Despite the reported disruptive nature of blockchain technology in the extant literature, its adoption is slower than its potential. This difference between the technology’s promises and its current adoption has sparked interest in understanding the factors impeding widespread adoption. This systematic literature review (SLR), drawn from 1786 studies published between 2008 and May 2023, seeks to address this gap. Specifically, our research explores the influence of factors and their differences and commonalities on blockchain adoption. The SLR, examining individual and organisational perspectives, identifies 152 unique factors influencing 25 industries across 21 countries. This review also highlights distinct commonalities and variations in these factors across industries and countries. For instance, while regulatory issues and costs were universal concerns, the importance of technical understanding diverged between industries. Furthermore, country-specific factors, including local regulations and cultural aspects, emerged as significantly influenced insights that provide a comprehensive perspective on the dynamics of blockchain adoption, offering valuable guidance to industry practitioners and researchers striving to navigate the complexities of blockchain integration.
Moritz T. Bruckner, Dennis M. Steininger, Jason Bennett Thatcher, Daniel Veit
Abstract Many firms use social media (SM) to solicit online investments. In this study, we examine the interaction between SM attributes and online-investment attributes to determine how this interaction shapes users’ investment decisions. Specifically, we investigate initial coin offerings (ICOs) as an application domain of distributed ledger technology for peer-to-peer investment. We use signaling theory to develop a context-specific explanation for how the interplay of persuasion signals found in SM and technology-enforced lockups shapes individuals’ ICO investment decisions. To evaluate this interplay, we conducted a 2 × 2 factorial experiment with 473 participants. The results show that when an investment does not require a technology-enforced lockup, persuasion signals encourage investments in ICOs; however, when an investment requires a technology-enforced lockup, persuasion signals do not affect investments in ICOs. Furthermore, our analyses suggest that combining a technology-enforced lockup and persuasion signals reduces the ICO’s plausibility. This is the first study to investigate how the willingness to invest in ICOs is influenced by the relationship between technology-enforced lockups and persuasion signals. The findings have practical implications for individuals attempting to make sound decisions on ICO investments, policymakers regulating online investments, and firms seeking to attract investors.
Adrian Stanciu, Mariana Bernardes, Melanie Viola Partsch, Clemens M. Lechner
Cryptocurrency is an attempt to create an alternative to centralized financial systems using blockchain technology. However, our understanding of the psychological mechanisms that drive cryptocurrency adoption is limited. This study examines the role of basic human values in three stages of cryptocurrency adoption-awareness, intention to buy, and ownership-using the Theory of Planned Behavior (TPB). Logistic regression analysis was conducted on a quota sample of 714 German adults, and the results showed that openness-to-change values increased the likelihood of cryptocurrency awareness, while self-enhancement values increased the likelihood of intention to buy and ownership. These findings were consistent even after controlling for demographic characteristics, attitudinal beliefs, and perceived behavioral control, which are important factors in the TPB. The results suggest that basic human values may influence an individual's decision to adopt cryptocurrency, but the transition from awareness to ownership may be influenced by socio-economic opportunities available to interested individuals.
This project integrates Web 3.0, web development, and mobile game development to create aplay-to-earn (P2E) mobile game with a web component. The objective of this project is to seamlesslycombine a mobile game with a website and a distinctive token ecosystem to provide players with anenjoyable experience. For the purposes of creating mobile games, websites, and smart contracts,respectively, the Unity Game Engine and the "Next.js' framework, Solidity, are employed. The projectmakes use of Web3 Modal, the MetaMask extension, Microsoft Azure PlayFab for player management,and Web3 Modal for a seamless interface with blockchain networks. The main outcomes of the projectinclude successful implementations like a mobile game with simple gameplay that players can quicklyunderstand and a website with an interface that will allow you to withdraw crypto tokens securely usingsmart contracts. By offering real benefits like personalized crypto tokens, the idea increases playerparticipation. The primary conclusion to be drawn from this project is that combining gaming withblockchain integration results in a unique and engaging experience for gamers. In conclusion, our studyshows that integrating several technologies to improve user experiences in the gaming and blockchain areasis both feasible and potentially rewarding.
