Blockchain Papers

Ho Thanh Tri, Le Hoang Minh Khue, Le Dinh Van, Tran Gia Linh · 6 authors

As the digital economy rapidly develops, quick access to capital has become a critical survival factor for individuals intending to start a new business. However, under traditional bank lending systems, these aspiring entrepreneurs face significant barriers due to complex financial documentation requirements and stringent credit history checks. Drawing on the Technology Acceptance Model (TAM), this study investigates factors influencing users’ adoption of blockchain-enabled digital lending platforms among individual customers with startup intentions in Vietnam. The empirical model examines the effects of Perceived Ease of Use and Perceived Usefulness on Attitude Toward Using, and the effect of Attitude on Behavioral Intention to Use. The results show that both perceived ease of use and perceived usefulness positively influence users’ attitudes, while attitude strongly affects behavioral intention. Blockchain-related characteristics, including decentralization, data immutability, and smart contracts, are discussed as technological mechanisms that may improve lending efficiency, transparency, and users’ confidence in digital lending systems. The study provides practical implications for banks and FinTech firms seeking to design user-friendly and secure digital lending platforms for underserved entrepreneurial users.

Halek Mu’min, Denny Bernardus Kurnia Wahyudono, Thomas Stefanus Kaihatu

This investigation develops and validates Blockchain Utilization Capability as a novel construct fundamentally reconceptualizing complex enterprise technology adoption by addressing critical limitations in conventional frameworks assuming direct antecedent-intention relationships. Through cross-sectional survey methodology examining 300 Indonesian SMEs actively engaged with blockchain platforms, we integrate Technology-Organization-Environment Framework with Technology Acceptance Model, positioning capability as central mediating mechanism analyzed using PLS-SEM with bootstrapping procedures. Results reveal complete mediation configurations wherein organizational infrastructure, environmental pressures, technological features, perceived usefulness, and perceived ease of use operate exclusively through capability development rather than directly influencing adoption intentions. Organizational dimensions demonstrate substantial effects on capability formation, while perceived ease of use exhibits paradoxical negative associations through suppression mechanisms, with the construct achieving superior predictive performance explaining considerable variance in adoption intentions. We introduce Capability-Mediated TAM, demonstrating perceptual beliefs require translation into organizational capabilities preceding complex technology adoption influence, bridging previously disconnected frameworks by revealing common capability-building pathways through which diverse antecedents operate, transforming TOE from descriptive taxonomy into dynamic process architecture. Findings establish that organizations should prioritize systematic capability development through phased approaches emphasizing organizational readiness, formal governance, and cross-functional integration preceding production implementations, recognizing capability building as essential rather than optional pathway toward blockchain adoption success.

Zaid Tahat, Ahmad Alomari, Ibrahim Al-Radaideh, Adham Taher Alessa · 7 authors

This study examines the mediating role of investor trust in the relationship between perceived blockchain integration and perceived stock market efficiency within the Amman Stock Exchange (ASE). The Amman Stock Exchange (ASE), established in 1999, is the sole securities exchange in Jordan and one of the leading emerging markets in the Middle East and North Africa (MENA) region. Drawing on technology acceptance theory, trust theory, and market efficiency theory, the research develops and tests a dual-pathway model wherein perceived blockchain integration relates to perceived market efficiency both directly and indirectly through investor trust. Using structural equation modeling with data collected from 400 market participants, the findings reveal that perceived blockchain integration is significantly and positively associated with investor trust (β = 0.849, p < 0.001) and with perceived stock market efficiency (β = 0.448, p < 0.001). Importantly, investor trust partially mediates this relationship (β = 0.380, p < 0.001), confirming the dual-pathway impact. Among blockchain dimensions, security demonstrates the strongest effect on both investor trust and market efficiency. The study contributes to the emerging literature on blockchain in financial markets by empirically validating the psychological mechanisms through which technological innovations translate into more favorable perceptions of market functioning. For market regulators and exchange administrators, the findings suggest that comprehensive blockchain implementation strategies should address both technological deployment and trust-building initiatives to strengthen favorable investor perceptions of market efficiency in emerging markets.

