Blockchain Technology Adoption Decisions: Developed vs. Developing Economies

Abstract

Blockchains as digitized, decentralized ledgers allow recordkeeping of peer-to-peer transactions, thus eliminating the need for intervening trusted third parties. This makes the technology useful in altering business processes and transactions not just across industrial sectors but also across economies. However, little research exists on the factors that impede and sponsor blockchain technology adoption in developed relative to developing country contexts. We highlight blockchain technology issues which sponsor/impede its adoption across developing/developed economic contexts. We focus on assessing the flow of money and land registries in these contexts in relation to the propensity to deploy blockchain systems. We then apply our analytical frame resting on real options principles to explore the decision point at which blockchain would be adopted relative to economic development.