Purpose This paper examines the factors which impact the behavioral intentions toward cryptocurrency based on signaling theory. Design/methodology/approach Data were collected through online questionnaire, and responses from 223 individuals in Lebanon were analyzed through SEM technique using Amos 24. Findings The outcomes portrayed the positive effect of perceived benefits and trust in cryptocurrency on behavioral intentions toward cryptocurrency; while not supporting the hypothesized influence of herd behavior and regulatory support. Originality/value This paper is among the first studies to adopt Signaling Theory (ST) in the cryptocurrency behavioral intentions research. Moreover, it is of the initial efforts in Lebanon and Middle East in evaluating behavioral intentions to use cryptocurrency, and it provide insights for future researchers, crypto project owners, crypto investors and crypto trading platforms.
Muhammad Farrukh Shahzad, Shuo Xu, Weng Marc Lim, Muhammad Hasnain · 5 authors
Abstract Cryptocurrencies—i.e., digital or virtual currencies secured by cryptography based on blockchain technology, such as Bitcoin and Ethereum—have brought transformative changes to the global economic landscape. These innovative transaction methods have rapidly made their mark in the financial sector, reshaping the dynamics of the global economy. However, there remains a notable hesitation in its widespread acceptance and adoption, largely due to misconceptions and lack of proper guidance about its use. Such gaps in understanding create an opportunity to address these concerns. Using the technology acceptance model (TAM), this study develops a parsimonious model to explain the awareness, acceptance, and adoption of cryptocurrency. The model was assessed using partial least squares structural equation modeling (PLS-SEM) with a sample of 332 participants aged 18 to 40 years. The findings suggest that cryptocurrency awareness plays a direct, positive, and significant role in shaping cryptocurrency adoption and that this positive relationship is mediated by factors that exemplify cryptocurrency acceptance, namely the ease of use and usefulness of cryptocurrency. The results also reveal that trust is a significant factor that strengthens these direct and mediating relationships. These insights emphasize the necessity of fostering an informed understanding of cryptocurrencies to accelerate their broader adoption in the financial ecosystem. By addressing the misconceptions and reinforcing factors like ease of use, usefulness, and trust, policymakers and financial institutions can better position themselves to integrate and promote cryptocurrency in mainstream financial systems.
Mohammed Alshamsi, Mostafa Al‐Emran, Tuğrul Daim, Mohammed A. Al‐Sharafi · 6 authors
The increasing popularity of Blockchain technology has led to its adoption in various sectors, including higher education. However, the sustainability of Blockchain in higher education is yet to be fully understood. Therefore, this research examines the determinants affecting Blockchain sustainability by developing a theoretical model that integrates the protection motivation theory (PMT) and expectation confirmation model (ECM). Based on 374 valid responses collected from university students, the proposed model is evaluated through a deep learning-based hybrid structural equation modeling (SEM) and artificial neural network (ANN) approach. The PLS-SEM results confirmed most of the hypotheses in the proposed model. The sensitivity analysis outcomes discovered that users' satisfaction is the most important factor affecting Blockchain sustainability, with 100% normalized importance, followed by perceived usefulness (58.8%), perceived severity (12.1%), and response costs (9.2%). The findings of this research provide valuable insights for higher education institutions and other stakeholders looking to sustain the use of Blockchain technology.
Objective: The objective of the article is to comprehensively examine the application and adoption of blockchain technology in SMEs. Recently, blockchain technology has garnered substantial attention owing to its transformative potential across diverse industries. Blockchain represents a decentralized and distributed ledger system that ensures data transparency, security, and immutability. This unique set of attributes has garnered attention from various sectors, ranging from finance and healthcare to supply chain and beyond. While predominant attention has been directed towards its impact on large corporations and financial institutions, the application and adoption of blockchain technology in small and medium-sized enterprises (SMEs) remains a relatively unexplored area. Research Design & Methods: This research utilized a narrative and critical literature review of the existing literature on blockchain technology and SMEs. Findings: We identified the key areas of application and drivers and barriers to SMEs’ adoption of blockchain technology. Supply chain and finance have emerged as primary domains witnessing heightened blockchain implementation. The intricate nature of supply chain operations involving a multitude of stakeholders and the centralized nature of financing with inherent information asymmetry have propelled blockchain adoption within these sectors. However, the complex nature of technology, regulatory uncertainty, and lack of technological capabilities of SMEs have been the barriers inhibiting the widespread adoption of blockchain technology in SMEs. Implications & Recommendations: The insights derived from this study can facilitate the successful design and implementation of blockchain-based solutions for SMEs. Blockchain solution providers must understand and tailor the solutions to SMEs. Blockchain-as-a-service (BaaS) can accelerate flexible application development, expediting blockchain integration in SMEs. Government, regulatory bodies, and SME groups are urged to collaborate in enhancing technological literacy among SMEs, facilitating their capacity to harness the advantages offered by blockchain technology. Contribution & Value Added: This research contributes to the field by shedding light on the underexplored realm of blockchain technology in SMEs. The created taxonomy, examination of adoption drivers and barriers, and the formulated opportunities-challenges framework provide valuable tools for understanding and navigating blockchain technology’s application and adoption-related challenges in SMEs. The identified gaps and proposed areas for future research further contribute to the ongoing discourse in this evolving field.
