Factors Influencing Blockchain Adoption: Comparison
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Please note this is a comparison between Version 2 by Wendy Huang and Version 1 by Ammar Mutahar AL-Ashmori.

The technology of Blockchain may open up new potential for innovation and distinction. It can enable the software sector to develop more safe and transparent systems that can function in an environment without trust. The adoption rate still needs to be higher despite the potential advantages; the relatively low adoption rate may be attributable to issues such as a lack of awareness, the difficulty of adoption, and ambiguity surrounding legal and regulatory frameworks.

  • Blockchain
  • software sector
  • trialability
  • security
  • complexity
  • cost
  • innovativeness

1. Introduction

Software firms are realizing the vital need to adopt Blockchain technology due to its numerous options for innovation and differentiation. With Blockchain technology, developers can create distributed applications without communicating via a single server. As a result, programmers can now create trustworthy apps that are open to scrutiny [1]. Smart contracts (SCs), which are pre-programmed agreements, can also be added to the Blockchain and made to execute automatically. Because of this, many corporate procedures can be streamlined and automated, cutting out the intermediaries and saving money [2]. In addition, Blockchain technology can enhance data security, privacy, and management—all of which are critical components of modern software engineering [3]. Blockchain technology can improve software firms’ productivity, safety, and market access.
Adoption of Blockchain technology has been studied across a diverse range of sectors, including supply chains [4,5,6,7,8,9[4][5][6][7][8][9][10][11][12][13],10,11,12,13], logistics [5[5][14][15],14,15], businesses based on Bitcoin [16[16][17][18],17,18], banking [19[19][20][21][22],20,21,22], accounting and auditing [23[23][24],24], shopping cart systems [25], tax systems [26], education systems [27], construction [28,29[28][29][30],30], and multiple sectors [31,32,33,34,35,36,37,38,39,40,41,42,43][31][32][33][34][35][36][37][38][39][40][41][42][43].
However, there is a lack of studies that discuss Blockchain adoption by the software development industry, the related factors, and the offered adoption framework, and how this will alter the software development process, as mentioned before in previous studies [44,45,46][44][45][46].
Nonetheless, the prevalence of Blockchain adoption studies in these sectors indicates this technology’s potential benefits, such as increased efficiency and enhanced security. However, the absence of any studies in the software sector is notable. Given the significant role that software firms play in modern business operations, the lack of research in this area is a significant research gap. More research on Blockchain adoption in software firms could reveal how ready firms are to use Blockchain technology and what factors influence their adoption decisions. This information may assist software developers in deciding whether to utilize Blockchain technology and maximize its benefits.
Despite its success in other countries and sectors, Blockchain has not yet passed its infancy in Malaysia [19]. Malaysians are unfamiliar with Blockchain technology and lack applicable rules. Malaysians are more interested in Blockchain as the world pursues different technological breakthroughs. Despite lacking local laws, the government is open to using Blockchain in renewable energy, palm oil, and Islamic finance sectors [19]. Blockchain technology has been applied in several domestic areas, but the literature suggests that the software sector and firms in this field are not paying enough attention.
Satoshi Nakamoto, who founded Bitcoin under a pseudonym, demonstrated how Blockchain, a decentralized peer-to-peer system with a centralized record, could solve transaction order and double-spending more than ten years ago [8,47,48,49][8][47][48][49]. Bitcoin divides transactions into predetermined blocks with identical timestamps. Miners, or network nodes, link blocks chronologically by providing the previous block’s hash [50]; this makes Blockchain transactions trustworthy and verifiable. The advent of Blockchains has disrupted traditional business practices by enabling decentralized operations and transactions without the need for centralized systems or trusted intermediaries to verify them. Blockchain architecture and design inherently possess characteristics such as transparency, resilience, audibility, and security [51]. A Blockchain functions as a decentralized database composed of a sequential list of blocks, with each block immutable once committed. This is particularly beneficial for the banking sector as it allows multiple institutions to collaborate on a single Blockchain to process customer transactions while maintaining transparency and audibility. Blockchain technology is also advantageous for businesses as it enables decentralized design, reduces transaction costs, and allows secure, transparent, and sometimes speedier transactions. The importance of Blockchain is emphasized by the sheer number of available cryptocurrencies, which currently stands at over 1900 and is continually increasing [52]. Blockchain technology is also advancing quickly as it is applied to various sectors outside cryptocurrencies, with SCs playing an important role. SCs are computerized transaction protocols that execute contract terms, allowing contractual requirements to be translated into embeddable code and reducing external involvement and risk [53]. As a result, SCs are decentralized scripts stored on the Blockchain without relying on a trusted authority, enabling automatic fulfillment of the agreement’s contents, even without trust. Blockchain-oriented software (BOS) allows SCs to support more complex processes and interactions, generating a new paradigm with nearly unlimited potential applications. Blockchain technology adoption is a rapidly growing area of interest in various sectors, including banking and finance, supply chain management, and retail. Several factors influence the adoption of Blockchain. A study identified security risks as [54] a significant factor impacting the adoption of Blockchain authentication technology in Malaysian banks and financial organizations. Regulatory support also plays a crucial role in influencing Blockchain adoption in the banking and financial industry. Moreover, technology latency is another factor that can impact the adoption of Blockchain authentication technology in Malaysian banks. Technology complexity also significantly influences Blockchain authentication adoption in Malaysian banks and financial institutions [54]. Perceived usefulness is an essential determinant of the behavioral intention to adopt Blockchain technology in the supply chain management of manufacturing industries in Bangladesh. Furthermore, trading partners’ pressure and competitive pressure also play pivotal roles as determinants of the behavioral intention to adopt Blockchain technology in the supply chain management of manufacturing industries in Bangladesh [55]. Therefore, Blockchain technology has gained considerable momentum [56]. According to a survey, over 33% of C-suite executives are either considering or have already used Blockchain technology [57]. Researchers and programmers have also explored Blockchain’s potential and developed numerous applications across various sectors [58].

