Understanding the Factors Affecting the Usefulness and Acceptance of Blockchain Technology: An explanatory research within the Nordic region and technology-intensive firms

Sammanfattning: The interest around blockchain technology (BT) has spread for the last decade from academia and industry. Meanwhile, there is a lack of studies on the acceptance and use of blockchain within the Nordic countries. This research provides an exploration of blockchain acceptance and use combined with the identification of factors generating value through this technology. We highlight factors that influence blockchain adopters as well as factors being less relevant for non-adopters. Through the Technology Acceptance Model (TAM), we examine the intentions as a motivation factor, behaviours of BT users and non-users. Furthermore, the Unified Theory of Acceptance and Use of Technology (UTAUT) model’s utilisation allows us to analyse the social influence, the efforts required, and performance expected from BT acceptance. Our methodology follows a qualitative research approach, primary data collection is established through interviews with executives and managers having major experiences in blockchain within Nordic corporations established in terms of technology application. We use two different frameworks completing each other from the theory perspective to identify relevant factors. Our interviews results will confirm those factors. To broaden our data collection, semi-structured interviews are conducted resulting in a thorough results’ analysis and the Two main frameworks TAM and UTAUT are determining our investigation: The first objective is to widen and deepen TAM and UTAUT by exploring new factors as well as confirming the current factors in the model. The second objective is an investigation of factors influencing value creation through blockchain technology use; providing an interest according to the process of innovation based on blockchain technology within the Nordic market (Valtanen, Backman & Yrjola, 2019). The third objective arises from an internal and external firm’s perspective. Moreover, the exploration of additional factors affecting the acceptance of blockchain is essential for both research and application (Arning & Ziefle, 2007). theoretical backgrounds. The collected data highlight (1) the exploration of the factors within TAM and UTAUT, (2) the identification of additional factors affecting acceptance and use of technology, (3) the investigation of factors allowing value creation as an outcome. We have found strong interconnections between factors of TAM, UTAUT and additional factors such as cost efficiency, automation of decision-making, government regulations, trust, transparency, influencing acceptance and use of blockchain. These interconnections influence to some or different extent adopters and non-adopters in the Nordic regions. As a key role in BT acceptance, value creation appears to result from cost efficiency, trust, transparency, automation of decision making and social influence.