New Study Reveals Why Organisations are Reluctant to Adopt Blockchain

The slow adoption of blockchain technology is partly driven by overhyped promises that often obscure the complex technological, organisational, and environmental challenges, according to research from the University of Surrey.

Blockchain is a secure digital ledger that records and verifies transactions across many computers in a way that's hard to alter. It's a type of digitally shared notebook where everyone can see what's written, but once something is added, it can't be changed. Initially, there was a lot of hype around Blockchain as it allows for secure and transparent transactions without needing a middleman, like a bank. Blockchain is the backbone of cryptocurrencies like Bitcoin, but it's also being explored for uses in other sectors, such as finance, healthcare, and supply chains.

A comprehensive review, led by PhD candidate Ying Zhang in collaboration with researchers from Surrey Business School and Cardiff Business School, analysed 880 factors influencing blockchain adoption by organisations across various industries.

Dr Mahdi Tavalaei, Senior Lecturer in Strategy and Digital Transformation, the PhD supervisor and co-author of the study at the University of Surrey, said: "Organisations are understandably cautious. While blockchain has been touted as a revolutionary technology, our research suggests that its adoption is hampered by over-promised benefits, under-delivered business value, and the complex interdependence between adoption drivers and barriers."

On the positive side, researchers found that blockchain's unique capabilities, such as enhanced transparency, security, and operational efficiency, act as strong motivators for adoption. However, barriers often overshadow these drivers, which complicate adoption efforts. The analysis found that adoption barriers, such as regulatory uncertainty and scalability issues, are more definitive, while the benefits of adoption are conditional and long-term, creating a mismatch that slows organisational decision-making for adoption.

For organisations, the study suggests that the technological benefits of blockchain are often not sufficient and are linked to factors within and outside their organisations, such as top management beliefs about the technology, collaboration across organisations, and regulatory frameworks. Dr Mahdi Tavalaei added: "Blockchain technology holds great promise, but the narrative needs a reality check. Our research shows that the interplay between drivers and barriers of blockchain adoption across technological, organisational, and environmental dimensions highlights the complex and often conflicting dynamics organisations must navigate. Organisations are not just dragging their feet; they are making informed decisions based on the current limitations and overhyped promises of blockchain. We hope this study will shift the conversation towards more practical and achievable goals for blockchain technology."

Ying Zhang, M. Mahdi Tavalaei, Glenn Parry, Peng Zhou.
Evolution or involution? A systematic literature review of organisations' blockchain adoption factors.
Technological Forecasting and Social Change, 2024. doi: 10.1016/j.techfore.2024.123710

Most Popular Now

Giving Doctors an AI-Powered Head Start …

Detection of melanoma and a range of other skin diseases will be faster and more accurate with a new artificial intelligence (AI) powered tool that analyses multiple imaging types simultaneously...

AI Agents for Oncology

Clinical decision-making in oncology is challenging and requires the analysis of various data types - from medical imaging and genetic information to patient records and treatment guidelines. To effectively support...

AI Medical Receptionist Modernizing Doct…

A virtual medical receptionist named "Cassie," developed through research at Texas A&M University, is transforming the way patients interact with health care providers. Cassie is a digital-human assistant created by Humanate...

Using Data and AI to Create Better Healt…

Academic medical centers could transform patient care by adopting principles from learning health systems principles, according to researchers from Weill Cornell Medicine and the University of California, San Diego. In...

AI Tool Set to Transform Characterisatio…

A multinational team of researchers, co-led by the Garvan Institute of Medical Research, has developed and tested a new AI tool to better characterise the diversity of individual cells within...

AI Detects Hidden Heart Disease Using Ex…

Mass General Brigham researchers have developed a new AI tool in collaboration with the United States Department of Veterans Affairs (VA) to probe through previously collected CT scans and identify...

Human-AI Collectives Make the Most Accur…

Diagnostic errors are among the most serious problems in everyday medical practice. AI systems - especially large language models (LLMs) like ChatGPT-4, Gemini, or Claude 3 - offer new ways...

Northern Ireland Completes Nationwide Ro…

Go-lives at Western and Southern health and social care trusts mean every pathology service is using the same laboratory information management system; improving efficiency and quality. An ambitious technology project to...

Highland Marketing Announced as Official…

Highland Marketing has been named, for the second year running, the official communications partner for HETT Show 2025, the UK's leading digital health conference and exhibition. Taking place 7-8 October...

MHP-Net: A Revolutionary AI Model for Ac…

Liver cancer is the sixth most common cancer globally and a leading cause of cancer-related deaths. Accurate segmentation of liver tumors is a crucial step for the management of the...

Groundbreaking TACIT Algorithm Offers Ne…

Researchers at VCU Massey Comprehensive Cancer Center have developed a novel algorithm that could provide a revolutionary tool for determining the best options for patients - both in the treatment...

The Many Ways that AI Enters Rheumatolog…

High-resolution computed tomography (HRCT) is the standard to diagnose and assess progression in interstitial lung disease (ILD), a key feature in systemic sclerosis (SSc). But AI-assisted interpretation has the potential...