Adoption of blockchain technology

Global perspectives on blockchain adoption by industry: The future is now has been saved. Global perspectives on blockchain adoption by industry: The future is now has been removed. An Article Titled Global perspectives on blockchain adoption by industry: The future is now already exists in Saved items. Our article series takes a deeper dive into blockchain use cases by industry from the Global Blockchain Survey. As a follow-up to the study, we take a closer look at four industries using blockchain to gauge key sentiment, investments, strategic thinking, and the role of digital assets in blockchain initiatives.

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Adoption of blockchain technology

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Content:

• Despite benefits, blockchain adoption is slow in life sciences, says report
• How Adoption of Blockchain in Real Estate Changing the Scenario?
• What is holding back blockchain adoption and what should be done?
• Regulatory uncertainty could stymy blockchain adoption
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• Factors impacting digital transformations of the food industry by adoption of blockchain technology
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• Adoption of Blockchain in Health Care
• Switzerland is a global leader in blockchain adoption
• Banking Is Only The Beginning: 58 Big Industries Blockchain Could Transform

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Despite benefits, blockchain adoption is slow in life sciences, says report

Blockchain technology has been extensively tested, implemented, used, or even abandoned by organizations. Whether organizations adopt blockchain technology depends on many factors. Previous literature has identified a range of potential factors affecting the adoption of blockchain technology, but most studies have focused solely on a subset of specific factors. As a result, these studies can provide only limited explanations for the varying degrees of blockchain adoption.

We derive a rich set of factors from the current state of research on blockchain adoption and the business ecosystem literature and extend them by conceptual reasoning. We then develop testable hypotheses for each of the identified factors. We quantitatively analyze our BAM with a binary logistic regression analysis and identify six constructs impacting the adoption relative advantage, observability, organizational age, external stakeholder pressure, regulatory uncertainty, and scope of business ecosystem.

Ecosystem readiness is characterized by the following attributes: 1 a large ecosystem scope, 2 stakeholders that are not yet collaborating in a trustful and regulated environment, and 3 a powerful organization leading the ecosystem.

This powerful organization further intentionally promotes innovation by 4 making the benefits of this new technology observable for others, by 5 putting pressure on the other ecosystem participants to adopt the new technology, and eventually by 6 striving for regulatory certainty in the application and use of blockchain.

The phenomenon of globalization has transformed the global economy. Diminishing national trade barriers, increased mobility, and a diffusion of innovative technologies on an international scale has led to the consolidation of existing markets and to the emergence of new industries Wiersema and Bowen, These circumstances have led to a surge of competition between firms and revealed an unexpected threat posed by market newcomers from different industries.

To retain their market position and maintain sustainable growth, executives are forced to respond to growing challenges and to adapt corporate strategies and operations.

In doing so, companies attempt to establish a competitive advantage by seeking innovative solutions, enhancing efficiency of existing processes, or increasing quality of their service Porter, ; Barney, ; Distanont, New technologies play a special role and have the potential to disrupt current processes, markets or industries Christensen, An example of such an innovative technology was presented in by the pseudonym Nakamoto As a result, multiple organizations and entrepreneurs from various industries and backgrounds developed numerous blockchain-based concepts Tapscott and Tapscott, ; Bocek et al.

In , Deloitte questioned 1, executives from 13 countries regarding blockchain technology Budman et al. The survey reveals that the technology is steadily approaching a maturation stage. The hypothetical proposals have become feasible business cases. Furthermore, executives recognized the actual advantages and potentials for their enterprises, along with emerging challenges, drawbacks, and limitations.

Regardless of these obstacles, the great majority of enterprises remains optimistic regarding blockchain in general and specifically the significant capital invested in the developped blockchain projects.

Despite the positive view on this new technology, companies are conservative with respect to the implementation of blockchain projects. Consequently, even though many use cases and potential applications of this new technology have emerged, only some have been implemented and are running in a productive environment Rauchs et al. Several studies have tried to explain this low adoption of blockchain by referring to the lack of blockchain awareness and understanding Kamble et al.