2. Blockchain Adoption

2.1. Attitude towards Blockchain

“Attitude” refers to a user’s positive or negative feelings toward a new technical invention [59]. Attitudes can be either favorable or unfavorable. Researchers identified genuine conduct, which they characterized as a user’s belief system or tendency to use and study technological systems, by applying reasoned action to identify genuine behavior. It seems that the attitude comparable choice method [60] does not reveal how an individual decides whether to engage in various behaviors by considering their attitudes toward the available options when people are forming their behavioral intentions. People do consider their attitudes toward each option.

2.2. Trust

When a customer interacts with a piece of technology, trust refers to the feelings of ease, confidence, and safety the customer experiences [61]. Building trust requires having faith in a business partner, keeping communication channels open and consistent, and maintaining an open communication channel. Trust describes the relationship that exists between a buyer and a seller. Trust is a property of trustworthy relationships that can assist in limiting risks by providing additional protection and monitoring for customers to strengthen the customers’ position in any potentially unfavorable activities [62]. Customers are less ready to take chances when they lack faith in a firm, which increases the likelihood of defecting to a competing brand. Trust is the only viable choice when taking risks over which one has no control and that cannot influence the outcome. Regarding Blockchain technology, the customer’s perception of risk ought to be kept to a minimum, while the level of trust ought to be kept high.

2.3. Intention to Use Blockchain

Intention refers to a user’s expected likelihood or potential to engage in a specific activity, such as adopting new technology. It plays a crucial role in establishing well-defined user acceptance metrics in the early stages of application development. It also aids customers in adopting effective technologies and rejecting ineffective ones, reducing the risk of providing technologies that may ultimately be rejected [59]. The intention results from a user’s subjective reasoning, which motivates them to execute and use a technical system by believing in intentional behavior.

3. Influential Factors to Blockchain Adoption

Many influential factors have an impact on Blockchain adoption in software firms.

3.1. Trialability

The concept of trialability refers to an innovation’s capacity to undergo limited testing before full deployment [63]. According to [64], allowing individuals and organizations to try an innovation before adopting it increases the likelihood of successful adoption. Studies conducted by [65] showed that trialability is a critical factor in business application adoption. Similarly, [66] found that trialability significantly impacts technology adoption, as demonstrated in their study on e-commerce adoption. Another study [67] emphasized the importance of a testing phase before implementing Blockchain SCs. Analyzing these new contractual systems and technologies will be vital to create user trust as businesses transition from traditional contracts to SCs on Blockchain. This transition will take place as businesses move away from traditional arrangements. Trials are a valuable tool for reducing the likelihood of errors and problems [67]. The relevance of trialability in accepting technical breakthroughs [65,66][65][66] has been proven in earlier research. Therefore, it is evident that trialability will also impact the adoption of Blockchain technology in the software sector.

