Adaptation of Blockchain Technologies into Monetary Transmission in Banking Operations

Blockchain technology has presented novel prospects for augmenting transactions’ efficacy, security, and transparency, thereby emerging as a troublesome strength within the monetary area. The research aimed to analyse the various factors that affect the incorporation of blockchain technology into the monetary transmission system in Bangladesh. Primary data about Chittagong and Rajshahi has been collected from Bangladesh Bank and Private Commercial Bank in Dhaka, Bangladesh. In addition, the PLS4 software was recycled to analyse the data and evaluate the assumptions derived from the conceptual framework, while the UTAUT 2 model was employed to construct the conceptual framework. Through an analysis of the fundamental characteristics of blockchain, such as expected effort, cost reduction, regulatory terms and conditions, and CBDC utilisation, this paper endeavours to illuminate the potential alterations that may occur in the conventional banking paradigm. Regulatory terms and conditions, anticipated risk, effort expectations, cost reduction, and CBDC usage all significantly impacted the behavioural intention to utilise blockchain technologies for monetary transmission in the banking function, as determined by the evaluation of the hypotheses. However, there is no observable impact of effort expectation on behavioural intentions. Moreover, regulatory terms and conditions, anticipated risk, cost reduction, and CBDC usage substantially impact the behavioural intention (BI) of blockchain technology in monetary transmission. Furthermore, expected risk, cost reduction, regulatory terms and conditions, and CBDC usage all mediate the associations between behavioural intention and actual technology usage.