However, by focusing only on organisation-internal factors influencing the decision to adopt blockchain, these studies can provide valuable but only limited explanations for the observed phenomenon of low blockchain adoption in organizations. Barnes and Xiao developed an extended model for the adoption of blockchain based on the Technology-Organization-Environment TOE framework that also considers ecosystem-related factors Depietro et al. Nevertheless, their work remains only theoretical, since no hypotheses were empirically evaluated.

A further paper was published by Choi et al. Next to developing hypotheses, they also empirically tested them. However, their work features certain limitations. Instead of describing the adoption across all fields, they focused strongly on supply chains. Lastly, they base their calculation on a rather small sample size of 83 participants Choi et al.

Therefore, there is clearly missing an extensive, empirical understanding about the factors influencing the adoption of blockchain across all industries and sectors. Understanding this is a prerequisite to discuss and explain the phenomenon of low adoption rates of blockchain in organizations.

Furthermore, with these new insights and knowledge, one might be even capable to define some actions to increase the adoption of blockchain. It is therefore the objective of this study to develop a blockchain adoption model BAM from a wider perspective with the aim to explore the factors influencing the adoption and to conduct an empirical study in the DACH-region Germany, Austria and Switzerland.

With the purpose to develop the blockchain adoption model BAM, this research will first answer the following research question:. RQ1: What factors influence the decision to adopt blockchain technology in organizations? With the aim to develop afterwards empirically testable hypotheses, the second research question is:. RQ2: How do these factors affect the decision to adopt blockchain technology in organizations? Based on the BAM and the developed hypotheses, we then conduct an empirical survey in order to find answers to our third research question:.

RQ3: How can the observed low adoption rate of blockchain technology in organization be explained? To test the hypotheses and to explain the reasons behind the low level of adoption RQ3 , we conduct a survey. The remainder of this paper is structured as follows.

In section 2, we elaborate on the current state of blockchain adoption. In section 3, we create our conceptual research model and state our hypotheses. Afterwards in section 4, we detail a research method to quantitatively analyze the formulated hypotheses, whereas in section 5 we present the results of the empirical survey.

In section 6, we discuss the findings and, finally, in section 7 we conclude. Crosby et al. One of the most important features of blockchains is their distributed consensus mechanism. It allows several dispersed and potentially malicious network participants to ensure the integrity and correctness of the performed transactions.

Since the introduction of blockchain and distributed ledger technologies DLT , researchers have developed numerous consensus algorithms that provide diverse features, depending on the demands of potential application or requirement of users Sun et al.

The design or selection of a specific set of rules determines the attributes of a network, among others its accessibility, security, speed of validation, and number of simultaneous transactions. Blockchains not only differ in the consensus algorithms, but in many other design components Spychiger et al. As Garriga et al. They propose a useful framework to explore the interplay between technological decisions and architectural features.

Palma et al. With the increased research invested into the exploration of technical characteristics of blockchains, as well as into the potential business opportunities, the benefits of using the technology became more obvious. Rauchs et al. First, they name the generation of new business models and new revenue streams.

Secondly, they state the possibility to improve efficiency of internal and external business operations. Third, thanks to the decentralization and innovative consensus mechanism a higher transparency will be possible. Fourth, they mentioned that through the disintermediation cost savings can be achieved.

Lastly, they state that the security within the system increases. Even though a great or even disruptive economic potential is attributed to blockchain technology Tapscott and Tapscott, ; Iansiti and Lakhani, , the adoption of this technology by organizations is low and very often not successful Clohessy and Acton, ; Lacity and Khan, The adoption of blockchain in organizations is typically following the four phases from exploration, proof-of-concept, pilot and deployment Rauchs et al.

This phenomenon of low adoption rate of blockchain in practice is asking for further investigation with the aim to gain more insights and understanding regarding the usefulness and value of this new technology. The literature about specific factors influencing the adoption of the blockchain technology by organization is still in its infancy and has only recently begun to gain momentum.

