Blockchain is rapidly becoming established as the core technology of the Fourth Industrial Revolution. By combining blockchain to improve processes in existing industries, innovative new services will emerge, but services not effectively applied by blockchain will also develop. This study investigated the factors to be considered when applying the characteristics of blockchain technology to business. We developed a framework of blockchain service utility evaluation indexes using the analytic hierarchy process method. The Delphi method is used to identify highly effective blockchain application service cases by applying the evaluation framework to actual use cases in the public sector. By proposing a framework of utility evaluation factors for blockchain application services, this study provides a systematic foundation for blockchain business review. We address the question of "why blockchain should be applied to this service" by providing a more comprehensive approach than existing research, such as a fragmentary decision tree. Blockchains are expected to become more active along with the full-scale digital transformation of industries, and thus, we must examine the ways to broadly use blockchain as a base technology in a form applicable to the diverse industries and societies constituting the digital economy. Accordingly, this study presents an evaluation solution for promoting efficient policies and developing successful blockchain application services.
Earlier research has relied on well-established technology acceptance models to investigate the adoption of blockchain technology (BCT) in various domains. However, citing criticism from other scholars, we show that this approach is severely limited because of portraying users as passive absorbers of technology, failure to recognise that users can find novel applications for the technology, triviality of the results, inability to add new insights and creating the âillusion of cumulative tradition.â Therefore, departing from this earlier approach, the current study mobilises Cultivation Theory (CT) and Elaboration Likelihood Model (ELM) to propose and empirically investigate the direct impact of mass media, social media and technophilia as well as moderating impact of technophilia on BC adoption intentions at a more general level. Responses collected through a structured questionnaire from 416 professionals working in different Pakistani organisations were used to test the proposed model by application of PLS-SEM. The results of the study indicate that mass media, social media and technophilia positively and significantly affect an individual's intention to adopt blockchain technology. In addition, technophilia moderates social and mass media influence on the intention to adopt blockchain technology. The study makes a major theoretical contribution to BCT adoption scholarship.
This study aims to investigate the factors that can predict the behavioral intention of students at public universities in Saudi Arabia to use Cryptocurrency. The UTAUT model was enhanced with the incorporation of security and awareness to develop the theoretical model for this investigation. The paper investigates the impact of performance expectancy, effort expectancy, facilitating condition, social influence, security, and awareness on the behavioral intention to use Cryptocurrency. The moderating role of financial literacy was also investigated on the associations between the proposed adoption factors and the behavioral intention to use Cryptocurrency. SmartPLS 3.2.8 software was used to analyse 344 responses collected via an online survey. The Findings showed that performance expectancy, effort expectancy, social influence, security, and awareness positively impact on behavioral intention to use Cryptocurrency. Moreover, financial literacy moderates the associations between performance expectancy, security, social influence, and behavioral intention. The findings offer valuable insights to Cryptocurrency users, Cryptocurrency developers, and the government of the KSA.
Fernando GarcĂa-MonleĂłn, Anett Erdmann, RamĂłn Arilla
The use of cryptocurrencies offers attractive business opportunities, in the context of financial services, smart contracts and token-based business models. The objective of this study is to provide a value-based understanding of what drives people to use cryptocurrencies for value exchange. Based on the usersâ perceived value of the technology, as logic of decision making, we explore the role of perceived financial value and the perceived emotional value in the intention to use the technology. The unified technology adoption theory provides the potential drivers of these value concepts, which are extended accounting for sustainability. Furthermore, to capture usersâ evolving experience with blockchain technologies, we propose the concept of the cryptocurrency knowledge path, capturing the scope and depth of usersâ knowledge on the applicability of cryptocurrencies, as potential influence on the value concepts in the decision to actively use cryptocurrencies. For the analysis, a structural model is set up and estimated using partial least square analysis (PLS-SEM). We identify a positive effect of both value concepts, financial and emotional value, on the intention to use cryptocurrencies. However, interestingly, we find that the emotional value assessment is fully mediated through the knowledge path. Furthermore, we find that environmental sustainability considerations are fully mediated through either of the two value concepts. These results provide guidance for a customer-centric, sustainable design and marketing of crypto-projects.
