research-article

A framework for analysing blockchain technology adoption: : Integrating institutional, market and technical factors

Authors:

Marijn Janssen,

Vishanth Weerakkody,

Elvira Ismagilova,

Uthayasankar Sivarajah,

Zahir IraniAuthors Info & Claims

Volume 50, Issue C

Pages 302 - 309

https://doi.org/10.1016/j.ijinfomgt.2019.08.012

Published: 01 February 2020 Publication History

Highlights

•

Framework for capturing the challenges and issues that organisations face when adopting blockchain technology.

•

A holistic organisational framework integrating Institutional, Market and Technical factors for blockchain adoption.

•

Framework offers companies an initial frame of reference when adopting blockchain applications.

Abstract

The adoption of blockchain technologies require the consideration of a broad range of factors, over and above the predominantly technology focus of most current work. Whilst scholarly literature on blockchain technology is only beginning to emerge, majority are focused on the technicalities of the technology and tend to ignore the organizational complexities of adopting the technology. Drawing from a focused review of literature, this paper proposed a conceptual framework for adoption of blockchain technology capturing the complex relationships between institutional, market and technical factors. The framework highlights that varying outcomes are possible, and the change process is focal as this shapes the form blockchain applications take. Factors presented in the framework (institutional, market and technical) interact and mutually influence each other. The proposed framework can be used by organisations as a reference point for adopting blockchain applications and by scholars to expand, refine and evaluate research into blockchain technology.

References

[1]

W. Al-Saqaf, N. Seidler, Blockchain technology for social impact: Opportunities and challenges ahead, Journal of Cyber Policy 2 (3) (2017) 338–354.

[2]

T. Andreasyan, ISITC Europe and oasis to define technical standards for blockchain, Banking Technology 13 (2016) available at: http://www.bankingtech.com/608572/isitc-europe-and-oasis-to-define-technical-standards-for-blockchain/ (Accessed 18 March 2018).

[3]

E. Androulaki, A. Barger, V. Bortnikov, C. Cachin, K. Christidis, A. De Caro, et al., Hyperledger fabric: A distributed operating system for permissioned blockchains, Proceedings of the thirteenth EuroSys conference (2018) 30.

[4]

N. Bauerle, What is a distributed ledger?, 2018, (Accessed on 23 July 2018) https://www.coindesk.com/information/what-is-a-distributed-ledger/.

[5]

M. Benoliel, Understanding the difference between coins, utility tokens and tokenized securities, Medium (2017) available at: https://medium.com/startup-grind/understanding-the-difference-between-coins-utility-tokens-and-tokenized-securities-a6522655fb91 (Accessed 18 March 2018).

[6]

K. Behnke, M.F.W.H.A. Janssen, Boundary conditions for traceability in food supply chains using blockchain technology, International Journal of Information Management (2019).

Digital Library

[7]

Blockchain, Blockchain size, available at https://blockchain.info/charts/blocks-size?timespan=all (Accessed 18 March 2018) 2018.

[8]

G. Brandman, S. Thampapillai, Blockchain – Considering the regulatory horizon, Oxford Business Law Blog, 2016, available at: https://www.law.ox.ac.uk/business-law-blog/blog/2016/07/blockchain---considering-regulatory-horizon (Accessed 18 March 2018).

[9]

C. Brennan, W. Lunn, Blockchain: The trust disrupter, Credit Suisse Securities (Europe) Ltd., London, UK, 2016, available at https://paymentscompliance.com/premium-content/research_report/credit-suisse-report-blockchain-trust-disrupter (Accessed 18 March 2018).

[10]

K. Buehler, D. Chiarella, H. Heidegger, M. Lemerle, A. Lal, J. Moon, Beyond the hype: Blockchains in capital markets, McKinsey working papers on corporate & investment banking (2015).

[11]

V. Buterin, et al., Ethereum white paper", GitHub repository, in: G. Lee, J. Lavin, D. Larimer, T. Cox, N. Hourt, Q. Ma (Eds.), EOS.IO technical white paper v2, Github, 2013, (March 2018), available at https://github.com/EOSIO/Documentation/blob/master/TechnicalWhitePaper.md (Accessed 5 April 2018).

