Swapping the Underlying Technology of Crowdfunding Contracts for Blockchain-The Perspective of Roger’s Five Perceived Attributes of Innovation.

Abstract

The study provides a comprehensive assessment of the possibility of switching the underlying technology of crowdfunding contracts for blockchain using Roger's five perceived attributes of innovation. Blockchain is a distributed ledger recording transaction in a secure peer-to-peer network thus driving stakeholders to consider it can be the solution to the problems of crowdfunding contracts executed via other internet-mediated technologies. Using direct content analysis, we find that although fundraisers (entrepreneurs, businesses) and investors would have potential complexities using the technology because of limited knowledge about the technology, platforms face the greatest challenge concerning (1) uncertainty over the extent of intermediation and (2) regulatory compliance. While blockchain offers better relative advantage and compatibility for all contracting parties, trialability and observability issues currently cast some level of doubts on the minds of platforms and investors.