International Journal of Entrepreneurship (Print ISSN: 1099-9264; Online ISSN: 1939-4675)


Understanding Blockchain Adoption In Emerging Markets: Integrating The Technology Acceptance Model And Innovation Diffusion Theory

Author(s): Bernard Ofosu Boateng, Charles Asare, Kwame Ntim Sekyere, Derrick Nukunu Akude, Beulah Hilda Walden

Blockchain technology has received a lot of interest in recent years because of its potential to disrupt various industries. However, the effective adoption of blockchain technology is dependent not only on the capabilities of the technology itself but also on the attitudes of people toward the technology. Focusing on the roles of perceived usefulness, perceived ease of use, and personal innovativeness, this study aimed to investigate how attitudes affect blockchain technology adoption in an emerging market. The process of designing and verifying the model, which was centered on the Technology Acceptance Model (TAM) and the Innovation Diffusion Theory (IDT), made use of structural equation modeling. The TAM and IDT served as the foundation for the model. The study found that one's attitude has a substantial impact on adoption, and that this impact is enhanced when one's attitude is also related to their perception of the technology's usability and their own propensity for innovation. The survey included 347 professionals from an emerging market. Perceived ease of use and personal innovativeness are moderately mediated by attitude, but perceived ease of use and adoption are strongly influenced by attitude. Multiple factors, such as personal innovativeness, perceived ease of use, perceived usefulness, and attitude, were shown to play significant roles in the early market acceptance of blockchain technology. The findings of this study give important insights for practitioners and policymakers who are striving to stimulate blockchain use and add significantly to the body of research regarding the psychological components that drive blockchain adoption

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