Non-Fungible Tokens (NFTs) have reached enormous levels of interest all over the world; The attraction was huge besides buying or creating an NFT. However, the actual use requires consideration of many aspects and sources to make decisions and engage in the NFT market. Moving forward and selecting what to create or where to buy, it is necessary to assess the NFT and whether it is worth investing in or not. On the other hand, Metaverse has become a trending topic and market interest has increased dramatically. However, NFT is crucial to enable the Metaverse; NFT approved its essential to the success of Metaverse adoption. In conclusion, this choice is complicated, especially when it involves extensive knowledge and information from different sources and perspectives (Engineering and Social Science). Some aspects are related to the customer experience and trust, and others are more likely to be asset-related. As we look at the blockchain market, we distinguish a variety of platforms and applications that can be used conveniently, presenting numerous options and possibilities. That brings to mind some ideas and asks some questions to assist the engagement in the NFT metaverse; When is the best moment to engage in the NFT metaverse? Is trading or engaging in the NFT metaverse trustworthy? Is it legal to use and trade NFTs, is there any need for governments to get involved? What NFT piece should create or what price to buy? What is the best and most secure platform to use? Assessing the NFTs requires deep research into different sources of controversial information and data. However, no such reference or study covers these considerations in detail; the lack of trusted resources and knowledge impacts the user experience and engagement. This paper contributes to social science studies by performing a multi-factor (comprehensive) analysis that includes the NFT Metaverse engagement decision and user behavior. We are using an extended model of the theory of planned behavior (TPB), proposing a model which includes external factors to help identify the variables that influence the engagement with NFTs in the metaverse. This comprehensive study has a multi-perspective approach; customer perspective, social perspective, technology perspective, legal perspective, and market perspective. We present extensive knowledge and information to be a helpful piece of awareness for everyone who intends to buy, invest, or create an NFT. This study uses a quantitative analysis method and provides meaningful results explaining this dilemma and the reasons behind the massive adoption of NFT and its fluctuation worldwide. This work helps the decision-makers, creators, and investors consider new development perspectives in the NFT metaverse. The methodology used primary survey data and analyzed with Smart-PLS 4 to determine variance-based structural equation modeling (SEM) using the partial least squares path modeling (PLS) method.
Athapol Ruangkanjanases, Eissa Mohammed Ali Qhal, Khaled Mofawiz Alfawaz, Taqwa Hariguna
Blockchain is considered one of the key technologies that can accelerate the Industrial Revolution 4.0. The intention to use Blockchain can still be improved in several ways, and how users perceive Blockchain is likely to be influenced by how well they understand the underlying theory. This study examines several important factors, namely government regulation, social influence, perceived security, and Blockchain functional benefits, to measure trust and satisfaction with relationship quality, which may influence the intention to use Blockchain. A sample of 460 people participated in the online questionnaire survey, which was then evaluated with SmartPLS 3. The findings reveal that the social influence and Blockchain functional benefits have a substantial impact on relationship quality, which further results in a positive impact on Blockchain usage intention as well. This study can serve as a reference for companies that need to consider the factors discussed in this study when implementing Blockchain technology to achieve marketing goals and generate sustainable Blockchain usage intentions.
Developments in the field of internet technologies have changed traditional shopping behaviors and led consumers to shop online on electronic commerce sites. Developments in the field of electronic commerce have also diversified payment systems and virtual currencies have started to be used in payments. When it comes to virtual currencies, the first concept that comes to mind recently is cryptocurrencies. Cryptocurrencies, which are seen as investment instruments, have started to be used as payment methods by many brands in the global market. At this stage, the basis of the research is to reveal the intention of consumers in Turkey to use cryptocurrencies in online shopping. The goal of the study, which was conducted within the framework of the Technology Acceptance Model, was to discover the implications of consumers' perceptions of cryptocurrencies' ease of use, risk, and trust factors on their perceived benefit and intention to use cryptocurrencies in online purchasing. For this aim, it was discovered that perceived ease of use and trust have a significant positive effect on perceived benefit, while perceived risk has a significant negative effect, based on the analysis of data obtained from 391 customers via the online survey technique. In addition, perceived ease of use, trust and benefit also positively affect the intention to use cryptocurrency in online shopping. It is concluded that the perceived risk factor does not affect the intention to use cryptocurrency in online shopping. The findings provide significant theoretical and practical contributions to the fields of cryptocurrency and electronic commerce.
