Blockchain diffusion: the role of consulting firms

Abstract

Blockchain is one of the most promising technologies with a highly disruptive potential, yet many aspects of this innovation remain unclear in the current body of research. One of them is the whole adoption and diffusion process of blockchain technology, which needs more attention from researchers. This study has adopted a qualitative method to investigate the role of consultants in blockchain diffusion, relying on data from 14 semi-structured interviews conducted with blockchain consultants. The various roles of these key players were identified and challenges related to the technology analyzed by means of the Diffusion of Innovation Theory (DOI) and the Technology – Organization – Environment (TOE) framework. According to the results obtained, consultants’ roles range from technology brokers to quality filters. The same results also revealed that the most important barriers to blockchain adoption and diffusion include the lack of knowledge and understanding of the technology, which contributes to promoting unconscious or forced adoption. This paper sheds light on how consulting firms and blockchain-oriented start-ups operate to impact the diffusion of blockchain while dismantling barriers to adoption.