt, Christof, 2018. "Designing microgrid energy markets," Applied Energy, Elsevier, vol. 210(C), pages 870-880.
    3. Fosso Wamba, Samuel & Queiroz, Maciel M. & Trinchera, Laura, 2020. "Dynamics between blockchain adoption determinants and supply chain performance: An empirical investigation," International Journal of Production Economics, Elsevier, vol. 229(C).
    4. Rezaei, Rohollah & Ghofranfarid, Marjan, 2018. "Rural households' renewable energy usage intention in Iran: Extending the unified theory of acceptance and use of technology," Renewable Energy, Elsevier, vol. 122(C), pages 382-391.
    5. Jiho Yoon & Srinivas Talluri & Hakan Yildiz & Chwen Sheu, 2020. "The value of Blockchain technology implementation in international trades under demand volatility risk," International Journal of Production Research, Taylor & Francis Journals, vol. 58(7), pages 2163-2183, April.
    6. Sikorski, Janusz J. & Haughton, Joy & Kraft, Markus, 2017. "Blockchain technology in the chemical industry: Machine-to-machine electricity market," Applied Energy, Elsevier, vol. 195(C), pages 234-246.
    7. Yue-Jun Zhang & Jun-Fang Hao, 2017. "Carbon emission quota allocation among China’s industrial sectors based on the equity and efficiency principles," Annals of Operations Research, Springer, vol. 255(1), pages 117-140, August.
    8. Fred D. Davis & Richard P. Bagozzi & Paul R. Warshaw, 1989. "User Acceptance of Computer Technology: A Comparison of Two Theoretical Models," Management Science, INFORMS, vol. 35(8), pages 982-1003, August.
    9. Yanqing Jiang, 2015. "Total Factor Productivity, Pollution and ‘Green’ Economic Growth in China," Journal of International Development, John Wiley & Sons, Ltd., vol. 27(4), pages 504-515, 05-27.
    10. Waleed Mugahed Al-Rahmi & Ahmed Ibrahim Alzahrani & Noraffandy Yahaya & Nasser Alalwan & Yusri Bin Kamin, 2020. "Digital Communication: Information and Communication Technology (ICT) Usage for Education Sustainability," Sustainability, MDPI, vol. 12(12), pages 1-18, June.
    11. Brilliantova, Vlada & Thurner, Thomas Wolfgang, 2019. "Blockchain and the future of energy," Technology in Society, Elsevier, vol. 57(C), pages 38-45.
    12. Vasseur, Véronique & Kemp, René, 2015. "The adoption of PV in the Netherlands: A statistical analysis of adoption factors," Renewable and Sustainable Energy Reviews, Elsevier, vol. 41(C), pages 483-494.
    13. Di Silvestre, Maria Luisa & Gallo, Pierluigi & Guerrero, Josep M. & Musca, Rossano & Riva Sanseverino, Eleonora & Sciumè, Giuseppe & Vásquez, Juan C. & Zizzo, Gaetano, 2020. "Blockchain for power systems: Current trends and future applications," Renewable and Sustainable Energy Reviews, Elsevier, vol. 119(C).
    14. Bernadette Szajna, 1996. "Empirical Evaluation of the Revised Technology Acceptance Model," Management Science, INFORMS, vol. 42(1), pages 85-92, January.
    15. Kamran, Muhammad & Fazal, Muhammad Rayyan & Mudassar, Muhammad, 2020. "Towards empowerment of the renewable energy sector in Pakistan for sustainable energy evolution: SWOT analysis," Renewable Energy, Elsevier, vol. 146(C), pages 543-558.
    16. Lin William Cong & Zhiguo He, 2019. "Blockchain Disruption and Smart Contracts," The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1754-1797.
    17. Mr. Tommaso Mancini-Griffoli & Maria Soledad Martinez Peria & Mr. Itai Agur & Mr. Anil Ari & Mr. John Kiff & Ms. Adina Popescu & Ms. Celine Rochon, 2018. "Casting Light on Central Bank Digital Currencies," IMF Staff Discussion Notes 2018/008, International Monetary Fund.
    18. Chaofan Chen & Qingxin Lan & Ming Gao & Yawen Sun, 2018. "Green Total Factor Productivity Growth and Its Determinants in China’s Industrial Economy," Sustainability, MDPI, vol. 10(4), pages 1-25, April.
