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Evaluating the blockchain technology strategies for reducing renewable energy development risks using a novel integrated decision framework

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  • Hosseini Dehshiri, Seyyed Jalaladdin
  • Amiri, Maghsoud
  • Hosseini Bamakan, Seyed Mojtaba

Abstract

Nowadays, due to the increase in energy demand, the adverse effects of fossil fuels, and the attention to sustainability issues, the development and use of Renewable Energy (RE) has expanded worldwide. On the other hand, RE for energy supply is also faced with challenges due to obstacles and risks. New technologies can reduce barriers and the risk of energy supply from RE. One of these technologies is the blockchain, which can solve many RE development risks. As a result, this research aims to find and assess blockchain strategies for reducing RE development risk. A novel decision framework, including SWOT analysis and grey MCDM approaches, is proposed in this regard. SWOT analysis is utilized to determine strategies. After conducting a thorough investigation, we have proposed using Grey Step-wise Weight Assessment Ratio Analysis (SWARA-G) and Grey Combined Compromise Solution (CoCoSo-G) approaches for ranking strategies. Also, to check the accuracy of the results, sensitivity analysis, and validation are performed with several MCDM techniques. The findings showed that reforming the energy industry and eliminating monopoly can be realized by creating a decentralized energy system based on blockchain technology to reduce the cost and price of RE production.

Suggested Citation

  • Hosseini Dehshiri, Seyyed Jalaladdin & Amiri, Maghsoud & Hosseini Bamakan, Seyed Mojtaba, 2024. "Evaluating the blockchain technology strategies for reducing renewable energy development risks using a novel integrated decision framework," Energy, Elsevier, vol. 289(C).
    • Handle: RePEc:eee:energy:v:289:y:2024:i:c:s0360544223033819
    DOI: 10.1016/j.energy.2023.129987
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