Drivers of Blockchain Adoption in Financial and Supply Chain Enterprises

Abstract

The arrival of blockchain technology has disrupted many business sectors globally, encouraging enterprises to employ it and digitize their operations to work more efficiently. This study has gathered practical insights from many organizational blockchain experts to explore the drivers of blockchain technology adoption at the organizational level and differences in discovered drivers across financial and supply chain industries. This qualitative study is conducted based on grounded theory, using Technology-Organization-Environment (TOE) as a framework for blockchain adoption drivers in Thailand, as identified from in-depth interviews with blockchain experts of 12 Thai financial and supply chain organizations. The findings have shown that operational efficiency, suitable application, supportive governmental policies and regulations, and stakeholders’ cooperation are newly emerged TOE factors, and that each of the focussed sectors weighs environmental factors differently due to naturally different goals and the business model of each sector, which ultimately guides the future adopters in blockchain adoption.