    19. Andoni, Merlinda & Robu, Valentin & Flynn, David & Abram, Simone & Geach, Dale & Jenkins, David & McCallum, Peter & Peacock, Andrew, 2019. "Blockchain technology in the energy sector: A systematic review of challenges and opportunities," Renewable and Sustainable Energy Reviews, Elsevier, vol. 100(C), pages 143-174.
    20. Viswanath Venkatesh & Fred D. Davis, 2000. "A Theoretical Extension of the Technology Acceptance Model: Four Longitudinal Field Studies," Management Science, INFORMS, vol. 46(2), pages 186-204, February.
    21. Tommaso Mancini Griffoli & Maria Soledad Martinez Peria & Itai Agur & Anil Ari & John Kiff & Adina Popescu & Celine Rochon, 2018. "Casting Light on Central Bank Digital Currencies," IMF Staff Discussion Notes 18/08, International Monetary Fund.
    22. Shirley Taylor & Peter A. Todd, 1995. "Understanding Information Technology Usage: A Test of Competing Models," Information Systems Research, INFORMS, vol. 6(2), pages 144-176, June.
    23. Li, Yinan & Yang, Wentao & He, Ping & Chen, Chang & Wang, Xiaonan, 2019. "Design and management of a distributed hybrid energy system through smart contract and blockchain," Applied Energy, Elsevier, vol. 248(C), pages 390-405.
    24. Alalwan, Ali Abdallah & Baabdullah, Abdullah M. & Rana, Nripendra P. & Tamilmani, Kuttimani & Dwivedi, Yogesh K., 2018. "Examining adoption of mobile internet in Saudi Arabia: Extending TAM with perceived enjoyment, innovativeness and trust," Technology in Society, Elsevier, vol. 55(C), pages 100-110.
    25. Mahdi M. Alamri & Mohammed Amin Almaiah & Waleed Mugahed Al-Rahmi, 2020. "Social Media Applications Affecting Students’ Academic Performance: A Model Developed for Sustainability in Higher Education," Sustainability, MDPI, vol. 12(16), pages 1-14, August.
    26. Mejia, Mario A. & Melo, Joel D. & Zambrano-Asanza, Sergio & Padilha-Feltrin, Antonio, 2020. "Spatial-temporal growth model to estimate the adoption of new end-use electric technologies encouraged by energy-efficiency programs," Energy, Elsevier, vol. 191(C).
    27. Muragesh Pattansheti & Sachin S. Kamble & Sudheer M. Dhume & Rakesh D. Raut, 2016. "Development, measurement and validation of an integrated technology readiness acceptance and planned behaviour model for Indian mobile banking industry," International Journal of Business Information Systems, Inderscience Enterprises Ltd, vol. 22(3), pages 316-342.
    28. Chuah, Stephanie Hui-Wen & Marimuthu, Malliga & Kandampully, Jay & Bilgihan, Anil, 2017. "What drives Gen Y loyalty? Understanding the mediated moderating roles of switching costs and alternative attractiveness in the value-satisfaction-loyalty chain," Journal of Retailing and Consumer Services, Elsevier, vol. 36(C), pages 124-136.
    29. Lund, H. & Mathiesen, B.V., 2009. "Energy system analysis of 100% renewable energy systems—The case of Denmark in years 2030 and 2050," Energy, Elsevier, vol. 34(5), pages 524-531.
    30. Jiani Wu & Nguyen Khoi Tran, 2018. "Application of Blockchain Technology in Sustainable Energy Systems: An Overview," Sustainability, MDPI, vol. 10(9), pages 1-22, August.
    31. Ahl, A. & Yarime, M. & Goto, M. & Chopra, Shauhrat S. & Kumar, Nallapaneni Manoj. & Tanaka, K. & Sagawa, D., 2020. "Exploring blockchain for the energy transition: Opportunities and challenges based on a case study in Japan," Renewable and Sustainable Energy Reviews, Elsevier, vol. 117(C).
    32. Zhu, Shuai & Song, Malin & Lim, Ming Kim & Wang, Jianlin & Zhao, Jiajia, 2020. "The development of energy blockchain and its implications for China's energy sector," Resources Policy, Elsevier, vol. 66(C).
