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.

Jing Du, Sabri Boubaker, Riadh Manita, Ling Ye

Purpose This study examines how auditors respond to firms' disclosed blockchain engagement. While the technology offers potential efficiency gains, it also introduces new risks and complexity. We investigate whether and how auditors use audit pricing and auditor resignation as their strategies to manage blockchain-related risks. Design/methodology/approach This study uses a large sample of Chinese A-share listed companies spanning 2016 to 2022. We extract data regarding corporate blockchain engagement by conducting textual analysis on firms’ publicly disclosed reports. Regression analysis is applied to verify the research hypotheses, followed by a series of robustness tests. In addition, we carry out cross-sectional tests and examine auditors’ responses to distinct categories of blockchain-related activities. We further investigate the relative priority of auditors’ risk management strategies and identify potential channels. Findings There is a positive relation between firms’ disclosed blockchain engagement and audit fees. This relation is more pronounced among larger audit firms, auditors without an information technology (IT) background and those with shorter tenures. Both audit effort and audit risk serve as two plausible channels linking companies’ engagement in blockchain to increased audit fees. Firms engaging in blockchain to facilitate management processes, rather than provide blockchain-related products or services, are associated with elevated audit fees. Although blockchain engagement is also related to a higher likelihood of auditor resignation, we observe a hierarchical pattern in auditor responses, with fee adjustments being the more prevalent initial reaction relative to resignation. Research limitations/implications Our disclosure-based measure may not fully distinguish the depth of adoption, investor-facing signaling or strategic narrative because doing so would require obtaining in-depth blockchain data from the sample firms. This is highly challenging as such data are not subject to mandatory disclosure by regulators and may constitute corporate confidential information. Our findings should be interpreted as auditors’ responses to “perceived blockchain-related risks” rather than a direct response to “the adoption of blockchain technology.” Practical implications First, for audit firms, our results underscore the importance of investing in technological training and developing firm-level expertise in emerging technologies such as blockchain. The finding that the fee premium is concentrated among auditors without IT backgrounds suggests that audit firms that proactively build technological competence may be better positioned to serve clients engaging with new technologies while managing their own costs. Second, for corporate managers, our findings alert them that public blockchain engagement, even when disclosed for strategic signaling purposes, may carry tangible costs in the form of higher audit fees, particularly when blockchain is deployed for internal management processes. This cost should be factored into firms’ cost–benefit analyses when making blockchain investment decisions. Third, for regulators and standard-setters, the heterogeneity in auditor responses documented in our study highlights the need for clearer accounting and auditing guidance for blockchain-based transactions, which would reduce the uncertainty that currently drives elevated audit pricing. Originality/value This study provides evidence consistent with auditors strategically adapting to technological disruptions in their risk management practices. The study offers timely and practical insights for auditors, regulators and corporate managers as blockchain applications continue to proliferate.

Satyam Prakash Srivastava, Rupa Khanna Malhotra, Priyanshu Sagar

The blockchain technology in the banking sector is a decentralized ledger system and has been more commonly known by it being the basis of cryptocurrencies, such as Bitcoin. However, blockchain is to Bitcoin, as email is to internet; the possible areas of examination with the use of blockchain technology are gigantic. One of such areas is the banking sector, which has certain ambiguities, which needs to be spoken about proximately, such as the lack of distinct accountability, disorganization in deliverance on time, deficiency of transparency, and “too big to operate effectively” kind of attitude. This research work is based on the careful exploration, examination, and evaluation of the possible methods of applying blockchain technology in the banking sector.

Anjali Shishodia, Rohit Sharma, Angappa Gunasekaran, Prikshat Verma

No abstract is available for this record.

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.

Nguyen Le, Tu Dieu Thai, Hanh Thi Hong Nguyen, Mai Thi Xuan Tran · 5 authors

No abstract is available for this record.

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.

