Leveraging Green IoT and Blockchain Technology in the Era of Transformative Digitalization: A Green Energy Usage Perspective

1.0 Introduction

Blockchain is an emerging technology that has piqued the interest of energy firms, start-ups, technology developers, and financial institutions, as well as national governments and academia (Janssen et al., 2020; Enescu et al., 2020). Blockchains, according to several experts in numerous industries, have the potential to deliver significant benefits and innovation. Moreover, financial applications such as decentralized digital money sparked the development of blockchain technology (Bitcoin) (Akram et al., 2020; Sisi & Souri, 2021). Decentralization and trustworthiness in distributed apps are only a few of blockchain's intriguing qualities, and it's also revolutionizing business applications due to its safe data storage system and zero exchange transaction fees. In its simplest form, blockchain is a distributed ledger network in which nodes communicate with one another to exchange data, as well as transactions themselves. Decentralization and immutability are two characteristics of the blockchain (Woodside et al., 2017; Andoni et al., 2019).

Furthermore, the great growth in global industrial activity in recent decades has resulted in a significant increase in the use of green energy, while technological innovation has increased the carbon footprint and, as a result, global warming (Francisco & Swanson, 2018). The significant increase in energy consumption caused by IoT technology has created a new concern and shifted our focus to developing a more environmentally friendly IoT ecosystem. Green IoT is a new topic with a heavy emphasis on energy-efficient services and the development and use of green energies by researchers and businesses. Furthermore, blockchain technology is already a widely accepted IoT technology, attracting significant interest from energy supply companies, start-up organizations, financial institutions, governments, and researchers (Batubara et al., 2018).

Blockchain technology may undoubtedly enhance the energy economy's processes, marketplaces, and users, allowing it to become more ecologically friendly. The usage of Green IoT will reduce the greenhouse effect and carbon dioxide (CO2) emissions created by current applications (Wu & Tran, 2018; Kamble et al., 2019). Many businesses, like banks, manufacturing companies, small and medium enterprises, and agricultural product manufacturers, are already using blockchain to support IoT systems that require automation and remote sensors in Peru. By enabling a private mesh network and dependable connection, blockchain technology has given a new framework for the IoT, minimizing risks to central server architectures in Peru. Blockchain technology enables a safe, low-power infrastructure that makes it possible to remotely supervise physical operations without the use of traditional centralized cloud servers, resulting in an eco-friendlier IoT environment or green IoT. More instances of using blockchain in green IoT have been observed. Imbault et al. (2017) highlighted the prospects of peer-to-peer energy transfers using blockchain in a micro-grid infrastructure (Choi et al., 2020).

Nonetheless, blockchain has matured into a realistic concept for the exact assessment and monitoring of energy-related assets, resulting in a greener environment. Blockchain technology can benefit the processes, marketplaces, and users of the energy economy, allowing it to become more environmentally friendly. It is predicted that attitude will facilitate transactions and eliminate factors that hinder the adoption of new trade terms and more particularly, attitude will favor the intention to utilize new technology adoption (Kouhizadeh et al., 2021). Users' attitudes about a particular technology and their intention to use it are substantially correlated, according to the classic TAM, as has been demonstrated in a large number of studies, including those in the area of business technology. When users use sophisticated information systems to execute business transactions, perceived usefulness influences their attitudes and readiness to adopt Fintech. Users are more likely to use Fintech services if they find them handy, friendly, and easy to use (Polas et al., 2018; Gaynor et al., 2020).