A Critical Review of Blockchain Acceptance Models—Blockchain Technology Adoption Frameworks and Applications

Abstract

Blockchain is a promising breakthrough technology that is highly applicable in manifold sectors. The adoption of blockchain technology is accompanied by a range of issues and challenges that make its implementation complicated. To facilitate the successful implementation of blockchain technology, several blockchain adoption frameworks have been developed. However, selecting the appropriate framework based on the conformity of its features with the business sector may be challenging for decision-makers. This study aims to provide a systematic literature review to introduce the adoption frameworks that are most used to assess blockchain adoption and realize business sectors that these models have been applied. Thus, the blockchain adoption models in 56 articles are reviewed and the results of the studies are summarized by categorizing the articles into five main sections including supply chain, industries, financial sector, cryptocurrencies, and other articles (excluded from the former fields). The findings of the study show that the models based on the technology acceptance model (TAM), technology–organization–environment (TOE), and new conceptual frameworks were the focus of the majority of selected articles. Most of the articles have focused on blockchain adoption in different industry fields and supply chain areas.

An Overview of Trends in Information Systems: Emerging Technologies that Transform the Information Technology Industry

“…The IT sector is in a boom like never before and increasing numbers of firms in this field are trying to develop due to their vast potential [90]. It has several applications, which is why it has proven to be a highly helpful element in the complete structure that is presently available to companies [90].…”

“…The IT sector is in a boom like never before and increasing numbers of firms in this field are trying to develop due to their vast potential [90]. It has several applications, which is why it has proven to be a highly helpful element in the complete structure that is presently available to companies [90]. With the increasing significance of this, the significant elements of this industry and the main components that make it an innovative instrument are crucial to be understood.…”

Neuroscience and Blockchain

“…Blockchain as a decentralized ledger technology is a secure method of storing and sharing information while all presented in the network agree on each change in information and stored information cannot be altered without the agreement of all parties (Wolfskehl, 2018). Blockchain can be considered as an open ledger that is permanently available for everyone to observe and add new information; however, no changes or distortion in the previously stored information are possible without the permission of all parties (Taherdoost, 2022). The ledger is made of many nodes.…”

“…The ledger is made of many nodes. Each node is initially registered to authorize the validity of transactions (Taherdoost, 2022). In a simple analogy, the ledger is like a book with many pages same as many blocks in the ledger.…”

“…To add any new block to the ledger considering that each block stores records of all transactions, a solution should be found based on the content of the previous blocks just as it is impossible to add an irrelevant page in the middle of a book without understanding the general content. Moreover, each block can be modified only in case of getting approval from all participants in the network (Taherdoost, 2022). That is the reason why decentralized ledger technology can be used to keep information trustworthy and open to access at the same time (Wolfskehl, 2018) [2][3][4].…”