Alicja Fandrejewska, Monika Eisenbardt, Tomasz Eisenbardt

The chapter provides a comprehensive overview of the functioning of contemporary consumers and services within the digital landscape, emphasizing the transition from traditional marketing and classical market models to customer-oriented approaches in online environments. It examines the impact of rapid technological development, data-driven processes, and the emergence of the information society on the evolution of digital services. Particular attention is given to key technological trends, including e-commerce, e-banking, e-health, e-learning, cloud computing, the Internet of Things, blockchain, and artificial intelligence, as well as to the opportunities and risks associated with these transformations, such as disinformation and increasing uncertainty. The chapter argues that contemporary consumers operate in a complex, dynamic, and highly digitized environment, in which services are increasingly intangible, personalized, and data-driven. It concludes by linking these considerations to the research approach and presenting selected empirical findings related to the issues discussed.

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.

Nidhi Maheshwari, Sanjeev Malhotra

Purpose This study aims to examine how digital cultural values, collaboration, innovation and customer-centricity enable successful technological adoption in the banking sector's digital transformation journey. It explores how emerging technologies such as artificial intelligence (AI), machine learning (ML), blockchain and metaverse-based interfaces are integrated to enhance customer experience and operational efficiency, with emphasis on the role of shared values in shaping strategy, leadership and organizational readiness. Design/methodology/approach A qualitative, case-based exploratory design is adopted. Data were collected through semi-structured interviews with senior managers across strategy, innovation, technology and customer experience functions. These were supplemented with secondary sources, including policy documents, digital strategy reports and industry analyses. Thematic analysis was used to identify cultural patterns and organizational factors influencing digital adoption in a regulated banking context. Findings The findings show that digital cultural values are critical enablers of successful technological adoption. Collaboration enhances cross-functional coordination and accelerates integration of emerging technologies. Innovation fosters experimentation and openness to AI, ML and immersive tools. Customer-centricity ensures that digital investments improve accessibility, transparency and service quality. Collectively, these values strengthen adaptability, operational efficiency and ecosystem integration, highlighting that cultural alignment is as important as technological capability in digital transformation. Originality/value The study positions digital cultural values as central enablers of technology adoption, extending digital transformation literature beyond technological capability perspectives. It contributes to theory by showing how shared values mediate the relationship between emerging technologies and service transformation in regulated banking environments. Practically, it offers guidance for building culturally aligned digital strategies that improve adoption, trust and customer experience.

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.

Mingqian Li, Rong Du, Andrew Burton‐Jones, Jianing Xie

Purpose Grounded in signaling theory, this study examines whether traceability information displaces or complements incumbent quality cues and contrasts the relative efficacy of blockchain-enabled traceability technologies with traditional systems. Design/methodology/approach This study analyzes 18 months of product-level sales data from a global e-commerce platform using a staggered difference-in-differences design with robustness checks. We apply latent Dirichlet allocation topic modeling to consumer reviews and use a synthetic difference-in-differences approach to examine shifts in consumer attention after traceability implementation. Findings Traceability information increases product sales, particularly for lower-reputation brands and diminishes the effect of electronic word-of-mouth, suggesting that diagnostic quality signals matter more than social information signals. Although blockchain-enabled traceability should enhance signal credibility, its observed impact falls short of expectations. Research limitations/implications The sample is limited to the automotive engine oil context in China. Future research should examine other categories and national contexts. Practical implications Platform managers and emerging brands can deploy low-cost traceability labels to boost demand. Blockchain solutions may require consumer education to justify higher implementation costs. Social implications Augmenting supply-chain transparency and product traceability curbs counterfeit and substandard goods, improves consumer welfare, and supports regulatory and sustainability objectives. Originality/value This study systematically assesses the substitutive and complementary roles of traceability signals in a multi-cue setting, tempers optimism about blockchain-enabled traceability and extends research on digital supply-chain transparency and signaling theory.

Vedapradha R, Deepika Joshi

Purpose This study aims to examine the feasibility of blockchain adoption during investment banks’ Know Your Customer (KYC) validation processes. It studies the role played by government in regulating the blockchain-based KYC process. Design/methodology/approach A framework based on the extended technology acceptance model (TAM) was conceptualised to formulate six hypotheses. Based on this, a structured questionnaire was developed and administered among the employees of investment banks through a multi-stage sampling technique. The final sample, comprising 605 responses, was analysed using a covariance-based structural equation modelling (Mediation Analysis) on JASP V.19. Findings The present research explains that the government, as a mediating variable, has a 45.7% direct impact and 54.3% indirect effect on investment banks in the adoption and actual usage of blockchain technology for KYC validation. The perceived ease of use, perceived usefulness and attitude to use technology are key factors that influence its adoption for front-office operations. Perceived ease of use is a dominant indicator within the model. Research limitations/implications This study contributes theoretically by extending the existing TAM model with its practical application in the KYC process during validation of customer documentation in the banking industry, adding practical relevance to the regulatory framework. Originality/value The research derives its originality from the mediating role of government regulation in implementing KYC through blockchain. It proposes a blueprint of a working model that can be internalised to optimise the processes, extending the existing theory and its application with practical relevance.

