Blockchain adoption drivers: The rationality of irrational choices

Abstract

There has been a huge increase in interest in blockchain technology. However, little is known about the drivers behind the adoption of this technology. In this article we identify and analyze these drivers, using six real-world and representative scenarios. We confirm in our analysis that blockchain is not an appropriate technology for some scenarios, from a purely technical point of view. The choice for blockchain technology in such scenarios may therefore seem as an irrational choice. However, our analysis reveals that there are nontechnical drivers at play that drive the adoption of blockchain, such as philosophical beliefs, network effects, and economic incentives. These nontechnical drivers may explain the rationality behind the choice for blockchain adoption.