Key Determinants of Blockchain Adoption: A Unified Framework Integrating UTAUT and TOE Models

Blockchain technology plays a pivotal role in helping organizations maintain a public ledger. Despite the increasing security concerns, Blockchain, which was supposed to be a driving force for the next industry leap, is still in a slow adoption phase. This study examines the factors influencing the adoption of this integrated solution through a combined model of the Unified Theory of Acceptance and Use of Technology (UTAUT) and Technology-Organization-Environment Framework (TOE). A conceptual model that incorporates cybersecurity and blockchain adoption factors relevant to the supply chain industry is proposed. This study proposed to employ a quantitative approach via survey data collected from supply chain professionals. Additionally, the findings suggest that cybersecurity concerns including technological, organizational, and environmental factors significantly affect the adoption of Blockchain. This research concludes with a strategic recommendation to enhance adoption by including the critical factors.