Navigating blockchain adoption: An examination of actor alignment with the Diffusion of Innovation principles

Abstract

Blockchain technology has garnered substantial interest due to its capacity to transform numerous industries by amplifying transparency and bolstering security measures. Despite the increasing interest, there is a void in existing literature regarding the alignment of actors with the diffusion of innovation principles in the context of blockchain adoption. This gap restricts comprehension of the factors influencing adoption. This research addressed this void by investigating how actors align with the diffusion of innovation principles in making decisions about blockchain adoption. Diffusion of innovation model was combined with the innovation translation concept derived from Actor-Network Theory to explore these complex dynamics in more detail. The results indicate that the decision-making process for blockchain adoption corresponds to knowledge, persuasion, and decision stages, mirroring the phases found in the innovation translation approach. This research offers theoretical insights and practical knowledge that can be beneficial to individuals and organisations looking to promote a successful implementation of blockchain technology.