The research, in its general lines, tends to open an interpretative perspective on the fact that the bitcoin and blockchain (BTC-BC) phenomenon could be defined primarily through the social learning lens, and in that case would be considered a privileged way to investigate humans' behavior related to the emergent innovations, considering voluntariness in information seeking as antecedent of reduced reticence to acceptance. The approach inherent in the analysis proposed should be considered as exploratory and embryonic, but interesting and crucial for a seminal investigation of the field, due to the rapid emergence of the phenomenon object of the study. The main implication of the interpretative paradigm provided on the BTC-BC scene, considering the social learning view, could be found on the managerial side, thanks to the possible indirect knowledge-based strategy, able to shape an informed social context, promoting the future probable and potentially facilitated application of âdisruptiveâ technologies in several work environments.
Purpose â This study tries to find out what factors influence the intention to use cryptocurrency from a social and religious perspective using Self Determination Theory (SDT) and Theory of Planned Behavior (TPB).Methodology â Respondents were chosen using purposive sampling targeting z generation and analyze using Structural Equation Modeling - Pooled Least Square (SEM-PLS). 100 respondents took part in this study and analyze using SmartPLS 3.2.9 Software.Findings â The result of this study indicates that FoMO and Islamic financial literacy does not have influences on intention to use cryptocurrency while Attitude has a positive effect on intention to use cryptocurrency. The other finding of this study is religiosity and subjective norms has influence on attitude while higher level of religiosity will increase the Islamic financial literacy.Implications â Theoretically, this study contributes to financial behavior and financial technology study. Practically, this study can be used by developer of sharia investment platform to optimize their product. Because even all of our respondents are a moslem, majority of them didnât investing in sharia product but also donât have intention to engage in Cryptocurrency. Originality â We believe this study is the first empirical study that investigates the intention to use cryptocurrency from a religious perspective, specifically Islamic financial literacy.
The purpose of this study is to investigate the salient factors that influence Indonesian cryptocurrency owners in making their investment decision. This study employs intergroup bias, subjective norms, overborrowing, and spending control to explain cryptocurrency investment behavior. The questionnaire was collected from 309 respondents from the five largest internet user areas: Jakarta, Surabaya, Bandung, Semarang, and Medan. This study executes the research framework using binary logistic regression. The results reveal that intergroup bias and overborrowing are the most impulsive factors contributing to the cryptocurrency investment decisions over the past year. Furthermore, after November 2021, Indonesian crypto owners are more irrational in a bearish period since their investment decisions are driven by their desire to be accepted in the social group. Moreover, when they have overindebtedness, instead of solving their debt problems, they prefer to spend their money on cryptocurrency investments. The subjective normsâ influencers suggest that crypto owners not invest when the cryptocurrency price is sharply declining. The findings contribute to the dual-systems perspective and social contagion theories, enriching the empirical study regarding investment behavior.
Yogesh K. Dwivedi, Janarthanan Balakrishnan, Ronnie Das, Vincent Dutot
Blockchain research is significantly growing, yet the practical implementation of blockchain among retailers is still in the novice stage. This research aims to study the underlying factors that build resistance toward blockchain among retailers. The study has used innovation resistance theory (IRT) and the dynamic capability model to build the conceptual model. The study used a single cross-sectional design to investigate the proposed model with data collected from 360 retailers. The data were analysed using structural equation modelling estimated with the maximum likelihood model. The study's results showed that the threat of data ownership is the most significant factor that builds resistance towards blockchain, followed by threat severity. The results also showed that managerial capability and innovation capability could indirectly influence the relationship of IRT variables to resistance towards blockchain. The research extends the knowledge in the blockchain and contributes to relevant literature and business practitioners concerned with the results.
