Joseph M. Woodside, Fred K. Augustine, Will Giberson
Purpose: The purpose of this paper is to review the acceptance and future use of blockchain technology. Given the rapid technological changes, this paper focuses on a managerial overview and framework of how the blockchain, including its implementations such as Bitcoin have advanced and how blockchain can be utilized in large-scale, enterprise environments. The paper begins with a technological overview that covers the history of the technology, as well as describing the computational, cryptographic theory that serves as the basis for its notable security features. This paper also covers several key application areas such as finance, accounting, and marketplaces where blockchain technology is seeing major investments from some of the world’s largest organizations. Analysis Methods: Triangulation is utilized for this paper, which combines multiple methodologies, such as qualitative and quantitative methods, as complementary components for improving research study accuracy. The triangulation methods chosen for this paper include a secondary data environment analysis, a text analysis, and financial analysis in order to successfully manage and review the adoption diffusion of innovative technologies like blockchain. The blockchain stands to disrupt many areas of society with the proper application and thus it is important to examine its use with as many viewpoints as possible. Contributions and Conclusion: The contribution this paper describes the potential drivers and drawbacks of blockchain technology in real world applications and highlights the managerial implications of its use. This paper also expands the theoretical contributions for identifying blockchain technology progress on the diffusion of innovation curve. As it stands, the blockchain is within the innovation stage in terms of its application in multi-national enterprises, but with major firms making investments, the blockchain could see growing normalization and acceptance, and at an inflection point akin to the Internet of the 1990s.
Problem Explaining: Nowadays the financial system has been affected dramatically by the development in the era of information and communication technology. One of these phenomena, is Crypto Currency Bitcoin is the most famous among them. In the reviews of Crypto Currency and Bitcoin, we can pay special attention to the public opinion, because it can have a significant impact on the future of money. Purpose: The aim of this study is to identify the preferences of people using Bitcoin as a novel product introduced by human into the financial system. For this purpose, the important factors in choosing Bitcoin have been checked. In terms of practical purpose and collecting descriptive information, this research is survey - correlation. Design/methodology/approach: In this study the important factors in the selection of Bitcoin through the investigation of the opinions of experts and consumers, offering model by patterning the technology acceptance and innovation publication models, interviewing with experts using a questionnaire and the analysis of the model through PLS partial least square method using Version 2 SMARTPLS software. Findings: The results show that the variables of infrastructure, structural, individualistic and cultural factors through perceived value have a significant and positive impact on the intention of using people. Meanwhile cultural factor has had the largest share, but innovative, political and environmental factors haven’t had any significant effect. The results of this research indicate the effective factors in the users’ tendency to use Bitcoin. Originality/value: The main question in this research is that: Is there any significant relationship between the values perceived by the consumer from Bitcoin and the intention of using it?
<p style='text-indent:20px;'>In Bitcoin system, transactions are prioritized according to transaction fees. Transactions without fees are given low priority and likely to wait for confirmation. Because the demand of micro payment in Bitcoin is expected to increase due to low remittance cost, it is important to quantitatively investigate how transactions with small fees of Bitcoin affect the transaction-confirmation time. In this paper, we analyze the transaction-confirmation time by queueing theory. We model the transaction-confirmation process of Bitcoin as a priority queueing system with batch service, deriving the mean transaction-confirmation time. Numerical examples show how the demand of transactions with low fees affects the transaction-confirmation time. We also consider the effect of the maximum block size on the transaction-confirmation time.
Id. (The article summarizes the process through 6 steps: (1) broadcasting the information to the network; (2) each node in the network compiles the information; (3) each node checks the information by solving a complicated process; (4) each node broadcast the proof that it solved the checking process; (5) the nodes accept the broadcast only if the information included is proven to be correct; and (6) the nodes add to the chain the new information, where it is, timestamp, and its location in the chain is contingent on the previous elements of the chain.).
The Technology Acceptance Model (TAM) is an important analysis tool in the study of the social mechanisms of technology adoption, and has received considerable attention and study in the literature. Though empirical support for the model has varied depending on situation specifics, it remains a popular and useful conceptual framework for analysis of factors contributing to technology acceptance or rejection by the relevant constituencies. In this paper we use the TAM framework to analyze aspects of the technology acceptance process in the case of Bitcoin. Bitcoin is an entirely digital distributed currency whose disruptive and disintermediating nature has fueled the tremendous growth of the financial technology space over the past few years. Bitcoin's distributed, verifiable, and immutable public transaction ledger, the blockchain, holds out the promise of fast, cheap, peer-to-peer financial transactions, as well as significant efficiencies in the transfer of other assets via overlay networks. In this study, we break down, describe, and analyze the various factors affecting the past and future adoption curve for Bitcoin in the context of the Technology Acceptance Model.