Preparing for Blockchain Technology in the Energy Industry: How Energy Sector Leaders Can Make Informed Decisions During the Blockchain Adoption Process

Abstract

This research was motivated by the lack of literature about the constructs influencing the decision to adopt blockchain technology. This paper contributes to the knowledge by integrating common adoption and diffusion theories with a 2017 framework for blockchain adoption. This paper brings together competing adoption models with different sets of technology acceptance determinants and proposes a new model to identify constructs (i.e., ease of understanding, perceived usefulness, the perceived ease of use, knowledge acquisition, self-efficacy, and the novelty and complexity of the new technology application) as essential determinants of blockchain technology adoption at individual and organizational levels. The study offers a new model and research agenda to help executives and managers prepare for blockchain adoption and make informed decisions to speed up the adoption process. This research is focused on energy companies, which are known to be slow to adopt new technologies.