This paper explores the role of blockchains in the development of Web 3.0 and the Metaverse. The success of these technologies is dependent on the utilization of decentralized systems like blockchains, which can store and validate data on identities and reputations and facilitate the exchange of virtual assets. Full nodes, which store the entire blockchain state and validate all transactions, are essential for the decentralization and reliability of the network. However, operating a full node is resource-intensive and can be expensive. To tackle this challenge, we propose an incentive mechanism that utilizes contract-theoretic methods to economically motivate users to support the sustainability and growth of the blockchain network. Our contract design addresses the problem of information asymmetry (e.g., users' revenue-generating capabilities and efforts) between users and the blockchain network. Additionally, we recommend providing diverse incentives based on the user's revenue-generating capabilities and efforts to assist the blockchain network in funding incentives. Our experimental results demonstrate that our proposed mechanism increases the blockchain network's utility by$48.48\%-54.52\%$and reduces the users' cost by$38.46\%-62.5\%$compared with the state-of-the-art implementations such as Celo, Vipnode, and Pocket Network.
Aim/Purpose: The study we present aims to explore several factors pertaining to Consumer Acceptance of business technology as it relates to cryptocurrencies. Identifying and developing the relevant measures is of importance to business technology managers and soft-ware development managers today. We ask the important question of âwhat measures best represent the established constructs of the technology acceptance model?â To address this issue, it is important to identify the key measurements that help us to under-stand the proposed constructs as they relate to cryptocurrencies as well as confirm their validity in isolation and in combination with each other. In this study, the factors we explore are perceived reputation, risk, and usefulness and transaction intentions. Methodology: A survey was used whereby the methodology adapted previous measurements from related works and new measurements pertaining to usefulness and risk were developed to adhere to cryptocurrencyâs consumer acceptance framework. 202 students completed the questionnaire, and an exploratory factor analysis was used to analyze the constructs and their measurements. Contribution: To address this issue, it is important to identify the key measurements that help us to under-stand the proposed constructs as they relate to cryptocurrencies as well as confirm their validity in isolation and in combination with each other. In this study, the factors we explore are perceived reputation, risk, and usefulness and transaction intentions. Findings: Through the results, we were able to identify and validate the relevant measurements as well as the proposed constructs.
Fear, Uncertainty, and Doubt or FUD, is relatively understudied in relation to cryptocurrency. It is a feeling derived from negative cryptocurrency-related information and it prompts adverse sentiment. This thesis addresses knowledge gaps on FUD by exploring its relationship with trust, and cryptocurrency information-seeking practices. We conducted 23 semi-structured interviews with cryptocurrency adopters and non-adopters to investigate triggers of FUD, FUD-induced behaviours, and how people form trust assessments of cryptocurrency information. Using thematic analysis, we classified FUD triggers found in our data across the personal, societal, and systemic level. Furthermore, we identified how participants make either cursory, extensive, or negative trust assessments of cryptocurrency information using attachment and depth. To illustrate this process, we proposed a model of trust assessment pathways. We then provide four recommendations on combating FUD, and suggest areas of future work.
A review of a selected theories that influence the adoption of technology will serve as the objective of this paper. In this work, we attempt to discover traits that might improve the possibility of acceptance and ongoing usage of technology such as cryptocurrency adoption. More specifically, we focused on Rogers' Innovation Diffusion Theory (IDT, Theory of Technology Acceptance (TAT), and Technology Acceptance Model. (TAM)/TAM2/TAM3, Theory of Reasoned Action (TRA), Unified Theory of Acceptance and Use of Technology (UTAUT), and Theory of Planned Behaviour (TPB). When researching the tendency of individuals to adopt certain technologies, researchers draw from a wide variety of conceptual frameworks and analytical approaches. In this review, social psychology and its applied notions have been utilised most frequently. As a primary theoretical foundation, the theories centre on people's intentions to engage in a specific behaviour (i.e., adopt and utilise ICT), which is the emphasis of the theories. Research on the adoption and usage of information and communication technologies has made extensive use of both the Theory of Reasoned Action (TRA) and the Theory of Planned Behaviour (TPB). They are two of the key intention-based theories, which means they give the core theoretical underpinnings for other adoption theories, such as the Technology Acceptance Model (TAM) and the Enhanced Technology Acceptance Model. Both the transpersonal relationship analysis and the transpersonal behaviour analysis begin with the fundamental premise that individuals deliberately choose whether or not they will engage in a certain behaviour. In this sense, the adoption and usage intentions are typically seen of as a primary outcome variable that is influenced by a variety of independent variables. This is because of the way that they are typically studied. In the following, we will discuss significant theories regarding the adoption of technology.