Currently, blockchain technology is finding applications across a broad range of industries beyond its traditional role as a decentralized ledger.A notable area of expansion is in blockchain gaming, which leverages the core attributes of blockchain-transparency, immutability, and decentralization-to address the trust issues traditionally associated with game operators.This paper explores various existing examples of how blockchain technology has been integrated into digital gaming.For a more practical exploration, the author developed a blockchain-based version of the game Monopoly.This adaptation specifically addresses the generation of random numbers, a complex and critical challenge within the blockchain framework.Additionally, the paper delves into other essential facets of blockchain game development, including the design of NFTs(Non-Fungible Tokens ), the creation of security mechanisms for smart contracts, and strategies for optimizing gas usage.These developments underscore the potential of blockchain to transform gaming dynamics by enhancing fairness, security, and player ownership.
The Metaverse, powered by a variety of key innovative technologies including 3D virtual reality (VR)/augmented reality (AR), artificial intelligence (AI), blockchain/cryptocurrency-based non-fungible tokens (NFTs), and the Internet of Things, has been proposed as the future of a virtual universe for education, work, business, and commerce. This research (∑ N = 954) presents the results of three cross-sectional surveys that examine the influence of third-level digital (in)equality and consumer (mis)trust on Metaverse adoption intention. Study 1, focusing on the Metaverse for hybrid education, reports the mediating effect of (mis)trust in the Metaverse on the relationship between the educational dimension of third-level digital (in)equality and behavioral intention to adopt the Metaverse for virtual learning as well as the moderating effect of social phobia. Study 2, focusing on the Metaverse for remote working, reports the mediating effect of (mis)trust in the Metaverse on the relationship between the economic labor dimension of third-level digital (in)equality and Metaverse adoption for virtual working as well as the moderating effect of neo-Luddism. Study 3, focusing on the Metaverse for business, reports the mediating effect of (mis)trust in the Metaverse on the relationship between the economic commerce dimension of third-level digital (in)equality and Metaverse adoption for virtual commerce as well as the moderating effect of blockchain/cryptocurrency transparency perception. This research can provide theoretical frameworks to examine people's hopes and fears about the Metaverse and consequential adoption versus non-adoption of the Metaverse for hybrid education, hybrid remote working, and omni-channel virtual commerce. Practical, managerial, and policy implications for the Metaverse and the NFT market are also discussed.
This survey delves into the convergence of blockchain, Web 3.0 technologies, and the decentralized metaverse, analyzing their combined effects on virtual experiences. The study meticulously examines the decentralized metaverse’s architecture, intrinsic properties, and transformative potential. Central to our analysis is the role of blockchain technology in addressing scalability issues and presenting practical applications in virtual real estate, gaming, and social interactions. Furthermore, we explore consensus mechanisms such as Proof of Work (PoW) and Proof of Stake (PoS), emphasizing their significance in the decentralized framework. The survey also investigates governance models and exceptionally Decentralized Autonomous Organizations (DAOs) and identifies associated challenges, including data security threats and possible mitigation strategies. By incorporating case studies on platforms like Decentraland, Vault Hill, and The Sandbox, we illustrate real-world implementations and emerging trends within the decentralized metaverse. This research highlights the profound implications of decentralized technologies on digital interactions, economies, and governance, marking a pivotal shift towards the Web 3.0 era. It underscores the potential for these technologies to redefine ownership, identity, and social engagement in virtual environments. Moreover, the paper outlines future research opportunities, encouraging further exploration into the integration and advancement of decentralized systems within the metaverse. The survey provides a comprehensive overview of the decentralized metaverse, supported by blockchain and Web 3.0 technologies. It offers valuable insights into the challenges and opportunities within this rapidly evolving domain, paving the way for innovative applications and research directions to shape the future of digital interaction and governance.
