Innovation in Context: A Contingency Theory Perspective on Blockchain Adoption

Despite widespread interest and investment, the adoption of blockchain remains complex, influenced by various organizational factors. This study addresses the gap in understanding how organizational dynamics shape blockchain adoption decisions, using a contingency theory perspective. By analysing successful blockchain adoption cases, the research identifies critical success factors and strategic recommendations tailored to specific organizational contexts. Key findings highlight the importance of environmental scanning, scalability assessment, infrastructure upgrades, stakeholder engagement, and strategic alignment. The study emphasizes that a multifaceted approach, considering environmental, technological, structural, leadership, and strategic factors, is essential for effective blockchain implementation. Future research directions include longitudinal studies on environmental factors, scalability and infrastructure challenges, the impact of organizational structures, leadership styles, strategic alignment, cultural influences, and case studies of successful implementations. This comprehensive analysis may provide actionable insights to guide organizations in leveraging blockchain technology for enhanced operational efficiency and strategic advantage.