Author Contributor

No abstract is available for this record.

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.

Vcc Business

Paying online often means sharing card details with merchants, advertising platforms, software providers, and payment processors. For freelancers, agencies, online sellers, and small teams, that can create unnecessary exposure: a compromised merchant account, an unexpected renewal, or a card number reused across several services may turn into a difficult cleanup project. A virtual card funded through a USDT top up offers another way to separate online spending from a primary bank account while keeping budgets easier to manage. This approach is not a promise of anonymity, approval, or freedom from verification. A responsible provider may still require identity checks, transaction monitoring, and information about the source of funds. The practical benefit is financial separation and control. Instead of giving every website direct access to a bank-linked card, you can use a dedicated card for approved online purchases, review the conversion terms, and keep records for accounting and compliance. Why use USDT to fund a virtual card USDT is a dollar-pegged digital asset commonly used to move value between supported wallets and platforms. When a card provider accepts USDT, it may convert the deposited amount into the card's spending balance, subject to its network, supported blockchain, confirmation requirements, fees, and compliance procedures. This can be useful for users who already hold USDT and want to pay merchants that accept ordinary card payments rather than cryptocurrency directly. The main operational advantage is separation. A dedicated virtual card can be assigned to advertising, SaaS subscriptions, supplier purchases, or a single project. If the card must be frozen or replaced, the issue may be contained to that spending channel instead of requiring changes across a personal bank account and every recurring payment connected to it. How the funding process usually works A typical flow has three stages: you create or select a card, send USDT to a deposit addre Full article attached as Markdown. Published for vccbusiness.com.

Chandra Prakash

The Technology-Organization-Environment (TOE) framework is widely applied in organizational technology adoption research, yet its measurement practices remain fragmented. Across studies of EDI, cloud computing, blockchain, AI, and other contexts, researchers routinely rename, adapt, or recombine constructs without documenting how their operationalizations relate to prior work, producing a literature that is empirically rich but difficult to accumulate. This study addresses that problem by developing a measurement catalog of 14 reusable TOE constructs drawn from 45 empirical anchor studies. Using a targeted construct-selection approach, the study retained constructs that were peer-reviewed, tested at the firm level, statistically validated, and generalizable across technology domains. Related aliases were consolidated under canonical names through three documented rules based on shared theoretical mechanisms, item-level overlap, and functional equivalence. The catalog organizes constructs across the technological, organizational, and environmental contexts, provides core definitions with recommended measurement facets, and includes representative survey items with reported reliability coefficients. Beyond consolidation, this study identifies persistent gaps, including limited post-adoption measurement, weak readiness-capability differentiation, and underdeveloped governance constructs for emerging technologies. The catalog serves as a practical starting point for researchers designing TOE-based survey instruments and conceptual models, strengthening construct consistency while preserving the framework’s flexibility.

