The Adoption of Blockchain Technology the Business Using Structural Equation Modelling

Abstract

There are many aspects of readiness that must be considered when implementing technological breakthroughs, the business sector is still relatively slow in adopting blockchain technology. However, considering that blockchain technology is still in its early stages of development and has many potential applications, it is necessary to conduct empirical studies on the factors influencing its application in the industry. The problem of this study is to develop an appropriate framework based on how well its features match the needs of the business sector. This research method uses data collection using online questionnaires to obtain information from 86 respondents. The current study also utilizes the Smart PLS 4 model to produce a structural hypothetical model. The results of this study find a significant influence on Revolutionary Innovation by enriching the literature on the relationship between Blockchain, Big Data and the Business Sector, which is expanded by adding new variables. The novelty of this research identifies potential utilization, analyzes internal and external factors, and identifies how blockchain disrupts the business sector. The purpose of this study is to assess how blockchain technology is currently used in the business sector for data provision as a theoretical information technology innovation