Australian Users’ Perspective of Green Blockchain Technology Adoption in Businesses

Abstract

In this research, our aim is to understand Australia’s perception of how Blockchain Technology can provide sustainability to businesses today and whether, therefore, it can be considered as Green Technology. This research will determine the relationship between Blockchain Technology and sustainability by perusing the relevant literature and will examine this relationship by analyzing the gathered survey responses. This research will also help readers to understand the business advantages and challenges associated with Blockchain Technology. Firstly, this paper presents the history of sustainability and explores the current knowledge about this concept. This is followed by an introduction to Corporate Social Responsibility (CSR) that looks at what it is, why it is important, what types and roles it entails, and the positive and negative factors associated with it. Further, the Triple Bottom Line (TBL) concept is introduced and explained. The concept of Green IT is discussed and evaluated for its effectiveness in helping organisations become energy efficient and making their surroundings greener and carbon-less. Then, Blockchain Technology is defined in detail: its types, how it works, smart contracts, advantages and disadvantages are discussed in depth. Additionally, the implementation of Blockchain Technology in different industries is discussed, giving an insight into the ways that Blockchain Technology can bring sustainability to businesses and hence can be considered as Green IT. Moreover, apart from the evaluation of the relationship between sustainability and Blockchain Technology found in the literature, we analyse the online survey data, applying the principal component analysis via IBM SPSS Statistics 25 software that offers more insights and accurate results. The survey was completed by 101 respondents in Australia who hold academic degrees, and the analysed survey data generated various factors for business advantages and challenges. The most important business advantages that an organisation could achieve with Blockchain Technology were improved TBL, a reduction in resource consumption, and better ‘green’ practices. However, blockchain technology faces several challenges associated with strict governance and environmental compliances. Finally, this paper acknowledges the limitations of the research and suggests future research advantages. The research questions regarding the relationship between Blockchain Technology and sustainability will be answered. Additionally, recommendations are offered, and conclusion are drawn. It is anticipated that this research and its findings are intended will benefit public and private organisations, relevant researchers and other individuals who have an interest in Blockchain Technology as a sustainable technology, and in exploring the potential of Blockchain Technology in different industries.