Gayatri Mallick, Suraj Kumar Mallick, Sonia Singla, Ayush Varun · 5 authors

This study explores the impact of digital payment adoption and blockchain-based supply chains on the integration of street vendors from Delhi-NCR into global e-commerce. The goal is to examine the potential of digital technologies in supporting business transition and socioeconomic improvement for informal-sector vendors. A mixed-method research design was employed, involving purposive sampling of 250 street vendors engaged in digital payment ecosystems. Partial Least Squares Structural Equation Modelling (PLS-SEM) was used to examine hypothesized relationships between digital adoption, business transition, and socioeconomic outcomes. Principal Component Analysis (PCA) addressed multicollinearity, and non-linear predictive relationships were analysed using Random Forest modelling. The findings reveal that digital adoption has a significant impact on business transition ( β = 0.64, p < 0.001), which, in turn, has a strong impact on socioeconomic upliftment ( β = 0.58, p < 0.001). Digital adoption also has a direct impact on socioeconomic outcomes that is positive but smaller ( β = 0.21, p = 0.033), suggesting partial mediation. Measurement reliability, validity, and predictive relevance were confirmed through structural model assessments. Digital payments have a limited direct impact on international trade, although they enable vendor inclusion and business transformation. By contrast, blockchain-based supply chain factors greatly enhance the efficiency of logistics, transparency, and supply chain-related performance. The study finds no direct income effects of digital technologies; instead, empowerment operates through entrepreneurial transition. The findings illustrate the need to go beyond financial inclusion and technological infrastructure to ensure the dynamic participation of the informal sector in global markets.

Ayman Abdalmajeed Alsmadi, Raed Walid Al-Smadi

Purpose This study investigates to investigate the main determinants of financial service industry adoption blockchain technology and their impact on financial transparency and efficiency. In particular, the paper looks at how technological readiness, organizational control and supporting regulations enable blockchain use among financial institutions working in the banks of Jordanian banking sector. Design/methodology/approach A quantitative research design based on a structured questionnaire was employed, which was distributed throughout Jordanian banks to senior and middle-level management. Responses were collected from senior executives, heads of divisions, IT managers and branch managers who are involved in both the financial and technological decision-making processes. SmartPLS was used to conduct Partial Least Squares Structure Equation Modeling (PLS-SEM) analysis using SmartPLS on 192 valid responses to check the measurement model and test the theorized relationships in proposed research framework. Results Results show that technological readiness, organizational governance and regulatory support play an important role in encouraging blockchain technology uptake by financial services. Furthermore, financial institutions adopting blockchain update general ledger journal records in an interactive way which is positively associated with the degree to which financial transparency and operational efficiency are attained. This underscores the part played by technological capabilities as well as governance frameworks and regulatory contexts in encouraging successful blockchain adoption while helping to improve institutional performance. Originality/value In articulating a new frame of analysis from a TOE perspective that takes into account technological, organizational, and environmental factors together, the paper contributes to an emerging literature on adoption of blockchain by financial services. Moreover, it carries out an empirical examination of the performance effects associated with introducing blockchain technology into the banks of Jordan the country which is focused on enhancing financial transparency and operational efficiency. JEL classification G32; K22; O16; L60.

Adaeze Linus Miracle, Moniaye Ayadi, Dr. J. O. Omokehinde

Blockchain technology has emerged as one of the most transformative digital innovations with the potential to improve transparency, security, and operational efficiency in accounting and auditing. Despite these potential benefits, adoption among accounting firms in developing economies remains limited due to concerns regarding implementation costs, technological complexity, and regulatory uncertainty. This study examines the cost–benefit dynamics of blockchain adoption among accounting firms in Nigeria by investigating the influence of implementation costs and operational benefits on blockchain adoption and evaluating the effect of blockchain adoption on operational performance. A cross-sectional survey research design was adopted, and primary data were obtained from 220 accounting professionals drawn from accounting and auditing firms in Lagos State, Nigeria. Descriptive statistics, Pearson correlation, and linear regression techniques were employed to analyse the data. The findings indicate that implementation costs significantly reduce the likelihood of blockchain adoption, whereas perceived operational benefits significantly enhance adoption. Furthermore, blockchain adoption exerts a positive and statistically significant effect on the operational performance of accounting firms through improvements in reporting accuracy, transparency, operational efficiency, and client confidence. The findings support the Technology Acceptance Model and Transaction Cost Economics by demonstrating that organisations evaluate emerging technologies based on the balance between expected benefits and associated implementation costs. The study concludes that although blockchain implementation requires substantial initial investment in infrastructure, integration, training, and regulatory compliance, its long-term operational benefits outweigh these costs. The study recommends phased implementation strategies, investment in digital competencies, and the development of supportive regulatory frameworks to accelerate blockchain adoption within the Nigerian accounting profession.

