Shadia Suhaimi, Lee Yu Hui, Nur Baiti Shafee, Haniza Hashim · 6 authors
Cryptocurrencies such as Bitcoin, Ethereum, and Litecoin are few examples of revolutionary Financial Technologies (FinTech) that are rapidly entering the finance market and transforming the global economy's power. Recently, cryptocurrency technology as an innovative technology has attracted attention and spread. Cryptocurrencies known as virtual currencies that have been widely used to buy and sell products and services over the internet, as well as a popular asset for hedging and speculation. However, current study and statistic shows that customers have high level of awareness but low acceptance towards cryptocurrency. In addition, the number of studies on cryptocurrency adoption in Malaysia also very less. Therefore, the aim of this study is to examines the accepting financial transaction using cryptocurrency from a customer perspective. The outcome of this study shows that (i) security and perceived ease of use are having a significant relationship with behavioral intention towards acceptance of cryptocurrency transactions; (ii) perceived trust and social influence are having no significant relationship with behavioral intention towards acceptance of cryptocurrency transactions. This study is important because it will help investors and potential customers to increase their knowledge in using and adopt cryptocurrency in their transaction.
Linking Consumer Innovativeness to the Cryptocurrency Intention: Moderating Effect of the LOHAS (Lifestyle of Health and Sustainability) Lifestyle by Sooyeon Choi1,* , Richard A. Feinberg 2 1 Assistant Professor, Marketing, Loras College, IA, 52001, U.S.2 Emeritus Professor, Consumer Sciences and Retailing, Purdue University, IN, 47907, U.S. * Author to whom correspondence should be addressed. Journal of
Advertisers and media owners are becoming more dependent on advertising, when the traditional way is losing its effect, they are eagerly looking for alternative ways to reach consumers, and keeping their brand trust, promise, and image at the top, and to generate more profit. Although there are many ways companies and brands alike can seek to make money off of social media, the traditional platforms are becoming obsolete. Gone are the days of having the logo, a photo, and an attractive slogan sufficient for attracting new customers. It can be said that advertising relies heavily on good aesthetics and application of the brand image, however applying that correctly to the target audience effectively can enhance and produce better outcomes, it's about how a business achieves success, scale worldwide, persuade consumers to buy into it, and reach its goals and profits. To create an effective and impactful advertisement in our modern world, companies must turn to technology; For technology is the enabler of a wider selection of tools that help businesses make better data-driven and informative decisions. This can be done by collecting data through third parties, internal or external surveys, and polls to enhance and improve their product delivery and message. With the use of data, algorithms can be then created to understand the consumer's behavior, therefore, enabling a business to better target its user-base based on their interests, search patterns, and online behavior. Moreover, the collected data from the mentioned tools can be then transformed into resourceful decisions to help the business better understand its user-base, therefore choosing from a plethora of options such as using influencers to advertise their product on live-video streams, or the traditional bloggers, and the many content creators available. Web3 is on the horizon, with the accelerative pace the metaverse took over the internet, brands turned to the newly found virtual space to promote themselves. This is a stepping stone into what is to come next as it taps into our day-to-day lives, economy, and social interactions [16]. The main component of web3 is the ability to build on it and interact with the web like never before and securely allowing users to maintain their privacy. Users are able to buy, maintain and sell virtual assets on the blockchain which unleashes a whole new era of using digital goods paved by the improvement of Virtual and Augmented realities known as VR and AR [1]. This has been proven by the famously known “Metaverse” world where companies such as Nintendo, Sony, and other gaming brands as well as celebrities such as Snoop Dogg rushed to create their own virtual theme parks and sold “plot of lands” in the said universe on the blockchain known as NFTs (Non-Fungible Tokens). This has created a ripple effect that continued in other virtually made assets, mainly video games, and lastly “The Metaverse” that “Meta” formerly known as “Facebook” is building upon. This research will highlight the United Arab Emirates' advancements in the adoption of the metaverse into its different industries. The United Arab Emirates has taken great measures to integrate the metaverse and its related technology, including cryptocurrencies, into its economy, government sector and ultimately its society. Will Virtual advertisements be developed as a result of Web3.0 and Metaverse's integration of virtual and physical environments and virtual economies?