[12]

V. Buterin, Ethereum white paper: A next-generation smart contract and decentralized application platform, available at https://www.weusecoins.com/assets/pdf/library/Ethereum_white_paper a_next_generation_smart_contract_and_decentralized_application_platform-vitalik-buterin.pdf (Accessed 18 March 2018) 2014.

[13]

C. Cachin, Architecture of the Hyperledger blockchain fabric, Workshop on distributed cryptocurrencies and consensus ledgers (2016) available at https://pdfs.semanticscholar.org/f852/c5f3fe649f8a17ded391df0796677a59927f.pdf (Accessed 18 March 2018).

[14]

J.S. Cermeño, Blockchain in financial services: Regulatory landscape and future challenges for its commercial application, BBVA Research, Madrid, Spain, 2016.

[15]

K. Christidis, M. Devetsikiotis, Blockchains and smart contracts for the internet of things, IEEE Access 4 (2016) 2292–2303.

[16]

Court of Justice of the European Union, The exchange of traditional currencies for units of the ‘bitcoin’ virtual currency is exempt from VAT, available at http://curia.europa.eu/jcms/upload/docs/application/pdf/2015-10/cp150128en.pdf. (Accessed 18 March 2018) 2015.

[17]

M. Crosby, P. Pattanayak, S. Verma, V. Kalyanaraman, Blockchain technology: Beyond bitcoin, Applied Innovation 2 (2016) 6–10.

[18]

Deloitte, Blockchain: Enigma. Paradox. Opportunity, Deloitte LLP, London, 2016, available at https://www2.deloitte.com/content/ (Accessed 18 March 2018).

[19]

A. Deshpande, K. Stewart, L. Lepetit, S. Gunashekar, Distributed ledger technologies/blockchain: Challenges, opportunities and the prospects for standards, Overview report The British Standards Institution (BSI), 2017, available at Distributed_Ledger_(aka_blockchain)_Standards_2016.11_v2.4.pdf (Accessed 18 March 2018).

[20]

ESMA (European Securities and Markets Authorities), The distributed ledger technology applied to securities markets, available at https://www.esma.europa.eu/sites/default/files/library/dlt_report_-_esma50-1121423017-285.pdf (Accessed 18 March 2018) 2017.

[21]

ESMA (European Securities and Markets Authority), Discussion paper: The distributed ledger technology applied to securities markets, available at https://www.esma.europa.eu/sites/default/files/library/2016-773_dp_dlt.pdf (Accessed 18 March 2018) 2016.

[22]

ESMA (European Securities and Markets Authority), Report: The distributed ledger technology applied to securities markets, available at https://www.esma.europa.eu/sites/default/files/library/2016-773_dp_dlt.pdf (Accessed 18 March 2018) 2016.

[23]

Euro Banking Association Working Group On Electronic Alternative Payments, Applying cryptotechnologies to trade finance: Information paper, available at https://www.abe-eba.eu/downloads/knowledgeand-research/EBA_May2016_eAPWG_Applying_cryptotechnologies_to_Trade_Finance.pdf (Accessed 18 March 2018) 2016.

[24]

M. Harwood-Jones, Blockchain and T2S: A potential disruptor, Beyond Borders Report, SCB, 2016, available at https://www.sc.com/BeyondBorders/blockchain-mass-adoption (Accessed 18 March 2018).

[25]

L. Hughes, Y.K. Dwivedi, S.K. Misra, N.P. Rana, V. Raghavan, V. Akella, Blockchain research, practice and policy: Applications, benefits, limitations, emerging research themes and research agenda, International Journal of Information Management 49 (2019) 114–129.

Digital Library

[26]

T.I. Kiviat, Beyond bitcoin: Issues in regulating blockchain tranactions, Duke LJ 65 (2015) 569.

