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Identifying Factor for Influencing Intention to Adopt Blockchain Technology: In Perspective of Financial Services in Indonesia

Nadya Aulia Vitriastuti, Akbar Adhiutama


Abstract. Blockchain is one of the potentially life changing technology in Indonesia and yet only a few know and able to apply the technology. There is still a lot of questions around blockchain about its real benefit and why the adoption is still low. This study is to explore the influencing factors towards blockchain adoption on financial service industry in Indonesia. This study mainly integrates the TOE (Technology-Organization-Environment) framework model to understand the issue on firm’s level as Blockchain as it is still on introduction stage in Indonesia and few instances is adopting this technology. The information for this study is collected with an exploratory qualitative research by conducting a semi-structured interviews to Financial Technology industry players in Indonesia. This study aims to interview people with triangulation to ensure the data validity and reliability. The outcome for this study is that the proposed model of TOE frameworks is confirmed but there are six additional factors derived consists of availability and observability from technological context, business model readiness from organizational context. Lastly, there are four additional factor emerged from environmental context which consists of customers, competitive environment, trading partner supports, hype and image. Indonesia needs a supportive environment in order to be able to expand and accelerate blockchain adoption.

Keywords: Blockchain ; adoption; TOE framework


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