Buying and selling real estate is time consuming and labor intensive, requires many intermediaries, and incurs high fees. Blockchain technology provides the real estate industry with a reliable means of tracking transactions and increases trust between the parties involved. Despite the benefits of blockchain, its adoption in the real estate industry is still in its infancy. Therefore, we investigate the factors that influence the acceptance of blockchain technology by buyers and sellers of real estate. A research model was designed based on the combined strengths of the unified theory of technology acceptance and use model and the technology readiness index model. Data were collected from 301 real estate buyers and sellers and analyzed using the partial least squares method. The study found that real estate stakeholders should focus on psychological factors rather than technological factors when adopting blockchain. This study adds to the existing body of knowledge and provides valuable insights to real estate stakeholders on how to implement blockchain technology.
Due to technological advancements and consumer demands, online shopping creates new features and adapts to new standards. A robust customer satisfaction prediction model concerning trust and privacy platforms can encourage an organization to make better decisions about its service and quality. This study presented an approach to predict consumer satisfaction using the blockchain-based framework combining the Multi-Dimensional Naive Bayes-K Nearest Neighbor (MDNB-KNN) and the Multi-Objective Logistic Particle Swarm Optimization Algorithm (MOL-PSOA). A regression model is employed to quantify the impact of various production factors on customer satisfaction. The proposed method yields better levels of measurement for customer satisfaction (98%), accuracy (95%), necessary time (60%), precision (95%), and recall (95%) compared to existing studies. Measuring consumer satisfaction with a trustworthy platform facilitates to development of the conceptual and practical distinctions influencing customers' purchasing decisions.
In spite of all the hype, media attention, and explosion in market valuations, cryptocurrencies have so far failed to find wide acceptance as a means of payment. This has led to a wealth of literature investigating why cryptocurrencies such as Bitcoin failed to establish themselves widely. However, these investigations have generally focused on specific cryptocurrencies and did not highlight which features of cryptocurrencies help or hinder adoption. This paper helps close this gap by conducting a qualitative user study with 960 respondents representative of the German population, obtaining freeform answers on the main adoption factors as well as the main obstacles for cryptocurrencies from both existing and potential users. We identify 33 reasons for and against cryptocurrency adoption, distributed into financial, ideological, benefits-based, technical, acceptance-based, and security-based categories. The contribution of this paper is threefold: We go beyond positive reasons and explicitly consider obstacles to cryptocurrency adoption inside a unified framework. We also identify additional payment system features that differ between different cryptocurrencies and influence their adoption. Thirdly, we identify adoption factors based on perceptions and personalities rather than just measurable features. Therefore, this paper also adds to the ongoing systematization of cryptocurrencies in the current stream of literature on the topic.
Purpose The potential growth in cryptocurrencies has raised serious ethical and religious issues leading to a new investment rethinking. This paper aims to identify the influence of religiosity on cryptocurrency acceptance through an extended technology acceptance model (TAM) model. Design/methodology/approach In the first phase, this research develops a conceptual model that extends the theory of the TAM by integrating the religiosity component. In the second phase, the proposed model is tested using search volume queries in daily frequencies from 01/01/2018 to 31/12/2022 and structural equation modeling (SEM). Findings The empirical results demonstrate a significant positive effect of religiosity on the intention to use cryptocurrency, the users' perceived usefulness (PU) and ease of use (PEOU). Besides, the authors note that PEOU positively influences the intention. Furthermore, religiosity indirectly affects the intention through the PEOU and positively impacts the intention through the PU. In the same way, PEOU has a considerable indirect effect on the intention through PU. Practical implications This study has practical and theoretical contributions by providing insights into the cryptocurrency acceptance factors. In other words, it contributes to the literature by extending TAM models. Practically, it helps managers determine factors affecting the intention to use cryptocurrencies. Therefore, they can adjust their industry according to the suitable characteristics for creating successful projects. Social implications Identifying the effect of religiosity on cryptocurrency users' choices and decisions has a social added value as it provides an understanding of the evolution of psychological variants. Originality/value The findings emphasize the importance of integrating big data to analyze users' attitudes. Besides, most studies on cryptocurrency acceptance are investigated based on one kind of religion, such as Christianity or Islam. Nevertheless, this paper integrates the effect of five types of faith on the users' intentions.
