Blockchain Technology Adoption in Small and Medium Enterprises: Indian Perspective

The purpose of this research is to understand the possible linkage between variables that constitute blockchain technology adoption in small and medium enterprises (SMEs). In the study, the authors tried to decode the complex relationship among variables which is missing in extant literature. The authors employed interpretative structural modeling (ISM) to detect the complicated equations among variables after identifying the variables through a review of the literature. The ISM model helps the industrialist to understand the various process involved in the adoption of blockchain technology (BCT) in SMEs. The results of the study identified that a three-level approach is needed for the adoption of BCT in SMEs. First, the company needs to have a sophisticated usage of information technology. IT project management, innovation complexity, benefit compared with other technological choices, compatibility with the organization, and trialability are the level 2 variables in which the small-scale industries have to focus before the implementation of BCT. Once the company is equipped with first and second-level variables, SME should focus on variables such as the implementation cost of BCT, software revision of BCT, the maintenance cost of BCT, and observability.