Koens and Poll , Angelis and da Silva , Werner et al. This strong focus on the perceived value of blockchain is in line with the Technology Acceptance Model TAM Davis, and its emphasis on perceived usefulness and perceived ease of use to explain why users accept and use a technology. On a similar theoretical base and with a strong focus on the individual perception of a new technology, Queiroz and Fosso Wamba investigate the factors influencing the individual blockchain adoption behavior in logistics and supply chains in India and the United States.

As the foundation for their study they use a slightly altered UTAUT Unified theory of acceptance and use of technology model Venkatesh et al. The evaluation of their hypotheses with the partial least squared structural equation modeling PLS-SEM proved high differences in blockchain adoption behavior between India and the United States. The authors attribute these rather inexplicable results to the low awareness of blockchains in both countries and stress that further studies are needed to understand better the phenomena of blockchain adoption.

The explanatory potential of TAM and the associated technology adoption frameworks have been widely criticized due to their simplicity Bagozzi, , especially in an organizational context Ajibade, With the aim to investigate the impact of organizational factors on the adoption of blockchain in companies from a broader theoretical perspective, Clohessy and Acton applied the TOE framework in their case study research. Through a comprehensive literature review, the authors identified the most influential organizational factors on blockchain adoption, which they subsequently evaluated empirically in a multiple-case study.

According to their results top management support and organizational readiness are enablers for blockchain adoption, whereas large organization are more likely to adopt blockchain than small. The technological and environmental factors have not been further analyzed.

Based on an extensive literature review, Janssen et al. Hence, they propose a more holistic framework for the introduction of blockchain technology that captures the complex relationships between institutional, market-related and technical factors. The authors make explicit that the institutional, market-related and technical factors presented in their framework interact and mutually influence each other and that, depending on the context, different results are possible.

Following the theoretical considerations of Iacovou et al. Their analysis reveals that several tensions between different positive and negative factors exist that cannot be easily resolved.

In summery, the authors state that in order to realize the proposed network benefits of transparency and trust, all organizations need to invest in new capabilities and overcome privacy concerns, which again can only be achieved by high long-term commitments and pre-existing inter-organizational trust.

According to Sternberg et al. However, as their findings are based on a single-case study, the authors recognize the limited generalizability of their results and propose further research.

From an ecosystem perspective and on the base of the TOE framework, Barnes and Xiao develop a comprehensive research model that examines how different technological i.

Even though their developed research model and hypotheses are interesting, to the best of our knowledge, they have not been further empirically tested. It is therefore still open and not yet tested, if and how these factors are influencing the adoption rate of blockchain in organizations.

From the limited literature available about blockchain adoption in organizations, it seems that the TOE framework provides the most adequate theoretical concept for a broader empirical analysis of the factors influencing the adoption of blockchain technology in organizations as it takes into account not only technological but also organizational and environmental factors.

The TOE framework was developed and introduced in by Depietro et al. This theoretical concept describes how an innovation is adopted from a firm perspective and how these three aspects—technological, organizational, and environmental—influence the decision to adopt.

The technological factors include the characteristics of all available technological solutions important for a company in particular conditions. The organizational factors relate to the volume and quality of available internal resources, size of the enterprise, internal communication, and relation between different structures.

To assess the technological factors of blockchain adoption, this paper considers the five perceived attributes of innovations that are relevant for the diffusion and have been popularized by Rogers These five attributes are relative advantage, compatibility, complexity, trialability, and observability. For the assessment of the organizational factors, we consider the findings by Clohessy and Acton and extend them by further conceptual reasoning.

How Adoption of Blockchain in Real Estate Changing the Scenario?

The blockchain is unquestionably an ingenious invention — the brainchild of a person or group of people known as Satoshi Nakamoto. But what has been a way of facilitating transactions within a dark world of illicit activities, is now being looked at by conventional businesses. Companies like Toyota , UnitedHealth Group and Fidelity are exploring blockchain technologies as a way of streamlining operations and cutting costs. By doing so they are giving legitimacy to the space, and motivation for other companies to investigate blockchain options as well. Very simply put, a blockchain is a database that maintains a continuously growing set of data records. It is distributed in nature, meaning that there is no master computer holding the entire chain.