Cryptocurrency is gaining worldwide recognition. This research examines the psychological determining factors of consumersâ cryptocurrency adoption behavior based on the theory of planned behavior. 452 samples are collected from U.S consumers and the data are analyzed by PLS-SEM. The findings reveal that consumer innovativeness has positive influences on the attitude and perceived behavioral control for cryptocurrency and in turn affects the intention to use cryptocurrency. Subjective norm is a significant predictor of cryptocurrency intention and the LOHAS lifestyle moderates the influence of attitude on the intention. This research offers theoretical and practical implications for the cryptocurrency market.
Taqwa Hariguna, Athapol Ruangkanjanases, Bakri Bin Madon, Khaled Mofawiz Alfawaz
The paradigm of currency has shifted today in which the transformation from conventional currency to digitalization is getting higher lately. Cryptocurrency is one form of digital currency today. Cryptocurrencies is developed based on blockchain technology. The existence of cryptocurrency makes it a new and popular transaction model among its users, community, industry, and government. This is crucial study to measure the level of acceptability of cryptocurrency to understand the level of usersâ sustainability in the future. Through the expectation confirmation model (ECM), this study develops the integration concept between ECM and technology readiness (TR). The method employed to measure the results of the hypothesis in this study was structural equation modeling. There are nine hypotheses proposed in the present study. Of the nine tested hypotheses, it was found that there are eight accepted hypotheses which are positive and have significance, while one hypothesis was rejected. The results of this study can be used as a guide and understanding of cryptocurrencies and the continued use of cryptocurrencies.
Blockchain and cryptocurrencies are transformative fintech breakthroughs that infiltrate the financial sector; however, they have many drawbacks and limits. Consumers have shown an insufficient level of acceptance of these innovations. This paper elucidates the main reasons for the effective growth of a cryptocurrency from user behavior. The objective is to determine what factors influence consumersâ intentions to engage in blockchain-based cryptocurrency dealings. Considering the complexity of emerging technologies, this paper applied an integration model which assumes various external elements such as financial literacy, performance expectancy, facilitating conditions, effort expectancy, awareness, trust, design, and social influence. Smart PLS3 has been used. The most critical determinant of a cryptocurrencyâs growth is âdesign.â On the other hand, âdesignâ affects effort expectancy positively, and social influence affects trust. Awareness, performance expectancy, financial literacy, and effort expectancy significantly affect intentions to use cryptocurrency. Itâs worth mentioning that it is the first research to examine Pakistani customersâ perceptions of Bitcoin and their ability to partake. As a result, it is intended to serve as a base for potential research in this area.
Jan 1, 2023·Proceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
Lhorie Pirnay, Claire Deventer, Victor Amaral de Sousa
Non-Fungible Tokens (NFTs) are digital certificates of ownership that can be attached to any virtual or physical item. Recently, they have become increasingly popular, especially with the advent of metaverses, virtual spaces that are shared and accessible online. Many organizations are launching NFT initiatives for a variety of reasons including retaining customers, developing new revenue streams, or demonstrating that they are keeping up with the latest technological advances. When organizations launch NFT initiatives, they provide value to NFT users in various ways, depending on the NFT characteristics. This paper is a preliminary study to understand the value offered by organizations and perceived by NFT users. We examine 46 NFT initiatives from 42 companies to determine what value can be provided to users of NFTs. The goal is to provide a basis for further analysis on the values of NFTs and to support the design of Information Systems for NFTs.