This study aims to investigate consumer intention to pay for services in the travel and tourism industry using cryptocurrencies. This research investigates the impact of technology awareness, motivational factors and consumer attitudes on the intention to pay for tourism services using cryptocurrency by analyzing data collected from 794 respondents in the Baltic countries (Lithuania, Latvia and Estonia). The empirical findings support the extended Technology Acceptance Model (TAM) and confirm that technology awareness, motivational factors and attitudes towards cryptocurrencies have a statistically significant impact on the intention to use cryptocurrencies to pay for tourism services. The results also suggest that technology awareness has an indirect effect on intention through the mediators of motivational factors and attitude, with motivation indirectly affecting intention through the mediator of attitude towards cryptocurrencies.
This study investigates the specific factors affecting the usage intention of distributed ledger technology (DLT), such as availability, diversity and economic value from the perspective of a unified theory of technology acceptance. Users of DLT in public and private sectors were surveyed. Availability and economic value affect performance expectancy, while availability, diversity, and profitability have an influence on effort expectancy. Performance expectancy and transparency have a positive effect on the intention to use DLT which in turn exerts a positive effect on usage behavior. This study provides implications for researchers in that it attempts to investigate the factors affecting the usage intention of DLT based on the extended unified theory of acceptance and encompassing diverse industries that adopt DLT, such as the public, financial, medial, and logistics sectors.
To facilitate the sustained development of non-fungible token (NFT) platforms and enhance user stickiness, it is imperative to study the factors that affect users’ continuous usage intentions. This research is grounded in the Expectation Confirmation Model and the Information Systems Success Model, and extends these approaches by introducing three elements—economic benefits, perceived trustworthiness, and technological pressure—thereby constructing the research model. Structural equation modeling was employed to analyze data from 304 respondents with experience in using NFT trading platforms. The findings indicate that: (1) technological pressure is positively correlated with perceived ease of use; (2) both service quality and information quality are positively correlated with perceived ease of use and usefulness; (3) perceived ease of use, usefulness, economic benefits, and their impact on individuals and organizations are all positively correlated with continuous usage intention; and (4) system quality is not significantly related to perceived ease of use or usefulness, nor is perceived trustworthiness significantly related to continuous usage intention. Based on these findings, we provide practical recommendations for optimizing NFT platforms and offer guidance for platform developers and operators.
This study aims to understand the challenges in adoption of blockchain technology in higher education institutions in India using the technological-organizational-environmental (TOE) framework. Blockchain brings transparency, efficiency in working systems, and leveraging trust. The benefits of blockchain are multifaceted and might be beneficial to educational institutions. However, the utilization of blockchain technology is presently in its nascent stage within the educational sector in India. This research employed a qualitative methodology involving semi-structured interviews with participants working in higher administration teams and IT teams in private universities in the Delhi-NCR region of India. The responses of the participants were analyzed using thematic analysis. The study found 10 main challenges that were categorized under the three dimensions of the TOE framework.
The rapid advancements in blockchain technology have heralded a new era for various industries, including the supply chain and logistics. However, despite the promising opportunities, the adoption of blockchain within supply chain and logistics still needs to be explored, especially in Saudi Arabia. This study investigated the impact of technological, organizational, and environmental factors on blockchain adoption among Saudi supply chain and logistics companies. The study also tested cultural compatibility’s moderating role in solving blockchain issues. A quantitative method approach was employed, utilizing a survey questionnaire. Data were gathered from various stakeholders across the industry, including managers, IT experts, and logistics professionals. The findings indicate that relative advantage, top management support, and competitors influence blockchain technology adoption significantly and positively. However, openness to innovation use has an insignificant effect on adoption. Government support demonstrates the strongest positive influence on blockchain adoption, whereas vendor orientation and support showed an insignificant impact. Both blockchain technology adoption and the cultural compatibility of blockchain solutions significantly enhance operational excellence, but the moderating effect of cultural compatibility of blockchain solutions shows no effect on operational excellence. This study stands out as one of the first explorations into blockchain adoption in the supply chain and logistics sector within the Saudi context, identifying the factors contributing to blockchain’s successful implementation for operational excellence.