Certificates in either hard or soft copies are common documents in our day-to-day activities. However, they are vulnerable to be tampered and inefficiencies exist in the current verification systems. Blockchain technology is considered a feasible solution to protect certificates from being forged and simplify the current verification systems. As an attempt to understand the potential of blockchain for digital certificates in a holistic view, this research aims to conduct a deep analysis of the benefits of blockchain for digital certificates using a multiple case study approach. A benefits analysis model is developed for mapping the benefits of an information system comprehensively and systematically covering benefits in technical, individual, organisational and societal dimensions. Although contextual variations exist, some common benefits are identified such as reduced costs of verification, improved decision making and planning, attracting new customers and supporting business growth. Lastly, future research opportunities in this research field are identified.
The Internet of Things (IoT) has become essential for business. The adoption rate of IoT has dropped recently and this could be due to security, privacy, and trust issues. Blockchain (BC) has the potential to mitigate the risk of security, privacy, and trust. However, few studies examined the integration between IoT and BC in the context of developing countries. The purpose of this study is to examine the predictors of IoT adoption by telecommunication companies in the Gulf Cooperation Council (GCC). In addition, the study aims to examine the moderating role of BC as well as the effect of using IoT and BC on the competitive advantage of companies. Based on technology acceptance model, social exchange theory, and resource-based view, the study proposed that security, privacy, trust, communication quality, perceived ease of use (PEOU), and perceived usefulness (PU) affect positively the adoption of IoT. BC is proposed as a moderating variable and expected with IoT to affect the competitive advantage of companies. The population includes all the telecommunication companies in GCC. Data was collected using purposive sampling from IT professionals. The results of data analysis using SmartPLS showed that security, privacy, trust, PU, and PEOU positively affected the adoption of IoT. BC and IoT adoption have a positive effect on competitive advantage. Further, BC moderated only the effect of security and privacy on the adoption of IoT. Services providers must enhance the security, privacy, and trust of IoT services by deploying BC technology. Effective integration of IoT and BC will lead to the achievement of competitive advantages.
Blockchain, which is spotlighted as one of the core technologies in the Web 3.0 era, is being used as a tool for high security and decentralization. In addition, blockchain has been positioned as a core technology for services such as cryptocurrency, NFT, De-Fi, and metaverse, and has already provided high-quality services. In particular, cryptocurrency has shown rapid growth and has been receiving worldwide attention. Cryptocurrency is a web technology and has the property that it can be an investment target, and it is expected to develop further in the future. In this research, we analyzed factors influencing the intention to use cryptocurrency and structural causalities among the factors. We considered personal characteristics, characteristics of cryptocurrency itself, and social characteristic, and a research model has been established for an empirical study. In addition, a multi-group analysis was performed to identify differences between users and non-users. As a result of the analysis, it was found that some of the personal characteristics and cryptocurrency characteristics affect the intention to use. And in the case of non-users, it was found that not only personal and cryptocurrency characteristics, but also social characteristic influence their intention to use. The results of this research are expected to provide implications for cryptocurrency service providers and users, as well as institutions that establish related policies.
Iikka Paajala, Jesse Nyyssölä, Juho Mattila, Pasi Karppinen
The blockchain is an emerging technology that has the potential to revolutionize the gaming industry among a wide range of different business fields. So far, only a few studies have been conducted about blockchain gaming. This study introduces a mobile game utilizing blockchain asset tokens and smart contracts. It was developed for research purposes and used to demonstrate blockchain-based games using semi-structured interviews. This study follows the exploratory research paradigm, which aims to map research of little-known areas. This study focuses on how participants perceived blockchain attributes such as trust, transparency, and user-generated content and how this affected engagement and their willingness to play the game again. Based on our evaluation, generating blockchain assets positively impacted player retention. According to the results, providing genuine asset ownership through the blockchain contributes to environmental engagement and self-engagement, as well as player retention. Another positive blockchain feature discovered from the interview data is user-generated content implementation into games.
