Blockchain Technology and Energy: A Decision Support System for the Oil and Gas Industry

Abstract

Global competition drives industries to enhance their performance by optimizing processes and supply chains. The ability to make quick strategic decisions has become a critical factor in boosting a company’s competitiveness and overall performance. The effective integration of blockchain technology (BC) in supply chains, along with the speed of strategic decision-making (SDS), has proven to be instrumental in enhancing organizational performance (OP). This study investigates the links between blockchain adoption, strategic decision speed, and organizational performance in Libyan oil and gas companies, a sector where research on these factors remains limited. A research model was constructed based on existing literature, and data from 289 managers in Libyan oil and gas firms were analyzed using partial least squares structural equation modeling (PLS-SEM). The results indicate a strong positive correlation between BC, SDS, and OP. Furthermore, SDS partially mediates the relationship between BC and OP. This paper offers valuable insights into the role of SDS as a mediator in the BC-OP relationship within the oil and gas industry. Our model could be valuable for industries in emerging economies with similar cultural and socio-economic.