[27]

W. Knight, The technology behind bitcoin is shaking up much more than money, Technology Review (2017) available at https://www.technologyreview.com/s/604148/the-technology-behind-bitcoin-is-shaking-up-much-more-than-money/ (Accessed 18 March 2018).

[28]

J. Koppenjan, J. Groenewegen, Institutional design for complex technological systems, International Journal of Technology Policy and Management 5 (3) (2005) 240–257.

[29]

N. Kshetri, 1 Blockchain’s roles in meeting key supply chain management objectives, International Journal of Information Management 39 (2018) 80–89.

[30]

M. Mainelli, S. Mills, The missing links in the chains? Mutual distributed ledger (aka blockchain) standards, [Long Finance report] Z/Yen Group, London, 2016.

[31]

M. Mainelli, M. Smith, Sharing ledgers for sharing economies: an exploration of mutual distributed ledgers (aka blockchain technology), The Journal of Financial Perspectives 3 (3) (2015) 38–69.

[32]

M.L. Marsal-Llacuna, Future living framework: Is blockchain the next enabling network?, Technological Forecasting and Social Change 128 (2018) 226–234.

[33]

R. Miller, IBM unveils blockchain as a service based on open source Hyperledger Fabric technology, available at https://techcrunch.com/2017/03/19/ibm-unveils-blockchain-as-a-service-based-on-open-source-hyperledger-fabric-technology/?guccounter=1 (Accessed 25 May 2018). 2017.

[34]

D.C. Mills, K. Wang, B. Malone, A. Ravi, J.C. Marquardt, A.I. Badev, et al., Distributed ledger technology in payments, clearing, and settlement, available at https://www.esma.europa.eu/sites/default/files/library/2016-773_dp_dlt.pdf (Accessed 18 March 2018) 2016.

[35]

S. Ølnes, J. Ubacht, M. Janssen, Blockchain in government: Benefits and implications of distributed ledger technology for information sharing, Government Information Quarterly 34 (3) (2017) 355–364.

[36]

J. Palfreyman, Blockchain for government?, available at https://www.ibm.com/blogs/insights-on-business/government/blockchain-for-government/ (Accessed 18 March 2018) 2015.

[37]

Parliamentary Office of Science and Technology, Distributed ledgers – Closed POST breakfast event, Parliamentary Office, London, 2016.

[38]

F.W. Scharpf, Games real actors play. Actor-centered institutionalism in policy research, Westview Press, Boulder, 1997.

[39]

K. Sedgwick, Five countries where bitcoin is illegal, available at https://news.bitcoin.com/five-countries-where-bitcoin-is-illegal/ (Accessed 18 March 2018) 2017.

[40]

S.J. Shackelford, S. Myers, Block-by-block: leveraging the power of blockchain technology to build trust and promote cyber peace, Yale Journal of Law and Technology 19 (2017) 334.

[41]

V. Shah, Block.one eyes 35% increase in transaction speeds with EOSIO 1.6.0 blockchain update, available at https://blokt.com/news/block-one-eyes-35-increase-in-transaction-speeds-with-eosio-1-6-0-blockchain-update (Accessed 14 May 2019) 2019.

[42]

U. Sivarajah, M.M. Kamal, Z. Irani, V. Weerakkody, Critical analysis of big data challenges and analytical methods, Journal of Business Research 70 (2017) 263–286.

[43]

U. Sivarajah, Z. Irani, V. Weerakkody, Evaluating the use and impact of Web 2.0 technologies in local government, Government Information Quarterly 32 (4) (2015) 473–487.

[44]

M. Swan, Blockchain: Blueprint for a new economy, O’Reilly Media, Inc., 2015.

[45]

T. Swanson, Consensus-as-a-service: A brief report on the emergence of permissioned, distributed ledger systems, available at http://www.ofnumbers.com/wp-content/uploads/2015/04/Permissioned-distributed-ledgers.pdf (Accessed 18 March 2018) 2015.

[46]

K. Sweet, On the money: Credit cards to perfect targeting programs, available at https://apnews.com/e1ca14ae82664f7f87504e7bbf862bfa (Accessed 25 May 2018) 2018.

