Review of Adoption Theories in the Context of Blockchain

Abstract

Blockchain is an emerging technology, showing possibilities in many fields. It has provided its mark in finance with cryptocurrency. Its security, robustness, interoperability and reliability have promised application in various areas, but the demonstrated use of blockchain technology is rare. The stakeholders are in the process of decision-making about the adoption of blockchain and assimilating with this new technology. This article discusses blockchain technology adoption with theories that were formed on adoption, infusions and assimilation of technologies by firms and individuals. Blockchain technology will be adopted by firms, but most of the theories of adoption have been developed around individuals. Therefore, an assumption has been made that the premise for the firm will be the same as the premise for individuals, in the context of blockchain. Various firms, and the Indian government, are in the process of decision-making regarding blockchain. This article delivers explanations of constructs of different theories in the context of blockchain technology. This explanation will help practitioners to understand and analyse the adoption of blockchain technology in the context of their industry practice, and for academicians, it will act as the base to develop measurement tools for different assessments in the blockchain.