Luan-Thanh Nguyen, Duc-Thai Nguyen, Khanh Nhu- Nguyen Ngoc, Đặng Thị Việt Đức
Over the recent years, blockchain, a digitalization phenomenon, has leveraged its superior features to remodel the relationships of logistics partners. This cutting-edge technology has brought a faster, more transparent, and cost-effective logistics industry. This study, therefore, aims to investigate the behavioral intention to use the blockchain of individuals who work in logistics companies in Ho Chi Minh City (HCMC), Viet Nam, through the Unified Theory of Acceptance and Use of Technology (UTAUT) and its extended factors. Accordingly, non-probability sampling with convenience sampling has been chosen. A questionnaire was used to collect data from logistics workers before exploring and clarifying factors affecting the users’ intention, namely performance expectancy (PE), effort expectancy (EE), social influence (SI), and facilitating conditions (FC). In addition, experience (EXP) was also expected to influence the relationships. Therefore, a multi-analytical hybrid structural equation modeling-artificial neural network (SEM-ANN) approach was used to evaluate the gathered data empirically. The expert panel examined the established questionnaire through face validity and content validity to ensure the validity and reliability of the survey instrument. The findings revealed the different positive impacts of factors on the intention to use blockchain. While the result of the PLS-SEM technique is a descending order impact of PE, FC, EE, SI, and EXP was found that have no meaningful effect on the relationships, the ANN approach produces a surprising conclusion when SI ranks first in the magnitude of influence.
Virtual Economies continue to be a global phenomenon, and cryptocurrency is prominent in this process, and it can be attained by playing blockchains. The rise of non-fungible tokens (NFTs) is also increasing the demand for Ethereum. Thus, these features encourage many people to earn money while playing it that even young people (most likely undergraduate students) invest. There is no doubt that it is a good business for financial risk and problems, it also provides much more significant opportunities and applications. Somehow the notions of blockchain technology provides some negative outcomes, specifically in the behavioral aspects of them. In this paper, the researchers focused on socioeconomic status and behavioral aspects of the players and considered these two as the factors in their perspective about the blockchain games. The results on socioeconomic shows that most of them are playing because of financial problems and sees this as an opportunity to have an income. The results on Behavioral impacts through pareto analysis shows that most respondents suffer from the negative impact of playing blockchain games, 66% of the respondents has lack of sleep, 53.5% less focus in studies, 39.5% less interactive and more. Tukey method is also use to analysis whether which questions is significantly important in terms of obtaining and analysis the results from the survey conducted. In conclusion the socioeconomic stand is likely to affect their perspective in the blockchain games and shows that these games can lead to addiction because of the time spend in playing, the anxiety with the game and other negative outcomes.
Ibrahim Ramadan Abdelhamid, Islam Tharwat Abdel Halim, Abd El-Majeed Amin Ali, Ibrahim A. Ibrahim
Blockchain technology has attracted a lot of attention lately because it is seen as an all-purpose method for conducting online transactions between unidentified parties without the need for a centralized authority. Modern developers and businesspeople think it will disrupt or even change both the government and industry. In this setting, government-focused blockchains are becoming increasingly prevalent. Several recent studies highlighted use cases in the public sector for decentralized information infrastructures. Blockchain is expected to revolutionize or at least simplify many governmental functions. However, because blockchain use has yet to be widely adopted in government or industrial settings, the question arises: what are the technical hurdles impeding blockchain adoption? To that purpose, a systematic literature assessment of 29 academic articles investigating software engineering problems in blockchain technology for government applications has been done. The papers are initially inductively analyzed in order to illustrate and identify the issues frequently highlighted in academic literature. Furthermore, a theoretical framework is discussed by relying on models used in traditional software development, which is then followed by deductive analysis to map out the blockchain use cases and future trends connected to the difficulties.