[47]

SWIFT Institute & Accenture, (2016). SWIFT on distributed ledger technologies, SWIFT. Available at http://www.ameda.org.eg/ (Accessed 18 March 2018).

[48]

D. Tapscott, A. Tapscott, Blockchain revolution: How the technology behind bitcoin is changing money, business, and the world, Penguin Random House, New York, NY, 2016.

Digital Library

[49]

S. van Engelenburg, M. Janssen, B. Klievink, Design of a software architecture supporting business-to-government information sharing to improve public safety and security, Journal of Intelligent Information Systems (2017) 1–24.

[50]

H. Vranken, Sustainability of bitcoin and blockchains, Current Opinion in Environmental Sustainability 28 (2017) 1–9.

[51]

M. Vukolić, The quest for scalable blockchain fabric: Proof-of-work vs. BFT replication, International workshop on open problems in network security (2015) 112–125.

[52]

O.E. Williamson, Transaction cost economics: How it works; where it is headed, De Economist 146 (1) (1998) 23–58.

[53]

G. Wood, Ethereum: A secure decentralised generalised transaction ledger, Ethereum Project Yellow Paper 151 (2014) 1–32.

[54]

P. Yeoh, Regulatory issues in blockchain technology, Journal of Financial Regulation and Compliance 25 (2) (2017) 196–208.

Cited By

Pal AChavali KMavuri SV. V. ATiwari C(2024)Investigation and Modelling of Barriers in Adoption of Blockchain Technology for Accounting and FinanceJournal of Global Information Management10.4018/JGIM.35396032:1(1-23)Online publication date: 17-Sep-2024
https://dl.acm.org/doi/10.4018/JGIM.353960
Laghari ALi HShoulin YKarim SKhan AIbrar M(2024)Blockchain applications for Internet of Things (IoT)Multiagent and Grid Systems10.3233/MGS-23007419:4(363-379)Online publication date: 4-Mar-2024
https://dl.acm.org/doi/10.3233/MGS-230074
Strebinger ATreiblmaier H(2024)Disintermediation of consumer services through blockchain? The role of intermediary brands, value-added services, and privacy concernsInternational Journal of Information Management: The Journal for Information Professionals10.1016/j.ijinfomgt.2024.10280678:COnline publication date: 1-Oct-2024
https://dl.acm.org/doi/10.1016/j.ijinfomgt.2024.102806
Show More Cited By

Index Terms

A framework for analysing blockchain technology adoption: Integrating institutional, market and technical factors

Index terms have been assigned to the content through auto-classification.

Recommendations

Archetypes of Blockchain-Based Business Models
Social Computing and Social Media
Abstract
Blockchain technology has the potential to significantly impact both existing and new business models. In existing business models, the use of blockchain can improve efficiency and security by providing a decentralized and tamper-proof way for ...
Determinant factors of intention to adopt blockchain technology across academic libraries
SAICSIT '20: Conference of the South African Institute of Computer Scientists and Information Technologists 2020

Academic libraries experience a lot of pressure due to rapid changes in technology, budget cuts and increasing demand of information services from their clientele. At the same time, libraries are expected to improve their information services at the ...
Who should adopt blockchain? The interplay between blockchain adoption and online channel under competition
Abstract
With the frequent occurrence of product quality and product safety problems, traditional supply chain traceability systems have become increasingly untrustworthy to consumers due to their centralization, opacity, and vulnerable to tampering. ...
Highlights
- This paper considers blockchain adoption and online channel strategy in a competitive market.
- Blockchain technology can affect online channel decision only when the entry cost is moderate.
- Blockchain technology may hurt the ...

Comments

Please enable JavaScript to view thecomments powered by Disqus.

Information & Contributors

Information

Published In

cover image International Journal of Information Management: The Journal for Information Professionals

International Journal of Information Management: The Journal for Information Professionals Volume 50, Issue C

Feb 2020

586 pages

ISSN:0268-4012

Issue’s Table of Contents

Elsevier Ltd.

