Published
2024-09-20
Section
Research Articles
License
The journal adopts the Attribution-NonCommercial 4.0 International (CC BY-NC 4.0), which means that anyone can reuse and redistribute the materials for non-commercial purposes as long as you follow the license terms and the original source is properly cited.
Author(s) shall retain the copyright of their work and grant the Journal/Publisher rights for the first publication with the work concurrently licensed since 2023 Vol.8 No.2.
Under this license, author(s) will allow third parties to download, reuse, reprint, modify, distribute and/or copy the content under the condition that the authors are given credit. No permission is required from the authors or the publisher.
This broad license intends to facilitate free access, as well as the unrestricted use of original works of all types. This ensures that the published work is freely and openly available in perpetuity.
By providing open access, the following benefits are brought about:
- Higher Visibility, Availability and Citations-free and unlimited accessibility of the publication over the internet without any restrictions increases citation of the article.
- Ease of search-publications are easily searchable in search engines and indexing databases.
- Rapid Publication – accepted papers are immediately published online.
- Available for free download immediately after publication at https://esp.as-pub.com/index.php/ESP
Copyright Statement
1.The authors certify that the submitted manuscripts are original works, do not infringe the rights of others, are free from academic misconduct and confidentiality issues, and that there are no disputes over the authorship scheme of the collaborative articles. In case of infringement, academic misconduct and confidentiality issues, as well as disputes over the authorship scheme, all responsibilities will be borne by the authors.
2. The author agrees to grant the Editorial Office of Environment and Social Psychology a licence to use the reproduction right, distribution right, information network dissemination right, performance right, translation right, and compilation right of the submitted manuscript, including the work as a whole, as well as the diagrams, tables, abstracts, and any other parts that can be extracted from the work and used in accordance with the characteristics of the journal. The Editorial Board of Environment and Social Psychology has the right to use and sub-licence the above mentioned works for wide dissemination in print, electronic and online versions, and, in accordance with the characteristics of the periodical, for the period of legal protection of the property right of the copyright in the work, and for the territorial scope of the work throughout the world.
3. The authors are entitled to the copyright of their works under the relevant laws of Singapore, provided that they do not exercise their rights in a manner prejudicial to the interests of the Journal.
About Licence
Environment and Social Psychology is an open access journal and all published work is available under the Creative Commons Licence, Authors shall retain copyright of their work and grant the journal/publisher the right of first publication, and their work shall be licensed under the Attribution-NonCommercial 4.0 International (CC BY-NC 4.0).
Under this licence, the author grants permission to third parties to download, reuse, reprint, modify, distribute and/or copy the content with attribution to the author. No permission from the author or publisher is required.
This broad licence is intended to facilitate free access to and unrestricted use of original works of all kinds. This ensures that published works remain free and accessible in perpetuity. Submitted manuscripts, once accepted, are immediately available to the public and permanently accessible free of charge on the journal’s official website (https://esp.as-pub.com/index.php/ESP). Allowing users to read, download, copy, print, search for or link to the full text of the article, or use it for other legal purposes. However, the use of the work must retain the author's signature, be limited to non-commercial purposes, and not be interpretative.
Click to download <Agreement on the Licence for the Use of Copyright on Environmental and Social Psychology>.
How to Cite
Applying innovation diffusion theory to blockchain adoption in Indian private sector banks
Pooja Jain
Amity Business School, Amity University, Madhya Pradesh
Bhuvanesh Kumar Sharma
Symbiosis Institute of Business Management, Pune. Symbiosis International (Deemed University), Pune, India
Ritesh Khatwani
Symbiosis Institute of Business Management, Pune. Symbiosis International (Deemed University), Pune, India
Pradip Kumar Mitra
Vivekanand Education Society's Institute of Management Studies & Research, Mumbai, India
Ananya Mistry
Fountainhead School Surat, Gujarat, India
DOI: https://doi.org/10.59429/esp.v9i9.2983
Keywords: Blockchain adoption, Innovation diffusion theory, Usage behavior, Adoption Behaviour, Banking Industry
Abstract
The adoption of blockchain technology in the banking sector has gained significant attention due to its potential to improve operational efficiency, transparency, and security. The study aims to investigate how the relative advantage, compatibility, complexity, observability, and trialability of blockchain, as proposed by Rogers' diffusion of innovation theory, impact the adoption behavior of private sector banks in India. The study employed a quantitative approach, using a quantitative survey to collect data from 250 employees in the banking industry. The collected data was analyzed using the PLS-SEM technique with the help of SmartPLS software. According to the findings of the study, relative advantage, compatibility, and trialability have a major impact on blockchain behavioral intention, which further impacts actual usage behavior. Blockchain behavioral intention partially mediates between relative advantage, compatibility, trialability and usage behavior. The study also discovered that complexity and observability do not influence blockchain adoption among private banks in India. As per the study, private sector banks in India should focus on promoting the relative advantages, compatibility, and trialability of blockchain technology to enhance adoption. Hence, efforts should prioritize demonstrating blockchain’s benefits and ease of integration while offering trial opportunities, as complexity and observability do not significantly impact adoption decisions.