    33. Guych Nuryyev & Yu-Ping Wang & Jennet Achyldurdyyeva & Bih-Shiaw Jaw & Yi-Shien Yeh & Hsien-Tang Lin & Li-Fan Wu, 2020. "Blockchain Technology Adoption Behavior and Sustainability of the Business in Tourism and Hospitality SMEs: An Empirical Study," Sustainability, MDPI, vol. 12(3), pages 1-21, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Gábor Pörzse & Zoltán Csedő & Máté Zavarkó, 2021. "Disruption Potential Assessment of the Power-to-Methane Technology," Energies, MDPI, vol. 14(8), pages 1-21, April.
    2. Yi-Hsiang Lu & Ching-Chiang Yeh & Yu-Mei Kuo, 2024. "Exploring the critical factors affecting the adoption of blockchain: Taiwan’s banking industry," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-25, December.
    3. Yahia Baashar & Gamal Alkawsi & Ammar Ahmed Alkahtani & Wahidah Hashim & Rina Azlin Razali & Sieh Kiong Tiong, 2021. "Toward Blockchain Technology in the Energy Environment," Sustainability, MDPI, vol. 13(16), pages 1-20, August.
    4. Ammar AL-Ashmori & P. D. D. Dominic & Narinderjit Singh Sawaran Singh, 2022. "Items and Constructs of Blockchain Adoption in Software Development Industry: Experts Perspective," Sustainability, MDPI, vol. 14(16), pages 1-18, August.
    5. Ekaterina Novozhilova & Kate Mays & James E. Katz, 2024. "Looking towards an automated future: U.S. attitudes towards future artificial intelligence instantiations and their effect," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-11, December.
    6. Ammar AL-Ashmori & Gunasekar Thangarasu & P. D. D. Dominic & Al-Baraa Abdulrahman Al-Mekhlafi, 2023. "A Readiness Model and Factors Influencing Blockchain Adoption in Malaysia’s Software Sector: A Survey Study," Sustainability, MDPI, vol. 15(16), pages 1-28, August.
    7. Ammar AL-Ashmori & Shuib Bin Basri & P. D. D. Dominic & Luiz Fernando Capretz & Amgad Muneer & Abdullateef Oluwagbemiga Balogun & Abdul Rehman Gilal & Rao Faizan Ali, 2022. "Classifications of Sustainable Factors in Blockchain Adoption: A Literature Review and Bibliometric Analysis," Sustainability, MDPI, vol. 14(9), pages 1-30, April.
    8. Ibrahim Youssef Alyoussef, 2021. "E-Learning Acceptance: The Role of Task–Technology Fit as Sustainability in Higher Education," Sustainability, MDPI, vol. 13(11), pages 1-15, June.
    9. Salim, Taghreed Abu & El Barachi, May & Mohamed, Ahmed Alfatih D. & Halstead, Susanne & Babreak, Nasser, 2022. "The mediator and moderator roles of perceived cost on the relationship between organizational readiness and the intention to adopt blockchain technology," Technology in Society, Elsevier, vol. 71(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yahia Baashar & Gamal Alkawsi & Ammar Ahmed Alkahtani & Wahidah Hashim & Rina Azlin Razali & Sieh Kiong Tiong, 2021. "Toward Blockchain Technology in the Energy Environment," Sustainability, MDPI, vol. 13(16), pages 1-20, August.
    2. Yildizbasi, Abdullah, 2021. "Blockchain and renewable energy: Integration challenges in circular economy era," Renewable Energy, Elsevier, vol. 176(C), pages 183-197.
    3. Kumar, Sourabh & Barua, Mukesh Kumar, 2023. "Exploring the hyperledger blockchain technology disruption and barriers of blockchain adoption in petroleum supply chain," Resources Policy, Elsevier, vol. 81(C).
    4. Roth, Tamara & Utz, Manuel & Baumgarte, Felix & Rieger, Alexander & Sedlmeir, Johannes & Strüker, Jens, 2022. "Electricity powered by blockchain: A review with a European perspective," Applied Energy, Elsevier, vol. 325(C).
    5. Nazir Ullah & Waleed Mugahed Al-Rahmi & Ahmed Ibrahim Alzahrani & Osama Alfarraj & Fahad Mohammed Alblehai, 2021. "Blockchain Technology Adoption in Smart Learning Environments," Sustainability, MDPI, vol. 13(4), pages 1-17, February.
