A Proposed Adoption Model for Blockchain Technology Using the Unified Theory of Acceptance and use of Technology (UTAUT)

Abstract

Blockchain technology is a decentralized transaction and data management technology. It is described as a distributed database of records known as public ledger, which contains all the transactions or digital events executed and shared within the participating parties and visible to everyone. Each transaction is verified by consensus of the majority of the participants and once entered, it cannot be erased. The innovation of blockchain technology has proved to be a driving power that gave the industry its next giant leap forward, yet it is still going through slow adoption. Therefore, the purpose of this research is to examine the factors influencing the adoption of blockchain technology using the unified theory of acceptance and use of technology (UTAUT). A conceptual model is developed by extending UTAUT model to include two more constructs which are perceived risk and trust. Further empirical research will be conducted to test and validate the model.