Blockchains have caught the attention of governments, businesses, and researchers due to their potential to revolutionize the way data is stored and consumed. Despite the current interest in blockchains globally, there has been unsatisfactory progress of this promising technology in developing countries, including Tanzania. One factor hindering the advancement of blockchain in the country is the lack of knowledge of the technology itself. Challenged by the situation, this study implemented a blockchain lab to provide a platform for users to explore and practice various concepts of blockchain. This online lab, called Dinari, was implemented using Ethereum blockchain and was hosted on a cloud server. Experiments were conducted to verify the performance of the developed lab. Results from the experiment show that the platform gives an average transaction processing time of 15.17 seconds. The processing times were within an acceptable range of performance when compared with other online platforms, such as Mainnet and Kovan that provide average processing times of between 8.8 seconds and 18.3 seconds. The study can be scaled up in future to deploy more use cases, including health, in addition to the existing payment use case.
Manal Mansour, May Salama, Hala Helmi, Mona F. M. Mursi
Blockchain technology is referred to as a very secure decentralized, distributed ledger that records the history of any digital asset. It is being used in numerous governmental and private sector organizations across numerous nations. Surveying the current state of blockchain applications and difficulties in e-government services is the goal of this review. Held to the account are use cases for current facilities that use blockchain. Finally, it examines the research gap in blockchain deployment and makes suggestions for future work for additional research.
Sujeet Kumar Sharma, Yogesh K. Dwivedi, Santosh K. Misra, Nripendra P. Rana
This study identifies the critical challenges for blockchain adoption in government, and more specifically in the delivery of public services in the state governments of India. A literature review and focus-group with stakeholders was conducted to identify critical cfhallenges. Each challenge was ranked based on the opinions of stakeholders using conjoint analysis. Regarding government adoption of Blockchain, this study points to ecological shifts as a more significant challenge than technology. This study provides theoretical implications for researchers and valuable insights for practitioners.
Electronic Know Your Customer (E-KYC) is an essential process that is widely used to verify the identities of customers for various purposes.However, traditional E-KYC methods have several limitations, including security and privacy concerns.In this paper, we propose a secured and privacy-preserving E-KYC system using blockchain technology.The proposed system utilizes the security and immutability of the blockchain network to store customer information securely and ensure that it cannot be tampered with.The system also utilizes smart contracts to automate the E-KYC process while ensuring the privacy of customer information.Additionally, we propose the use of a zero-knowledge proof protocol to enable users to prove their identity without revealing their personal information.
Khaled Mahmud, Md. Mahbubul Alam Joarder, Kazi Sakib
Financial technology (fintech) has disrupted the traditional financial system by decoupling, decentralizing, and demystifying finance. Effective and scalable adoption of fintech, however, is key to financial inclusion and value creation through new business models. While theoretical frameworks and models in the literature investigate technology adoption in general, a measurement scheme for customer readiness specifically for fintech is absent. We conduct a National Citizen Survey in Bangladesh (N = 1282), review extant literature on fintech adoption factors and variables, distill major themes into seven dimensions. In this paper, we propose the Customer Fintech Readiness (CFR) index to assess readiness to adopt and use customer facing fintech product, platforms and services. We validate the index and establish its easy replicability, albeit with small contingent adjustments. We find that customers in Bangladesh lag behind in readiness for fintech. Our dimension specific scores provide important insights for policy intervention and planning. While our dataset remains gender-imbalanced and depends on customer self-reporting, we delineate ways to fine-tune its construction for better replication of CFR in other countries.
The widespread use of Blockchain technology (BT) in nations that are developing remains in its early stages, necessitating a more comprehensive evaluation using efficient and adaptable approaches. The need for digitalization to boost operational effectiveness is growing in the healthcare sector. Despite BT's potential as a competitive option for the healthcare sector, insufficient research has prevented it being fully utilised. This study intends to identify the main sociological, economical, and infrastructure obstacles to BT adoption in developing nations' public health systems. To accomplish this goal, the study employs a multi-level analysis of blockchain hurdles using hybrid approach. The study's findings provide decision- makers with guidance on how to proceed, as well as insight into implementation challenges.