Blockchain has great potential for facilitating the development of the construction industry but has not been widely used to this end. The objective of this study was to identify the factors affecting the adoption of blockchain in the construction industry from the technical, organizational, and environmental dimensions with the help of theories related to technology adoption. Empirical results showed that relative advantage, compatibility, competitive pressure, technological maturity, organizational readiness, and policy have an impact on intention to adopt blockchain in the construction industry through perceived usefulness or perceived ease of use. Competitive pressure has the greatest impact on the internal variables of the technology acceptance model (TAM) (0.696). Perceived cost of adoption does not have a significant effect on blockchain adoption behavior. However, in contrast to previous research, organizational readiness has a negative effect (−0.03) on perceived usefulness. The research results provide inspiration for further research on the impact mechanisms of blockchain adoption in the construction industry, as well as guidance for governments to formulate blockchain adoption policies and guidance for the widespread application of blockchain in construction.
Technology innovation has dramatically transformed banks over time. Digital innovation in the banking sector began with the introduction of money to replace barter systems, and then gradually replaced wax seals with digital signatures. One such disruptive innovation that is transforming the banking sector around the world is blockchain technology (BCT). The banking sector in India has also started adopting blockchain technology in various financial transactions. However, they are encountering some difficulties in adapting to and implementing this new technology. The successful and speedy adoption of blockchain in banking largely depends on the users’ intention to use the services. Therefore, this study extended “the unified theory of acceptance and use of technology” (UTAUT) to understand the significant predictors of the bankers’ intention to use blockchain technology. The data was collected from leading banking institutions and FinTech firms in the country to empirically test and validate the extended model. The results found that facilitating conditions, performance expectancy, and initial trust, are the significant antecedents to predicting the bankers’ intention to use blockchain in banking transactions. The study also established the significant mediating role of initial trust in predicting usage intention to use blockchain. This study’s results would help government authorities, decision-makers, and technocrats to improve banking instructions for the speedy and smooth adoption of blockchain technology. The study suggested an extended UTAUT model that incorporates contextual factors based on the scope and usage of blockchain in Indian banking activities. The study helped to identify the key factors influencing blockchain adoption among Indian bankers. The proposed model and the findings make more sense in promoting the adoption of blockchain in the Indian banking sector.
With a variety of student and institution focused applications, blockchain technology has the potential to upend existing business processes in higher education. This study aims to investigate educated people's attitudes and actions toward using blockchain technology in higher education. The research recommends expanding the Technology Adoption Model (TAM) to include additional factors like perceived privacy, security, and trust. For the study, a scale that has been verified in the literature has been used. Variance based partial least square structural equation modeling was used to analyze the proposed link in the model, which was based on a survey of 208 respondents. The study's conclusion showed that the model's features have strongly impactable intentions to use blockchain in higher education. Blockchain technology's perception, usefulness, and trustworthiness are all strongly influenced by perceptions of security and privacy. Respondents to the study say that the use of blockchain in higher education makesthe study more secure.
This study examines how blockchain-based smart contracts for government financial and nonfinancial events can enable the real-time, continuous auditing of integrated data and provide government auditors with a higher level of transparency. The proposed model uses a combination of blockchain technology and a continuous auditing methodology that may improve the auditing effectiveness and efficiency of governmental agencies. This study’s approach comprises three steps. First, we describe the current governmental auditing practices and the core concepts and features of the blockchain. Second, we discuss the payment process used by government agencies. Third, we examine the implementation of a blockchain-based smart-contracts framework for government auditing using the government procurement process.
Given Malaysia's stance on cryptocurrencies as a digitalisation pioneer, as well as the surge in crime and fraud, regulators and organisations are concerned about retail investors' intentions to invest in cryptocurrency. The research model integrates diffusion of innovation theory factors (compatibility, relative advantage, trialability, ease of use, and observability) with consumer behaviour theory focused on retail investors' perceptions (perceived risk and perceived value). A total of 304 responses were collected through purposive and respondent-driven sampling. The data was examined using SmartPLS Structural Equation Modelling (PLS-SEM). The findings show that compatibility, trialability, ease of use, observability, and perceived value have significant influences on the intention to invest in cryptocurrency. Meanwhile, the influence of relative advantage and perceived risk on the intention to invest in cryptocurrency is not supported. This research is vital for analysing the underlying motivations of Malaysian retail investors to invest in cryptocurrencies and further formulating the regulatory framework.