What is holding back blockchain adoption and what should be done?

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Regulatory uncertainty could stymy blockchain adoption

ITU issues guidance on the adoption of blockchain. Use cases of blockchain and distributed ledger technology DLT are emerging in telecom, finance, energy, supply chain and government, to name just a few of the many sectors interested in DLT application. The Focus Group has developed a toolkit to serve all DLT innovators and practitioners, recognizing that DLT applications will take a wide variety of forms. DLT terms and definitions will provide the foundation for greater cohesion in the development and application of DLT. And it has forecast future technological developments in view of their expected impact on DLT.

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A block chain is fundamentally a digital ledger of volume of transactions that is distributed across the overall network of IT system on the block chain. This technology act as a reliable layer in the evolution of E-commerce. Block chain working like a machine of recording of transactions in such a manner that it will secure the device or computer from any kind of fraud and manipulation. Block chain is an innovation in the digital world and it has become famous among the innovators, technocrats at present. This technology is revolutionary in nature in terms of information and computation technology ICT , the Block chain technology is based on Cryptography which is used as a software protocol by the public.

Factors impacting digital transformations of the food industry by adoption of blockchain technology

Blockchain Technology Adoption Status and Strategies. Joseph M. Augustine Jr. Purpose: The purpose of this paper is to review the acceptance and future use of blockchain technology. Given the rapid technological changes, this paper focuses on a managerial overview and framework of how the blockchain, including its implementations such as Bitcoin have advanced and how blockchain can be utilized in large-scale, enterprise environments. The paper begins with a technological overview that covers the history of the technology, as well as describing the computational, cryptographic theory that serves as the basis for its notable security features. Analysis Methods: Triangulation is utilized for this paper, which combines multiple methodologies, such as qualitative and quantitative methods, as complementary components for improving research study accuracy. The triangulation methods chosen for this paper include a secondary data environment analysis, a text analysis, and financial analysis in order to successfully manage and review the adoption diffusion of innovative technologies like blockchain.

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Skip to search form Skip to main content Skip to account menu You are currently offline. Some features of the site may not work correctly. But even after a decade since its inception, Bitcoin is still the only widely known and somewhat mainstream application of the technology.

Adoption of Blockchain in Health Care

RELATED VIDEO: How to Accelerate Enterprise Adoption of Blockchain Technology - Ralf Kubli from Casper Labs

If you're seeing this message, that means JavaScript has been disabled on your browser. Blockchain technology has come a long way since its debut in , when the mysterious Satoshi Nakamoto built the revolutionary Bitcoin currency. At the time, it was only known as the system that powered such cryptocurrencies. However, the technology is seeing wide adoption among businesses for uses that range from increasing visibility in a supply chain to building games. A big reason why companies are interested in blockchain technology is its potential to reduce operational costs. This is true for industries like cross-border payments.

Switzerland is a global leader in blockchain adoption

Blockchain is proven to hold the potential to revamp every business vertical. The technology has given a clear indication that it has various applications beyond cryptocurrencies and can be the right weapon to tackle the prevailing industrial challenges. A ripple effect of which is that various industries have adopted Blockchain technology, even the most traditional ones like Real Estate. Real Estate is witnessing a disruptive evolution with Blockchain acting as the driving force. This has made numerous entrepreneurs and traditional investors interested in understanding the use of blockchain for real estate.

Banking Is Only The Beginning: 58 Big Industries Blockchain Could Transform

I believe the EU should aim to quickly and efficiently implement the regulatory means necessary to the adoption and development of Blockchain Technology. It as a great disruptive potential, comparable with the early days of the internet, and with it come hype and risks. Clear regulations, laws, and regulatory structure would help businesses have visibility.