3.2. Security

Security protects confidential information and transactional data when transmitted [68]. Blockchain technology provides strong information security [69] and allows users to carry out transactions without revealing their identity, thanks to its secure database [70] and privacy-preserving design. Previous research has identified security threats as a significant factor affecting technology adoption [71,72][71][72].

3.3. Complexity

“Complexity” refers to the difficulty of understanding and learning to use a new technology [73]. In the case of Blockchain applications, scalability [74] and selfish mining [75] are the primary sources of complexity. The literature identifies threats to information security as a factor that impacts the adoption of technology [71,72][71][72].

3.4. Cost

The term “cost” refers to the amount of money that could be saved by adopting Blockchain technology. With the potential to reduce the cost of processing in banks, Blockchain can disrupt the financial services sector and provide cost-effective solutions [52]. It is also expected to offer cost and risk reduction benefits in supply chain management [18], which aligns with the objectives of cost reduction in supply chain management [21].

3.5. Innovativeness

The characteristic of innovativeness refers to the readiness of individuals to try new things, which positively affects their adoption behavior [53]. Studies have shown that innovativeness predicts individual attitudes and acceptance of technology [7]. Additionally, innovativeness measures a firm’s ability to adopt new technologies when implementing IT [76]. Being an innovator and having a forward-thinking mindset is a desired trait [77]. The benefits of the technology are used to measure innovativeness [78].

3.6. Facilitating Conditions

The idea of enabling conditions refers to an employee’s impression of the technical infrastructure that supports the usage of a system within a firm. This perception can either help or hinder the employee’s ability to successfully use the system. In addition, it involves having a grasp of the resources that are open to businesses to facilitate the use of Blockchain technology. It is more probable that consumers will have a favorable experience when using Blockchain technology and will become more invested in it if they perceive a sufficient degree of technical, organizational, network, and human support while using Blockchain technology. The implementation of Blockchain technology, which saves a copy of each transaction, fortifies the system and makes transaction monitoring more efficient for everyone involved [79,80][79][80].

3.7. Market Dynamics

The term “market dynamics” alludes to the continuous shifts in the market and the intense competition that exists [81]. It is recommended that a Blockchain maturity model be used, which takes into account market factors and is based on a five-stage taxonomy model, and that feasibility studies be conducted before the implementation of Blockchain technology [82]. Both of these things should be done to increase Blockchain adoption. When discussing competitive pressure, wresearchers refer to the pressure within an organization and the desire to gain a competitive advantage. This drives businesses to adopt new technologies to combat the pressure from upstream and downstream competitors and new developments in business models and sector standards [83]. It has been reported that problems relating to the law and the practical implementation of decentralized systems are still unresolved, and there is a need for the immediate establishment of sector standards [84]. In addition, there is a need for immediate action to be taken to address the need for immediate sector standards. According to research [85[85][86],86], the regulatory environment has been highlighted as a crucial aspect that plays a role in adopting Blockchain technology.

3.8. Regulatory Support

The government creates regulatory frameworks to oversee technology service providers and customers and ensure they comply with obligations and avoid violations, referred to as the regulatory framework and government assistance [87]. E-commerce and service quality monitoring rely on government regulations and laws to legalize and deploy new technologies within a country’s legal framework. These laws are crucial to ensure all procedures are conducted fairly and efficiently. The same applies to customer attitudes toward Blockchain technology and cryptocurrencies. Regulation is necessary to limit or alleviate any resulting ambiguity, which may affect consumers’ willingness to trust and securely use the technology. However, the global spread of cryptocurrencies faces further challenges, such as inadequate regulatory laws [88].

3.9. Partner Readiness

The degree of integration with currently active organizational partners is a crucial factor in determining whether or not the introduction of Blockchain technology will be successful [15]. It is impossible to successfully implement a Blockchain project if the partners’ connections are inadequate [89]. The practical implementation of the Blockchain project requires the cooperation and desire of partners to participate in the project. According to research, an organization that implements an innovation expects that its partners will likewise implement an innovation process comparable to its own and fully utilize the innovation on an inter-organizational level [90].

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