A recent study conducted by researchers from Portuguese institutions examines blockchain adoption among small and medium-sized organizations (SMEs), with a focus on Trust and Security. The research, titled Blockchain Adoption Factors, explores the key drivers and challenges of implementing blockchain technology, which has the potential to impact various sectors, including finance and healthcare.
The research, led by Carlos Bernardino, Francisco Cesário, Carlos J. Costa, Manuela Aparicio, and João Tiago Aparicio, investigates the factors that influence blockchain adoption, focusing on Trust and Security as essential moderators in the decision-making process of SMEs. The study used a questionnaire distributed to employees from various industries, and analyzed the results through Structural Equation Modeling (SEM-PLS).
The findings suggest that the intention to adopt blockchain is strongly influenced by two main factors: Performance Expectancy and Social Influence. In simpler terms, SMEs are more likely to adopt blockchain technology when they perceive it as effective and when they see others, particularly peers or industry leaders, adopting it as well. However, the study also highlights the importance of Trust, with secure and reliable blockchain systems increasing the likelihood of adoption.
Environmental Concerns as a Barrier
Interestingly, the study also pointed out that Environmental Concerns could pose a significant barrier to blockchain adoption. With the high energy consumption of some blockchain systems, particularly proof-of-work models, sustainability concerns are beginning to shape organizational decisions.
The Authors: Academic Excellence Behind the Research
The research was conducted by an esteemed group of scholars from various academic backgrounds. Carlos Bernardino is a researcher at Advance/ISEG (Lisbon School of Economics and Management), has long been involved in technology adoption studies, particularly in the context of emerging technologies like blockchain. Francisco Cesário is a fellow researcher at ISEG, brings expertise in organizational behavior and technology management, contributing a valuable perspective to the study’s design and analysis. Carlos J. Costa is a key figure at Advance/ISEG, is known for his work on the intersection of technology, business, and social dynamics, and has co-authored numerous papers on the topic. Manuela Aparicio, from NOVA Information Management School, specializes in data science and digital transformation, making her a vital contributor to understanding how organizations adopt and integrate new technologies. João Tiago Aparicio, based at INESC-ID (Instituto Superior Técnico, University of Lisbon), offers deep knowledge in information systems and computational models, playing a central role in the technical analysis of the study.
The collective experience and expertise of these researchers have culminated in a study that sheds light on the nuances of blockchain adoption, offering strategic guidance for SMEs looking to embrace blockchain technology.
Conclusion
The findings of this study offer a roadmap for accelerating blockchain adoption among SMEs. Trust, security, and social influence are essential factors in driving adoption, while environmental concerns must be addressed to mitigate barriers. For those in the business world, especially SMEs, the study offers critical insights into how blockchain technology can be integrated successfully into their operations.
The paper, authored by Bernardino, Cesário, Costa, Aparicio, and Aparicio, marks an important contribution to the growing body of research on blockchain adoption and its future in business innovation.
For further details, the full research paper can be accessed via the ISEG academic repository or by contacting the authors directly at their respective institutions.
ISEGTech 