This study sought to understand the factors driving the consumer adoption of a cryptocurrency, in particular Bitcoin, as an electronic payment (e-payment) system for electronic commerce (e-commerce) transactions within a developing economy such as South Africa. The advent of e-commerce has led to increased online transactions facilitated by e-payment systems, which can fall prey to opportunistic hackers. Cryptocurrencies have been pegged as a solution to this security issue. However, little is currently known around consumer propensity to use a cryptocurrency as an e-payment option, particularly within a developing economy. The investigated factors that could influence user adoption were based on literature and tested on a South African representative sample of 814 respondents. Of the factors identified from literature, the study found that “perceived usefulness and perceived ease of use,” “self-efficacy,” “awareness,” “trust,” and “security” have the most significant influence on South African consumers adopting a cryptocurrency as an e-payment system.
This study analyzes the impact of blockchain mobile payment services on customer loyalty intention through the mediating role of service quality, privacy and security, and customer satisfaction in the Bangladeshi hospitality industry. Data were collected through a survey using a structured questionnaire from 326 respondents who stayed in 4- and 5-star hotels in Chattogram and Cox’s Bazar. Respondents’ (N = 326) opinions were analyzed employing Smart PLS software. The results ensure that privacy and security and customer satisfaction mediate the blockchain-based mobile payment services and loyalty intention relationship. However, service quality does not mediate that relationship. The findings of the mediation effect of privacy and security and customer satisfaction are a unique contribution to the blockchain literature in the field of the hospitality industry. Hoteliers are encouraged to employ appropriate blockchain mobile payment services for better quality customer service and ensured safety and security, and in turn, loyalty intention.
The Internet of Things (IoT) and blockchain are new concepts in the world of technology and communication, and communication in them is provided for any creature (human, objects), the ability to send data through communication networks, whether the Internet or intranet. IoT is known as one of the most important axes of future technology and has received considerable attention from all industries. Today, a large number of different parts of the Internet of Things are designed only for specific businesses, which indicates the acceptance of a large number of organizations to use this equipment, and of course, various technologies are also used in this field, including artificial intelligence and cloud computing. The purpose of this research is to investigate the use of Internet of Things in business and its business models. There are also frameworks for the easier development of business models, which this article is the framework of business models in electronic commerce for the program. Internet of Things and Blockchain according to the research/interview literature. These frameworks can be used by developers as a starting point for creating a business model for IoT and blockchain applications in developing countries.
Blockchain technology might change healthcare by increasing patient experience (Px) in terms of patient-centeredness, trust, transparency, and medical data ownership. However, healthcare blockchain-Px research is few. This study aims to enhance healthcare blockchain deployment from a Px standpoint. Three particular aims are to (1) perform a complete literature assessment of current research on blockchain technology and Px in healthcare, (2) identify gaps in existing research and suggest a strategy to bridge the gap between blockchain technology and Px, and (3) evaluate value co-creation. A narrative review was utilized to seek and examine 2017–2022 literature. "Blockchain," "patient experience," "digital health," "customer experience," "healthcare," "telemedicine," "eHealth," "value co-creation," and "blockchain implementation" were searched in PubMed, Google Scholar, and Scopus. Inclusion and exclusion criteria ensured that only relevant content was reviewed. Review focus, research design, and article publication dates determined the criteria. The literature was summarized to highlight main themes and research gaps. Blockchain technology may create more patient-centered, data-driven healthcare systems, the analysis concluded. It also emphasized the risks and challenges of using blockchain technology in healthcare, such as changing the therapeutic relationship between patients and clinicians and preserving patients' medical data. Blockchain technology in healthcare requires patient-provider value co-creation. The review suggested bridging blockchain technology with Px and suggested additional study. Blockchain technology in healthcare, value co-creation for effective adoption, and web3 apps' effects on Px need further study.