Examining the Factors Affecting the Adoption of Blockchain Technology in the Renewable Energy Sector: A TOE Model

There is a need to have safe, clear and effective digital solutions to the fast-growing renewable energy industry in India, and Blockchain Technology (BCT) could be considered as an innovation in this field. However, it is still underutilized. This study uses Technology Organization Environment (TOE) framework to examine how technology, organization, and the environment factors influence the adoption of blockchain. The structured questionnaire was administered to 500 potential respondents, of whom 409 valid responses were obtained from professionals in solar, wind, hydro, bioenergy, DISCOMs, and energy technology organizations. SmartPLS 4.0 was used to test the measurement and structural models. The results show that perceived compatibility, perceived complexity, and government support are very significant in intention to adopt the blockchain technology. Conversely, no substantial effect was observed on perceived benefits, organizational innovativeness, top management support, organizational learning capability and regulatory/policy uncertainty. The results attract attention to the need to enhance the compatibility of the system, simplify it by training and developing the required skills and reinforce governmental support to accelerate the process of its adoption. The research results can also address the literature gap regarding the implementation of blockchain in the Indian renewable energy industry and have implications for practice, supporting the integration of effective digital transformation by policymakers, energy organizations, and technology providers.