Challenges to the Adoption of Blockchain Technology (BT) in the Gulf Cooperation Council Countries (GCC)

This study examines the challenges facing the adoption of Blockchain Technology (BT) by companies operating in Gulf Cooperative Council countries (GCC). To achieve this objective, qualitative approach was utilized to understand the phenomenon; 38 interviews were conducted with experts, senior business managers, professionals, and analysts to inquire into the reasons behind the reluctance of GCC companies to adopt blockchain technology. This study found that the cost benefit considerations, vagueness and ambiguity that are associated with BT, regulatory concerns and change resistance are major challenges that prevent GCC companies from adopting BT. The present study provides an original contribution to extant literature by offering some interesting insights about adoption of BT; these insights can facilitate the understanding of the challenges that prevent companies operating in the GCC region from benefiting from BT.