Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making
The blockchain has been proposed for use in various applications in the energy field. Although the blockchain has technical strengths, several obstacles affect the application of the technology in energy services. The scope of this study is to highlight and prioritise the most important barriers to...
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| Format: | Article |
| Language: | English |
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MDPI AG
2024-03-01
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| Series: | Energies |
| Subjects: | |
| Online Access: | https://www.mdpi.com/1996-1073/17/6/1278 |
| _version_ | 1797241336673337344 |
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| author | Ioanna Andreoulaki Aikaterini Papapostolou Vangelis Marinakis |
| author_facet | Ioanna Andreoulaki Aikaterini Papapostolou Vangelis Marinakis |
| author_sort | Ioanna Andreoulaki |
| collection | DOAJ |
| description | The blockchain has been proposed for use in various applications in the energy field. Although the blockchain has technical strengths, several obstacles affect the application of the technology in energy services. The scope of this study is to highlight and prioritise the most important barriers to such applications. The first step in this direction is specifying the potential areas of the implementation of blockchain technology in the energy sector. Two useful tools for market analysis were used: Political, Economic, Social, Technological, Legal and Environmental, PESTLE Analysis, and Strengths, Weaknesses, Opportunities and Threats, SWOT Analysis, which examine external and internal factors, respectively. Thus, a list of the most important elements hindering the incorporation of the blockchain in the energy sector was extracted. The detected barriers were classified and ranked by energy and IT experts using the multicriteria method, “Analytical Hierarchy Process for Group Decision Making”. The results reveal that legal barriers relating to the complexities of deficiencies of regulations are the most significant, while technological barriers, especially those related to security issues, are also important. Sociopolitical barriers related mainly to lack of trust in blockchain, as well as economic concerns such as high upfront costs, are less influential but should still be considered. The conclusions of the conducted research have the potential to guide market actors in their endeavours to modernise energy systems through the use of the blockchain, assisting them in designing the most appropriate market strategies. |
| first_indexed | 2024-04-24T18:21:43Z |
| format | Article |
| id | doaj.art-c946118257e44cd3b803bb9edfe94dbd |
| institution | Directory Open Access Journal |
| issn | 1996-1073 |
| language | English |
| last_indexed | 2024-04-24T18:21:43Z |
| publishDate | 2024-03-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj.art-c946118257e44cd3b803bb9edfe94dbd2024-03-27T13:35:19ZengMDPI AGEnergies1996-10732024-03-01176127810.3390/en17061278Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision MakingIoanna Andreoulaki0Aikaterini Papapostolou1Vangelis Marinakis2Decision Support Systems Laboratory, School of Electrical & Computer Engineering, National Technical University of Athens, 15772 Athens, GreeceDecision Support Systems Laboratory, School of Electrical & Computer Engineering, National Technical University of Athens, 15772 Athens, GreeceDecision Support Systems Laboratory, School of Electrical & Computer Engineering, National Technical University of Athens, 15772 Athens, GreeceThe blockchain has been proposed for use in various applications in the energy field. Although the blockchain has technical strengths, several obstacles affect the application of the technology in energy services. The scope of this study is to highlight and prioritise the most important barriers to such applications. The first step in this direction is specifying the potential areas of the implementation of blockchain technology in the energy sector. Two useful tools for market analysis were used: Political, Economic, Social, Technological, Legal and Environmental, PESTLE Analysis, and Strengths, Weaknesses, Opportunities and Threats, SWOT Analysis, which examine external and internal factors, respectively. Thus, a list of the most important elements hindering the incorporation of the blockchain in the energy sector was extracted. The detected barriers were classified and ranked by energy and IT experts using the multicriteria method, “Analytical Hierarchy Process for Group Decision Making”. The results reveal that legal barriers relating to the complexities of deficiencies of regulations are the most significant, while technological barriers, especially those related to security issues, are also important. Sociopolitical barriers related mainly to lack of trust in blockchain, as well as economic concerns such as high upfront costs, are less influential but should still be considered. The conclusions of the conducted research have the potential to guide market actors in their endeavours to modernise energy systems through the use of the blockchain, assisting them in designing the most appropriate market strategies.https://www.mdpi.com/1996-1073/17/6/1278distributed ledger technologymulticriteria decision analysismarket analysisPESTLESWOTdigitalisation |
| spellingShingle | Ioanna Andreoulaki Aikaterini Papapostolou Vangelis Marinakis Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making Energies distributed ledger technology multicriteria decision analysis market analysis PESTLE SWOT digitalisation |
| title | Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making |
| title_full | Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making |
| title_fullStr | Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making |
| title_full_unstemmed | Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making |
| title_short | Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making |
| title_sort | evaluating the barriers to blockchain adoption in the energy sector a multicriteria approach using the analytical hierarchy process for group decision making |
| topic | distributed ledger technology multicriteria decision analysis market analysis PESTLE SWOT digitalisation |
| url | https://www.mdpi.com/1996-1073/17/6/1278 |
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