Dr. Gaddam Praveen Kumar, Mrs. G. Swapna

The rapid digitalization of financial services has increased the importance of blockchain, artificial intelligence (AI), and cybersecurity in strengthening operational efficiency, transaction security, fraud detection, and financial risk management. This study examines the relationship between blockchain technology adoption, AI-driven financial service adoption, cybersecurity capability, and financial risk reduction in the Indian financial-services context. Drawing on recent literature on blockchain-enabled financial services, AI-based risk management, cybersecurity, and digital banking, the study develops an empirical framework linking technology adoption with financial risk management effectiveness. Primary data were considered from 157 respondents comprising banking professionals, financial-service employees, FinTech professionals, IT specialists, and finance managers in India. Data were analyzed using descriptive statistics, Cronbach’s alpha, Pearson correlation, multiple regression, and ANOVA. The illustrative results indicate that blockchain adoption, AI adoption, and cybersecurity capability are positively associated with financial risk reduction. The regression model explains approximately 64.2% of the variance in financial risk reduction, with AI adoption emerging as the strongest predictor, followed by cybersecurity capability and blockchain adoption. The findings suggest that Indian financial institutions should adopt an integrated technology strategy rather than treating blockchain, AI, and cybersecurity as independent technological investments. Strong governance, employee capabilities, cybersecurity controls, regulatory alignment, and responsible AI practices are essential for converting technology adoption into sustainable financial-risk reduction.

Lin Wang, Siew Imm Ng, Norazlyn Kamal Basha

This study investigates the moderating role of blockchain traceability adoption in enhancing consumer engagement and purchase intention within live-streaming agricultural e-commerce platforms in China. Drawing upon the Stimulus-Organism-Response (S-O-R) framework operationalized at the aggregate market level and information asymmetry theory, this research employs longitudinal market-level time-series data spanning 2019 to 2024, utilizing hierarchical regression analysis with Hayes's conditional process framework to examine main effects, mediation mechanisms, and moderation relationships. The empirical findings reveal that platform development and information transparency exert significant positive effects on market purchase behavior, with consumer engagement serving as a partial mediating mechanism transmitting these effects. The moderation analysis demonstrates that blockchain traceability adoption significantly strengthens the relationships between platform stimuli and consumer engagement, with the information transparency pathway exhibiting substantially stronger moderation effects than the platform development pathway, demonstrating that blockchain technology functions as a selective trust-enhancing mechanism that validates quality signals rather than operating as a general platform enhancer—a distinction representing the central empirical contribution of this study. These findings extend the traditional S-O-R framework by incorporating technological infrastructure as a boundary condition shaping stimulus effectiveness at the market level, while providing practical guidance for platform operators and policymakers to prioritize blockchain traceability infrastructure investment in conjunction with transparency enhancement initiatives for promoting high-quality development of agricultural live streaming e-commerce.

Kiryl Minkin, Dariusz Drążkowski

This systematic review synthesises empirical research on individual-level cryptocurrency adoption, distinguishing adoption intention, actual adoption and use, and continuance intention and use. We searched Scopus and Web of Science for English-language empirical studies published between 2019 and 2025 and synthesised findings using a structured narrative approach. Eighty-five studies were included, with reported sample sizes summing to 56,054 participants. No formal study-level risk-of-bias assessment was conducted. The literature was dominated by cross-sectional quantitative studies and technology-adoption frameworks, particularly UTAUT, TAM, TPB, and DOI. Evidence was strongly concentrated on adoption intention (n = 75), whereas actual adoption and use (n = 16) and continuance intention and use (n = 8) were examined much less frequently. Across studies, adoption was associated with psychological, technological, social, economic, knowledge-related, institutional, and individual factors, with no single determinant consistently dominating across outcomes. The synthesis further distinguished direct predictors, mediating mechanisms, moderators, drivers, and barriers. The evidence base is limited by its reliance on self-reported, cross-sectional designs and uneven coverage of realised and continued engagement. Future research should more clearly specify adoption outcomes and use longitudinal, behavioural, and post-adoption designs.

Ion Valentin Ciocioc

.This critical review evaluates the article “Factors Influencing Blockchain Adoption in the Tourism Industry: An Empirical Study,” focusing on its scientific quality, theoretical foundations, methodology, empirical findings, and contribution to the literature. The review examines the formulation of the research problem, the integration of the HOT-fit and TOE frameworks with sustainability dimensions, the application of PLS-SEM, and the interpretation of the study’s findings. It also identifies the article’s main strengths and limitations and assesses its theoretical and practical relevance to blockchain adoption, digital transformation, innovation management, and tourism research.