    6. Ante, L. & Steinmetz, F. & Fiedler, I., 2021. "Blockchain and energy: A bibliometric analysis and review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 137(C).
    7. Zhu, Shuai & Song, Malin & Lim, Ming Kim & Wang, Jianlin & Zhao, Jiajia, 2020. "The development of energy blockchain and its implications for China's energy sector," Resources Policy, Elsevier, vol. 66(C).
    8. Paiho, Satu & Kiljander, Jussi & Sarala, Roope & Siikavirta, Hanne & Kilkki, Olli & Bajpai, Arpit & Duchon, Markus & Pahl, Marc-Oliver & Wüstrich, Lars & Lübben, Christian & Kirdan, Erkin & Schindler,, 2021. "Towards cross-commodity energy-sharing communities – A review of the market, regulatory, and technical situation," Renewable and Sustainable Energy Reviews, Elsevier, vol. 151(C).
    9. Ahl, A. & Yarime, M. & Goto, M. & Chopra, Shauhrat S. & Kumar, Nallapaneni Manoj. & Tanaka, K. & Sagawa, D., 2020. "Exploring blockchain for the energy transition: Opportunities and challenges based on a case study in Japan," Renewable and Sustainable Energy Reviews, Elsevier, vol. 117(C).
    10. Viswanath Venkatesh, 2000. "Determinants of Perceived Ease of Use: Integrating Control, Intrinsic Motivation, and Emotion into the Technology Acceptance Model," Information Systems Research, INFORMS, vol. 11(4), pages 342-365, December.
    11. Esmat, Ayman & de Vos, Martijn & Ghiassi-Farrokhfal, Yashar & Palensky, Peter & Epema, Dick, 2021. "A novel decentralized platform for peer-to-peer energy trading market with blockchain technology," Applied Energy, Elsevier, vol. 282(PA).
    12. Kouhizadeh, Mahtab & Saberi, Sara & Sarkis, Joseph, 2021. "Blockchain technology and the sustainable supply chain: Theoretically exploring adoption barriers," International Journal of Production Economics, Elsevier, vol. 231(C).
    13. Zhenya Ji & Zishan Guo & Hao Li & Qi Wang, 2021. "Automated Scheduling Approach under Smart Contract for Remote Wind Farms with Power-to-Gas Systems in Multiple Energy Markets," Energies, MDPI, vol. 14(20), pages 1-17, October.
    14. Chuangneng Cai & Xiancheng Hao & Kui Wang & Xuebing Dong, 2023. "The Impact of Perceived Benefits on Blockchain Adoption in Supply Chain Management," Sustainability, MDPI, vol. 15(8), pages 1-24, April.
    15. Sahebi, Iman Ghasemian & Mosayebi, Alireza & Masoomi, Behzad & Marandi, Fatemeh, 2022. "Modeling the enablers for blockchain technology adoption in renewable energy supply chain," Technology in Society, Elsevier, vol. 68(C).
    16. Türker, Cansu & Altay, Burak Can & Okumuş, Abdullah, 2022. "Understanding user acceptance of QR code mobile payment systems in Turkey: An extended TAM," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    17. Devaki Rau & Thorvald Haerem, 2010. "Applying an organizational learning perspective to new technology deployment by technological gatekeepers: A theoretical model and key issues for future research," Information Systems Frontiers, Springer, vol. 12(3), pages 287-297, July.
    18. Wang, Longze & Liu, Jinxin & Yuan, Rongfang & Wu, Jing & Zhang, Delong & Zhang, Yan & Li, Meicheng, 2020. "Adaptive bidding strategy for real-time energy management in multi-energy market enhanced by blockchain," Applied Energy, Elsevier, vol. 279(C).
    19. Hsiao, Chun Hua & Yang, Chyan, 2011. "The intellectual development of the technology acceptance model: A co-citation analysis," International Journal of Information Management, Elsevier, vol. 31(2), pages 128-136.
    20. Christopher R. Plouffe & John S. Hulland & Mark Vandenbosch, 2001. "Research Report: Richness Versus Parsimony in Modeling Technology Adoption Decisions—Understanding Merchant Adoption of a Smart Card-Based Payment System," Information Systems Research, INFORMS, vol. 12(2), pages 208-222, June.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:13:y:2020:i:18:p:4783-:d:413153. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.