Leading factors for blockchain technology implementation in the business organisations in the Bulgarian context

Abstract

Blockchain technology is recognised as a digital tool that contributes to increasing the competitiveness of a business organisation, and it is most often applied in the financial sector and supply chains. The technology is widely used in developed countries, but it is also gradually entering developing economies. Attention to technology is provoked under the influence of factors determining innovation development and penetration into the entrepreneurial ecosystem. Some of them are psychological, the others are economical, but in general, they influence the management decision-making to use the technology in the enterprises. The primary purpose of the research is to reveal and group the factors provoking the implementation of blockchain technology in Bulgarian companies. In order to collect the necessary data, an empirical study of the Bulgarian entrepreneurial ecosystem was conducted using a survey method. A factor analysis of the two groups of reasons motivating and limiting the application of blockchain technology was performed with a view to uncovering the hidden factors influencing its implementation in organisations. A regression analysis was then performed to answer the question of which factors most affect the interest in implementing BCT in the business organisation to increase their competitiveness in the supply chain. The research data can be used as a working framework for implementing decentralised software applications in companies that are not informed about the pros and cons of blockchain technology but are looking for a position in the global digitised world.