Shapour Shiranifar, Sayyed Mohammad Reza Davoodi, Saeid Aghasi

Purpose: This study aimed to identify and validate the factors influencing the transfer of Blockchain-based services in the digital transformation process of banks. The present study seeks to answer the fundamental question of how a comprehensive framework can be designed to facilitate the successful adoption and implementation of Blockchain technology in banking environments.Methodology: This study used a mixed qualitative approach combining content analysis and the Delphi method. In the first phase, semi-structured interviews were conducted with 20 experts from Saderat Bank of Iran, fintech companies, and IT service providers. The resulting data were analyzed using thematic content analysis, yielding 17 key factors across six thematic areas. These factors were evaluated, and a consensus was reached across three Delphi rounds involving 15 experts. The Delphi process ended with an agreement level of 80% as a reliability criterion.Findings: Components such as interoperability (92%), scalability (88%), digital governance (94%), change management capacity (90%), and customer-centric innovation (91%) play a pivotal role in successful technology transfer. It was found that Blockchain adoption alone will not lead to improved performance unless strong dynamic capabilities and organizational readiness support it. Among the most critical challenges identified are resistance to change (85%), inadequate technical infrastructure (82%), regulatory challenges (79%), and data privacy restrictions (87%). Based on the final findings, success in Blockchain technology transfer requires simultaneous attention to three key dimensions: a) the technical dimension by prioritizing system interoperability and solution scalability; b) the organizational dimension by focusing on developing dynamic capabilities and creating a culture of innovation; c) the environmental dimension by reforming regulatory frameworks and developing security standards. It is suggested that banks invest in specialized employee training, develop a data governance strategy, and partner with fintech startups to pave the way for the successful implementation of this technology.Originality/Value: This study bridges the gap between academic literature and management practice by providing a conceptual and validated framework for decision-makers. The principal value of this research is to outline the essential components for effective and sustainable technology transfer in digitally evolving institutions. This framework can be used as a guide for banks and financial institutions in successfully implementing Blockchain-based solutions. The findings of this study can also serve as a basis for future research on innovative applications of Blockchain in the financial services sector.

Riyan Hidayat, Mustaruddin Mustaruddin, Mochammad Ridwan Ristyawan, Giriati Giriati · 5 authors

The rapid increase in cryptocurrency adoption among Generation Z in Indonesia has raised concerns regarding investment decision-making in highly volatile digital asset markets. This study examines the influence of herding behavior, social media exposure, and fear of missing out (FOMO) on cryptocurrency investment decisions, with financial literacy as a moderating variable. A quantitative approach was employed using survey data from 200 Generation Z cryptocurrency investors in Pontianak City. The data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4. The results show that herding behavior and social media significantly influence investment decisions. Fear of missing out also affects investor decision-making. Financial literacy moderates the relationship between herding behavior and investment decisions as well as between social media and investment decisions, but does not moderate the relationship between FOMO and investment decisions. These findings indicate that cryptocurrency investment decisions among Generation Z are influenced by social interactions and emotional biases.

Yurii Koroliuk, Olha Vdovichena, Анатолій Вдовічен

The purpose of the paper is to analyze the relationships between digital skills of participants in the educational process, their readiness for digital transformation, and the barriers to technology integration in economic education in Ukraine, with a particular focus on the implementation of enterprise resource planning (ERP) systems. The study also aims to examine how awareness of digital technologies and perceptions of their benefits influence educational outcomes and professional preparedness. Methodology. The research employs structural equation modeling (SEM) to investigate the relationships between key constructs, including technology awareness, perceived usefulness, educational readiness, digital skills, barriers to implementation, readiness for change, and students’ preparedness for professional activity. The empirical analysis is based on a dataset of 256 respondents (ID 1–256) collected through an online survey conducted between May and August 2025 among individuals involved in economic education in Ukraine. The questionnaire was designed to assess respondents’ awareness, perceptions, and readiness to integrate modern digital technologies (AI, blockchain, ERP, RPA, and digital educational platforms) into the training of economic specialists, as well as the availability of technological resources at the university level. The survey included 33 Likert-scale items covering demographic characteristics, professional experience, digital competencies, attitudes toward emerging technologies, access to infrastructure, alignment of curricula with labour market needs, and barriers to technology integration. The instrument provided both quantitative and qualitative insights into participants’ experiences. Results. The findings demonstrate that digital competencies and perceived usefulness of technologies significantly influence readiness for digital transformation and learning effectiveness. Organizational support and systematic user training are identified as critical success factors for ERP implementation. Furthermore, technology awareness and readiness for change mediate the relationship between digital skills and students’ preparedness. The integration of ERP systems enhances practical competencies in business process management and strengthens analytical thinking. Practical implications. The results provide a foundation for improving economic education through the systematic integration of ERP systems into curricula. The study highlights the importance of investing in digital skills development, academic staff training, and institutional support mechanisms to ensure effective technology adoption and alignment with labour market demands. Value / originality. The paper contributes to the literature by offering an integrated empirical SEM-based model linking digital competencies, ERP adoption, and educational outcomes in the context of Ukraine, providing a scientifically grounded approach to modernising economic education and enhancing graduates’ competitiveness in the global labour market.