Cryptocurrency has gained in popularity in emerging markets, however the knowledge accumulation pertaining to factors contributing to intention to use cryptocurrency has been limited. To address this gap, we meta-analyzed 42 samples from multiple theoretical approaches. Seven common antecedents to intention to use cryptocurrency were assessed, as well as six moderators via meta-regression. A regression model to explain the intention to use cryptocurrency was calculated, and relative importance analysis determined the weight of each variable in predicting cryptocurrency use intention. The findings highlight factors influencing intention to use cryptocurrency in emerging markets and refine theoretical models for future research.
Sep 11, 2022·15th International Baltic Conference on Digital Business and Intelligent Systems (DB&IS), July 03-06, 2022, University of Latvia, Riga, Latvia
Web 3.0 is considered as future of Internet where decentralization, user personalization and privacy protection would be the main aspects of Internet. Aim of this research work is to elucidate the adoption behavior of Web 3.0through a multi-analytical approach based on Partial Least Squares Structural Equation Modelling (PLS-SEM) and Twitter sentiment analysis. A theoretical framework centered on Performance Expectancy (PE), Electronic Word-of-Mouth (eWOM) and Digital Dexterity (DD), was hypothesized towards Behavioral Intention (INT) of the Web 3.0 adoption. Surveyed data were collected through online questionnaires and 167 responses were analyzed through PLS-SEM. While 3,989 tweets of Web3 were analyzed by VADER sentiment analysis tool in RapidMiner. PLS-SEM results showed that DD and eWOM had significant impact while PE had no effect on INT. Moreover, these results were also validated by PLS-Predict method. While sentiment analysis explored that 56% tweets on Web 3.0 were positive in sense and 7% depicted negative sentiment while remaining were neutral. Such inferences are novel in nature and an innovative addition to web informatics and could support the stakeholders towards web technology integration
Blockchain games introduce unique gameplay and incentive mechanisms by allowing players to be rewarded with in-game assets or tokens through financial activities. However, most blockchain games are not comparable to traditional games in terms of lifespan and player engagement. In this paper, we try to see the big picture in a small way to explore and determine the impact of gameplay and financial factors on player behavior in blockchain games. Taking Aavegotchi as an example, we collect one year of operation data to build player profiles. We perform an in-depth analysis of player behavior from the macroscopic data and apply an unsupervised clustering method to distinguish the attraction of the gameplay and incentives. Our results reveal that the whole game is held up by a small number of players with high-frequent interaction or vast amounts of funds invested. Financial incentives are indispensable for blockchain games for they provide attraction and optional ways for players to engage with the game. However, financial services are tightly linked to the free market. The game will face an irreversible loss of players when the market experiences depression. For blockchain games, well-designed gameplay should be the fundamental basis for the long-lasting retention of players.
While blockchain is considered to have many unprecedented characteristics, and its application is recognized as another new opportunity for the development of e-commerce, there is limited evidence on the factors affecting the adoption of blockchain in the commercial e-commerce sector. This study aims to identify determinants influencing consumers' intention to adopt blockchain technology in e-commerce. /methodology/approachDrawing on the classic technology acceptance model (TAM), a conceptual framework is developed and empirically assessed to present the relationships between the core characteristics of blockchain and consumers' adoption intention. Survey data were collected from 228 users of the blockchain e-commerce system in China. The structural equation modeling (SEM) approach is used to test the hypotheses. The results indicate that cost saving and traceability have a positive effect on perceived usefulness while insignificant associations are found between data privacy security and perceived usefulness, and perceived ease of use and consumers' adoption intention. The research only examined Chinese users, which may affect the generalizability of the findings. Future research is encouraged to conduct comparative studies beyond this region, e.g., emerging markets versus developed economies. It would also be useful to explore mediating and moderating effects of other new technologies that complement the application and adoption of blockchain. The research results also bring managerial implications with the ways of attracting customers via blockchain technology, including improving system ability to reduce cost and enhance traceability. This paper is one of the early empirical endeavors that examines determinant factors affecting individual users towards the adoption of blockchain technology in e-commerce that is absent in the extant research. This study further contributes to the development of the knowledge bank of blockchain via the conceptual framework of its adoption under the e-commerce context, in particular considering its technical features.