References
[1]. Wang YS, Wu SC, Lin HH, Wang YM, He TR. Determinants of user adoption of web ’ “Automatic Teller Machines”: an integrated model of “Transaction Cost Theory” and “Innovation Diffusion Theory.” Serv Ind J [Internet] 2012 [cited 2024 Sep 7];32(9):1505–25. Available from: https://www.tandfonline.com/doi/abs/10.1080/02642069.2010.531271
[2]. Kawasmi Z, Gyasi EA, Dadd D. Blockchain Adoption Model for the Global Banking Industry. J Int Technol Inf Manag [Internet] 2020 [cited 2024 Sep 7];28(4):112–54. Available from: https://scholarworks.lib.csusb.edu/jitim/vol28/iss4/5
[3]. Jain P, Agarwal ABV-IIITM G, Pradesh India M. Factors Affecting Mobile Banking Adoption: An Empirical Study in Gwalior Region. Int J Digit Account Res 2019;19:79–101.
[4]. Everett M. Rogers. Diffusion of innovations. – Digital Journal [Internet]. 5th ed. 2013 [cited 2019 Feb 11]. Available from: https://kinasevych.ca/2010/03/15/rogers-2003-diffusion-of-innovations/
[5]. Tornatzky LG, Klein KJ. INNOVATION CHARACTERISTICS AND INNOVATION ADOPTION-IMPLEMENTATION: A META-ANALYSIS OF FINDINGS. IEEE Trans Eng Manag 1982;EM-29(1):28–45.
[6]. Moore GC, Benbasat I. Development of an Instrument to Measure the Perceptions of Adopting an Information Technology Innovation. Inf Syst Res 1991;2(3):192–222.
[7]. Xu J, Gan Z, Cheng Y, Liu J. Discourse-Aware Neural Extractive Text Summarization. Proc Annu Meet Assoc Comput Linguist [Internet] 2020 [cited 2024 Sep 8];5021–31. Available from: https://aclanthology.org/2020.acl-main.451
[8]. Venkatesh V, Morris MG, Davis GB, Davis FD. User acceptance of information technology: Toward a unified view. MIS Q Manag Inf Syst 2003;27(3):425–78.
[9]. Wang T, Jin H, Fan Y, Obembe O, Li D. Farmers’ adoption and perceived benefits of diversified crop rotations in the margins of U.S. Corn Belt. J Environ Manage 2021;293:112903.
[10]. Schuetz S, Venkatesh V. Blockchain, adoption, and financial inclusion in India: Research opportunities. undefined 2020;52.
[11]. Martino P. Blockchain and Banking: How Technological Innovations Are Shaping the Banking Industry. Blockchain Bank How Technol Innov Are Shap Bank Ind 2021;1–109.
[12]. Saheb T, Mamaghani FH. Exploring the barriers and organizational values of blockchain adoption in the banking industry. J High Technol Manag Res 2021;32(2):100417.
[13]. Davis FD. Perceived Usefulness, Perceived Ease of Use, and User Acceptance of Information Technology. MIS Q [Internet] 1989 [cited 2018 Sep 30];13(3):319. Available from: https://www.jstor.org/stable/249008?origin=crossref
[14]. Venkatesh V, Bala H. Technology Acceptance Model 3 and a Research Agenda on Interventions. Decis Sci [Internet] 2008 [cited 2024 Sep 7];39(2):273–315. Available from: https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-5915.2008.00192.x
[15]. Queiroz MM, Fosso Wamba S. Blockchain adoption challenges in supply chain: An empirical investigation of the main drivers in India and the USA. Int J Inf Manage 2019;46:70–82.
[16]. Hameed MA, Arachchilage NAG. The role of self-efficacy on the adoption of information systems security innovations: a meta-analysis assessment. Pers Ubiquitous Comput [Internet] 2021 [cited 2024 Sep 7];25(5):911–25. Available from: https://link.springer.com/article/10.1007/s00779-021-01560-1
[17]. Khatri T. UNDERSTANDING ADOPTION FACTORS OF SUBSCRIPTION BASED ENTERTAINMENT SERVICES AMONG CONSUMERS IN INDIA. Inf Technol Ind [Internet] 2021 [cited 2024 Sep 7];9(1):795–809. Available from: http://www.it-in-industry.org/index.php/itii/article/view/200
[18]. Khatri A, Kaushik A. SYSTEMATIC LITERATURE REVIEW ON BLOCKCHAIN ADOPTION IN BANKING. J Econ Financ Accounting-JEFA [Internet] 2021 [cited 2024 Sep 7];8(3):126–45. Available from: http://doi.org/10.17261/Pressacademia.2021.1458
[19]. Rogers EM. Diffusion of Innovations, 5th Edition (Google eBook). 2003 [cited 2021 Aug 1];576. Available from: https://books.google.com/books/about/Diffusion_of_Innovations_5th_Edition.html?id=9U1K5LjUOwEC
[20]. Kapoor KK, Dwivedi YK, Williams MD. Innovation adoption attributes: A review and synthesis of research findings. Eur J Innov Manag 2014;17(3):327–48.
