Factors Affecting the Organizational Adoption of Blockchain Technology: An Australian Perspective

Abstract

Blockchain Technology (BCT) is a novel innovation that has the potential to transform entire sectors, for instance, supply chain, energy, finance, and healthcare. However, despite the potential and the wide range of benefits reported, organizational adoption of BCT is low in several countries including Australia. Some studies investigated the adoption of BCT in different countries, however, there is a lack of research that examines the organizational adoption of BCT in Australia. This study fills this gap by exploring the factors, which influence BCT adoption among Australian organizations. To achieve this, we used an interpretative qualitative research approach based on the Technology, Organization, and Environment (TOE) framework and the Institutional Theory. The findings show that organizational adoption of BCT in Australia is influenced by perceived novelty, complexity, cost, and disintermediation feature of BCT; top management knowledge and support; government support, customer pressure, trading partner readiness, and consensus among trading partners.