Publisher

Elsevier Science Publishers B. V.

Netherlands

Publication History

Published: 01 February 2020

Author Tags

Qualifiers

Research-article

Contributors

Other Metrics

View Article Metrics

Bibliometrics & Citations

Bibliometrics

Article Metrics

36
Total Citations
View Citations
0
Total Downloads

Downloads (Last 12 months)0
Downloads (Last 6 weeks)0

Reflects downloads up to 20 Nov 2024

Other Metrics

View Author Metrics

Citations

Cited By

Pal AChavali KMavuri SV. V. ATiwari C(2024)Investigation and Modelling of Barriers in Adoption of Blockchain Technology for Accounting and FinanceJournal of Global Information Management10.4018/JGIM.35396032:1(1-23)Online publication date: 17-Sep-2024
https://dl.acm.org/doi/10.4018/JGIM.353960
Laghari ALi HShoulin YKarim SKhan AIbrar M(2024)Blockchain applications for Internet of Things (IoT)Multiagent and Grid Systems10.3233/MGS-23007419:4(363-379)Online publication date: 4-Mar-2024
https://dl.acm.org/doi/10.3233/MGS-230074
Strebinger ATreiblmaier H(2024)Disintermediation of consumer services through blockchain? The role of intermediary brands, value-added services, and privacy concernsInternational Journal of Information Management: The Journal for Information Professionals10.1016/j.ijinfomgt.2024.10280678:COnline publication date: 1-Oct-2024
https://dl.acm.org/doi/10.1016/j.ijinfomgt.2024.102806
JEANNERET MEDINA MBaudet CLebraty J(2024)Blockchain and agency theory in supply chain managementInternational Journal of Information Management: The Journal for Information Professionals10.1016/j.ijinfomgt.2023.10274775:COnline publication date: 1-Apr-2024
https://dl.acm.org/doi/10.1016/j.ijinfomgt.2023.102747
Kong IJanssen MBharosa N(2024)Navigating Through the Unknowns-Organizational Readiness Assessment Model for Quantum-Safe TransitionElectronic Government10.1007/978-3-031-70274-7_27(438-453)Online publication date: 3-Sep-2024
https://dl.acm.org/doi/10.1007/978-3-031-70274-7_27
Rodriguez Müller AMartin Bosch JTangi L(2024)Interoperability for Emerging Technologies: A Systematic Scoping ReviewElectronic Government10.1007/978-3-031-70274-7_24(387-401)Online publication date: 3-Sep-2024
https://dl.acm.org/doi/10.1007/978-3-031-70274-7_24
Nabi MIlyas MAhmad J(2024)Challenges and solutions in the development of blockchain applicationsJournal of Software: Evolution and Process10.1002/smr.265136:8Online publication date: 5-Aug-2024
https://dl.acm.org/doi/10.1002/smr.2651
Chen JBao FLi CLin Y(2023)The Application and Ethics of Artificial Intelligence in BlockchainJournal of Global Information Management10.4018/JGIM.32365631:7(1-32)Online publication date: 1-Jun-2023
https://dl.acm.org/doi/10.4018/JGIM.323656
Mohiuddin MReza MJayashree SAl-Azad MEd-dafali S(2023)The Role of Governments in Driving Industry 4.0 Adoption in Emerging CountriesJournal of Global Information Management10.4018/JGIM.32343931:1(1-31)Online publication date: 18-May-2023
https://dl.acm.org/doi/10.4018/JGIM.323439
Baudet CMedina M(2023)The Paradoxes of Trust and Transparency of Blockchain TechnologiesJournal of Global Information Management10.4018/JGIM.32111131:5(1-22)Online publication date: 19-Apr-2023
https://dl.acm.org/doi/10.4018/JGIM.321111
Show More Cited By

View Options

View options

Login options

Check if you have access through your login credentials or your institution to get full access on this article.

Full Access

Get this Publication

Media

Figures

Other

Tables

View Issue’s Table of Contents