Purpose: The purpose of this study is to assess the impact of social media on perceptions and investment intentions regarding cryptocurrency, using the Fuzzy Delphi Method (FDM) and the Technology Acceptance Model (TAM). Theoretical Reference: The theoretical framework for this study is based on the Fuzzy Delphi Method (FDM) for gathering expert feedback and the Technology Acceptance Model (TAM) for understanding the acceptance of technology. Method: The method involved collecting responses using a 7-point Likert scale and a panel of eight experts who reviewed and approved the survey items. The data were analyzed using triangular fuzzy numbering and defuzzification to determine the ranking of each variable. Results and Conclusion: The study found a high level of consensus among experts, with defuzzification values exceeding the α-cut >.5, and the overall threshold value (d) was less than .2, which is within the required threshold for percent consensus of over 75%. All 60 recommended items were deemed suitable for inclusion in a large-scale survey. Implications of Research: The research implies that there is a strong agreement among experts on the factors influencing the perceptions and investment intentions towards cryptocurrency as mediated by social media. This consensus can be used to inform a larger-scale survey and potentially guide investment and marketing strategies in the cryptocurrency domain. Originality/Value: The originality of this research lies in its application of the Fuzzy Delphi Method to the field of cryptocurrency and its combination with the Technology Acceptance Model to understand investment intentions influenced by social media. The value is in providing a methodologically sound basis for further large-scale research and offering insights into expert consensus on the topic.
Open access
Digital Marketing and Social Media
Technology Adoption and User Behaviour
Consumer Behavior in Brand Consumption and Identification
Ikram Nur Muharam, Iis Tussyadiah, Albert Nsom Kimbu
This study employs a sequential exploratory mixed-methods approach to investigate users' perspectives and acceptability of blockchain-based sharing economy systems. The suggested model explains how users’ perceptions of specific features of such concepts influence acceptance in ways that existing theories like TPB, TAM, or UTAUT cannot. The results revealed that user empowerment was the most significant factor influencing acceptance. Furthermore, multigroup analysis (MGA) demonstrates how different contexts have distinct acceptance predictors. Depending on the context, perceived lower fees, perceived faster settlement, perceived income distribution, perceived fraudproof, and perceived traceability had varying significance. Meanwhile, perceived immutability, perceived process automation, and perceived transparency, even though considered appealing, were not significant in influencing acceptance. The findings imply that stakeholders should balance technicality and behavioural aspects, and be aware of the context.
Ana Čuić Tanković, Marina Perišić Prodan, Dragan Benazić
Abstract Recent research has highlighted the adoption of blockchain technology (BCT) and the increasing recognition of its multiple capabilities for users. The main objective of this paper is to delineate different consumer segments based on their BCT beliefs and attitudes. Using a survey method, 934 questionnaires were collected and subjected to hierarchical and K-Means cluster analysis and contingency analysis. The results reveal four identifiable user segments with respect to BCT adoption: Innovators (enthusiastic about BCT), Cautious (careful about BCT), Sceptics (doubtful about BCT), and Suspicious (very distrustful about BCT). These results provide valuable insights into understanding behavioral intentions and serve as a basis for future research.
This study comprises a systematic literature review that offers a thorough analysis of the present state-of-the-art knowledge regarding the adoption and application of blockchain technology within the context of supply chain management. Based on an extensive review of 133 articles from highly-regarded journals, we developed a framework where we highlight the integration of the transition from blockchain technology adoption to its application. This transition process is explained by two theories: the Technology Acceptance Model and the Diffusion of Innovation Theory. In the adoption phase, we identified nine internal drivers and seven external drivers, together with comprehensive barriers. Our framework also integrates and examines the blockchain technology application stage, focusing not only the current development of benefits of blockchain technology implementation but also the challenges that impede the successful implementation of blockchain technology in supply chain management. The future development prospects are also highlighted which include standardization, platform development, regulation system development, cost reduction, and talent cultivation. These future developments were critical yet were missing in the current academic literature. By providing an in-depth analysis of these challenges, our study can assist supply chain practitioners in making informed decisions about blockchain-enabled supply chain management initiatives.
Kuo-Hsien Lee, Wen-Hsien Tsai, Cheng-Tsu Huang, Jerry Tao · 8 authors
By using the machine learning of artificial intelligence to explore the application business opportunities of the Metaverse in the MMORPG (Massively Multiplayer Online Role-Playing Game) interactive game market, we study the supply and demand laws of buyers and sellers at the market economy level, future trends, and business opportunities. The feasibility of its new products and services is explored under a pragmatic, cooperative model of the game community platform “Key to the Desert” case for the application level and business opportunities of Taiwan’s Metaverse markets. Online and offline integration (OMO; Online Merge Offline), precision marketing, and the customer management data platform (Customer Data Platform) are also explored in the application business opportunities of the Metaverse market. By combining the NFT (Non-Fungible Token) Monopoly game and MMORPG interactive games, we study the laws of supply and demand of buyers and sellers at the market economy level to provide third-party payment, electronic payment, mobile payment, and other transaction method certifications such as NFT (Non- Fungible Token). We also evaluation the future and security issues of cryptocurrency.