Understanding Blockchain Technology Adoption by Non-experts: an Application of the Unified Theory of Acceptance and Use of Technology (UTAUT)

Blockchain technology has promising applications for companies as it allows them to increase information sharing, optimise information flow, and generate cost reductions across the supply chain, making transactions more trustworthy and secure. However, these benefits will not materialise unless the technology is adopted by users. The combination of two factors, namely, the novelty of blockchain technology and the changing composition of the workforce, leads to the need to better understand the adoption of blockchain technology in an organisational setting. The purpose of this study was therefore to gain insights regarding the adoption of blockchain technology and use them to formulate practical recommendations for organisations. Using UTAUT2 as a conceptual framework, data was collected using an online questionnaire and analysed using structural equation modelling. Contrary to previous research, this study finds that intrinsic motivation, in the form of hedonic motivation, is a relevant factor in the organisational context and plays a role in the adoption of blockchain technology. Extrinsic motivation, in the form of performance expectancy, was also a significant predictor. Effort expectancy was not, suggesting that potential users of blockchain technology are not deterred by the complexity of the technology. The study findings show that the changing composition of the workforce should be a factor when considering how a novel technology should be implemented in the workplace. Consequently, organisations need to change their traditional approach to change management by building on their employees’ intrinsic motivation.