Using Blockchain Technology for Sustainability and Secure Data Management in the Energy Industry: Implications and Future Research Directions

Abstract

In the current era of digital transformation, among the plethora of technologies, blockchain (BC) technology has attracted attention, carrying the weight of enormous expectations in terms of its applicability and benefits. BC technology promises immutability, reliability, transparency, and security of transactions, using decentralized models to scale up existing Internet of Things (IoT) solutions while guaranteeing privacy. In the energy industry, BC technology is mainly used to secure distributed power grids, which have proven to be easily hackable by malicious users. Recognizing the need for a preliminary analysis of the literature investigating the role of BC technology for sustainability and secure data management in the energy industry, this study conducts a bibliometric analysis, identifying the implications and research directions in the field. Specifically, a performance analysis and scientific mapping are performed on 943 documents using the Scopus database and the VOSviewer software version 1.6.20. The result is the identification of seven thematic clusters and the most relevant implications as well as future research actions at the strategic, technical, regulatory, and social levels. This study extends the literature by suggesting potential sustainability opportunities regarding BC technology adoption in the energy industry; it also supports managers in identifying strategies to strengthen business sustainability by leveraging the development of new knowledge for secure asset management.