What Drives the Adoption of the Blockchain Technology? A Fit-Viability Perspective

Blockchain technology has the promise of transforming security and trust in digital transactions. However, concerns about technical complexity and the benefits of deployment have blunted its adoption. We examine factors that influence managerial intention to adopt blockchain technology. We extend the fit-viability model (FVM) and develop a value-based technology adoption model through an empirical study of 242 managers mostly in medical and financial industries. Managers in such organizations are likely to consider fit and viability in adopting blockchain technology to store and protect data. Drawing upon Fit-Viability and Task-Technology Fit models, and the Unified Theory of Acceptance and Use of Technology (UTAUT), we test a model with Partial Least Squares (PLS) to assess managers’ intention to adopt blockchain technology. Our findings indicate that functional and symbolic benefits have positive impact on managers’ assessment of task-technology fit. Furthermore, viability is an important criterion in adopting blockchain technology.