Blockchain Technology Adoption Behavior and Sustainability of the Business in Tourism and Hospitality SMEs: An Empirical Study

Abstract

This paper investigates the factors influencing the intention to adopt cryptocurrency payments among small to medium-sized enterprises (SMEs) in tourism and hospitality through the lens of the technology acceptance model (TAM). This paper uses an original sample of 101 SMEs employing a total of 15,831 people in Taiwan. Structural equation modeling is used to examine the joint effect of both internal and external factors influencing the intention to use cryptocurrency payments. Results show that (1) strategic orientation, owner/managers personal characteristics (self-efficacy and innovativeness) and social influence have a strong effect on the intention to adopt new technology; (2) perceived usefulness mediates the effects of strategic orientation and social influence; and (3) perceived ease of use mediates the effect of self-efficacy on the intention to adopt cryptocurrency payments. The present study is one of few empirical inquiries about cryptocurrency payment adoption among SMEs. This study extends the theoretical foundations of the TAM into the specific characteristics of SMEs. Limitations of the study are sample size and a single survey design. However, findings of this research on the cryptocurrency payment adoption offer practical implications for tourism stakeholders towards supporting SMEs competitiveness. The originality of this study is based on the fact that cryptocurrency payment is a new technology, and on the potential of cryptocurrency payments to disrupt the traditional way of operating tourism and hospitality SMEs. Hence the importance to consider major factors influencing SMEs’ intentions to adopt this technology.

Critical factors influencing the adoption of digital marketing devices by service-oriented micro-businesses in Nigeria: A thematic analysis approach

“…Consistent with the finding, Pirich et al (2001) note that choice of micro-business managers to embrace any new technology dependent on the cost as well as the benefit and help in the longterm benefit of the firm (Lacovou and Dexter, 1995;Ramayah et al, 2016). The finding implies that if the budget associated with DMD is believed to be high, such technology may not be considered (Madukua et al, 2016;Khoumbati et al, 2006;Eze and Chinedu-Eze, 2018a;PR Newswire, 2019).…”

“…The organisational dimension looks at the structures, resources, as well as the size of the business and degree of monopolisation. The environmental dimensions focus on the size of the business, competitors, macroeconomic perspective, and the regulatory background (DePietro et al, 1990;Eze et al, 2018;PR Newswire, 2019;Lian et al, 2014;Maclennan and Van Belle, 2014). According to Alshamaila et al (2013) and Tornatzky and Fleischer (1990), these three dimensions provides both limitations and opportunities for the advancement of technological innovation and shape the manner to which micro-businesses implement new technology.…”

“…Also, Eze et al (2019) argued the TOE framework is a very important analytical tool that unravels both the drivers and inherent features of innovation, proficiencies and other environmental circumstances of the adoption organisations. Besides, many studies (see Eze and Chinedu-Eze, 2018b;Maclennan and Van Belle, 2014;Ruivo et al, 2014;Nuryyev et al 2020) have used the TOE framework. These studies have shown empirical resilience in the explanation of technology adoption in firms (Madukua et al, 2016).…”

“…In 2016in their studies further supported the findings. Also, studies have argued that new applications that appear to be complicated and slow business activities will hinder its widespread (Ritchies and Brindley, 2005;Teo et al, 2011;Ramayah et al, 2016;Brown and Lockett, 2004;Teo and Pan, 2008;Yunis et al, 2017;Gbadegeshin et al, 2019;Nuryyev et al, 2020).…”

Bitcoin and sentiment

“…Between the months of April and December 2017, the price of a bitcoin token increased from below $1,000 to $19,650, but then declined to $7,857 in March 2018. The material deleted should be simplified along the lines of: “Various authors in the popular press have noted the potential asset bubble characteristics of bitcoin (Krugman, 2018) as well as gender (Khalaf, 2018) and age biases (Nuryyev et al, 2020; Sovbetov, 2018) in cryptocurrency trading.”…”