[21]. Chou CM, Shen TC, Shen TC, Shen CH. Teachers’ adoption of AI-supported teaching behavior and its influencing factors: using structural equation modeling. J Comput Educ [Internet] 2024 [cited 2024 Sep 8];1–44. Available from: https://link.springer.com/article/10.1007/s40692-024-00332-z
[22]. Premkumar G, Roberts M. Adoption of new information technologies in rural small businesses. Omega 1999;27(4):467–84.
[23]. Fosso Wamba S, Queiroz MM, Trinchera L. Dynamics between blockchain adoption determinants and supply chain performance: An empirical investigation. Int J Prod Econ 2020;229:107791.
[24]. Schuetz S, Venkatesh V. Blockchain, adoption, and financial inclusion in India: Research opportunities. Int J Inf Manage 2020;52:101936.
[25]. Karahanna E, Straub DW, Chervany NL. Information technology adoption across time. MIS Q [Internet] 1999 [cited 2024 Sep 7];23(2):183–213. Available from: https://dl.acm.org/doi/10.2307/249751
[26]. Choi D, Chung CY, Seyha T, Young J. Factors Affecting Organizations’ Resistance to the Adoption of Blockchain Technology in Supply Networks. Sustain 2020, Vol 12, Page 8882 [Internet] 2020 [cited 2024 Sep 7];12(21):8882. Available from: https://www.mdpi.com/2071-1050/12/21/8882/htm
[27]. Khalil MM, Ahmed W. Analyzing the drivers of blockchain adoption for supply chain in Pakistan. J Sci Technol Policy Manag 2024;ahead-of-print(ahead-of-print).
[28]. Tan M, Teo TSH. Factors Influencing the Adoption of Internet Banking. J Assoc Inf Syst 2000;1.
[29]. Agarwal R, Prasad J. The Role of Innovation Characteristics and Perceived Voluntariness in the Acceptance of Information Technologies. Decis Sci [Internet] 1997 [cited 2024 Sep 7];28(3):557–82. Available from: https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-5915.1997.tb01322.x
[30]. Pappas I, Kourouthanassis PE, Mikalef P, Giannakos M. Combining system success factors with trust to explain e-government adoption using fsQCA. Am Conf Inf Syst 2018;
[31]. Morkunas VJ, Paschen J, Boon E. How blockchain technologies impact your business model. Bus Horiz 2019;62(3):295–306.
[32]. Hair JF, Sarstedt M, Ringle CM, Gudergan SP. Advanced Issues in Partial Least Squares Structural Equation Modeling [Internet]. Sage Publication Inc.; 2018 [cited 2022 May 26]. Available from: https://books.google.co.in/books?hl=en&lr=&id=-f1rDgAAQBAJ&oi=fnd&pg=PP1&ots=vY00klG1a_&sig=5HGkM7WH4jsNUth__LxKc1FZS50&redir_esc=y#v=onepage&q&f=false
[33]. Tabachnick BG, Fidell LS. Using Multivariate Statistics Title: Using multivariate statistics. 2019 [cited 2024 Sep 8];Available from: https://lccn.loc.gov/2017040173
[34]. Wong LW, Leong LY, Hew JJ, Tan GWH, Ooi KB. Time to seize the digital evolution: Adoption of blockchain in operations and supply chain management among Malaysian SMEs. Int J Inf Manage 2020;52:101997.
[35]. Jena RK. Examining the Factors Affecting the Adoption of Blockchain Technology in the Banking Sector: An Extended UTAUT Model. Int J Financ Stud [Internet] 2022 [cited 2024 Sep 8];10(4):90. Available from: https://www.mdpi.com/2227-7072/10/4/90/htm
[36]. Ullah N, Al-Rahmi WM, Alfarraj O, Alalwan N, Alzahrani AI, Ramayah T, et al. Hybridizing cost saving with trust for blockchain technology adoption by financial institutions. Telemat Informatics Reports 2022;6:100008.
[37]. Marikyan D, Papagiannidis S, Rana OF, Ranjan R. Blockchain adoption: A study of cognitive factors underpinning decision making. Comput Human Behav 2022;131.
[38]. Kumari A, Devi NC. Determinants of user’s behavioural intention to use blockchain technology in the digital banking services. Int J Electron Financ 2022;11(2):159–74.