Blockchain technology and its impact on sustainable supply chain management in SMEs.

Abstract

The COVID-19 pandemic has had a significant impact on small and medium-sized enterprises (SMEs), leading to disruptions in supply chains, financial losses, and closures. To overcome these challenges, organizations, including those in developing economies like Malaysia, are turning to blockchain technology as a solution to enhance traditional supply chain management frameworks. This study aims to identify the factors that influence the acceptance of blockchain technology among SMEs. By drawing on established adoption theories such as the technology acceptance model (TAM), diffusion of innovation (DOI) theory, and theory of planned behavior (TPB), the researchers developed a research framework. They utilized partial least square structural equation modeling (PLS-SEM) to analyze the causal relationships between different constructs and test their hypotheses. The findings confirmed that the constructs of the technology acceptance model, specifically perceived usefulness, perceived ease of use and attitude were significantly associated with the intention to use blockchain technology. Additionally, the constructs of the diffusion of innovation theory, relative advantage and compatibility, showed significant associations with perceived ease of use, while complexity had a negligible relationship with perceived usefulness and perceived ease of use. The construct of subjective norms from the theory of planned behavior exhibited a significant relationship with perceived usefulness and an insignificant relationship with intention to use. Finally, perceived behavioral control demonstrated a positive relationship with intention to use. The study's findings provide valuable insights for blockchain developers and organizations aiming to make informed decisions regarding the application of blockchain technology as a process innovation in SMEs.