Smart contracts from the viewpoint of diffusion of innovation theory

Abstract

Introduction: smart contracts helps solve the problems of intercorporate interaction by providing the possibility of fast and secure automatic transactions. However, the development and application of this digital technology are prevented by a number of factors. Their analysis from the viewpoint of diffusion of innovation theory will allow developing a strategy for managing the growth of this technology. Objectives: to determine the state policy directions in the field of regulation and use of smart contracts based on the systematization of factors that prevent their wide diffusion, and assessment of the influence of key actors associated with the development of this technology. Methods: meta-analysis of studies, survey of 170 Russian companies, comparative analysis, statics and dynamics method, formal-logical method. Results: the article defines the position of smart contracts on the diffusion curve for Russian companies, and systematizes the factors that prevent the wide diffusion of smart contracts by taking into account the characteristics of innovations. Further, the influence of key actors on the diffusion process has been assessed. The state policy directions in the field of regulation and use of smart contracts are determined. Conclusions: in Russia, the only users of smart contracts tend to be innovators and early adopters, while the key factors for diffusion are the characteristics of relative advantage, organizational and institutional compatibility, and risks related to using the technology. The average level of influence of technology developers, the regulator (state authorities) and companies on the diffusion process is approximately the same. The priorities of state policy in the field of regulation and use of smart contracts should be to provide conditions for organizational and institutional compatibility of innovation, reduce the legal risks of using this digital technology, and train personnel.