Trust-mediated adoption of blockchain technology in the banking industry

Abstract This study investigates the determinants of blockchain technology adoption in the banking industry of Bangladesh, with particular emphasis on the mediating role of trust in blockchain technology. Drawing on the Technology-Organisation-Environment (TOE) framework and the Unified Theory of Acceptance and Use of Technology (UTAUT), the study develops an integrated model to examine how technological, organisational, environmental, and cost-related factors influence banks’ adoption intentions. Data is collected through an online survey of 414 banking professionals, and the proposed model is analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM). The findings indicate that technological, organisational, and environmental factors, along with trust in blockchain technology, exert significant direct effects on adoption intentions, while cost considerations do not have a significant direct impact. Mediation analysis reveals that trust partially mediates the relationship between cost factors and adoption, exhibits weak mediation effects for organisational and environmental factors, and does not mediate the influence of technological factors. By empirically extending the TOE-UTAUT framework in an emerging economy context, this study contributes to the literature on digital financial innovation and sustainability. The findings also offer practical insights for bank managers and policymakers, highlighting the importance of fostering employee trust to facilitate effective blockchain integration in the financial sector.