The Individual Readiness and Risk-Related Concerns of It Professionals for Blockchain Adoption

Abstract

Blockchain has gained remarkable momentum since its introduction in 2008, drawing the attention of industries, individuals, and governments on a global scale. This technology has been studied in the literature, with a focus on technical aspects, application areas, and emerging research challenges. However, few studies address individuals' perceptions of and concerns with respect to blockchain adoption. This study aims to investigate the attributes affecting blockchain adoption intention. A sample of IT professionals was used for this purpose since they are expected to have earlier and greater awareness of new digital technologies. The perceptions of this group of users regarding attributes such as innovativeness, self-efficacy, social pressure, and awareness, as well as their perceptions of privacy, security, and complexity, were examined through a survey of 208 responses. The results indicate that among the individual attributes, personal innovativeness, awareness, and social pressure positively affect blockchain acceptance, whereas security and privacy concerns fuel the reluctance to adopt blockchain. The findings hopefully provide insight for developers and management of enterprises to ensure a smooth transition into blockchain and present evidence to forecast its future.