The Effect of Perceived Costs on Blockchain Adoption Intention: an Empirical Study

Blockchain technology will soon change the way reliable transactions work. By combining distributed cryptographic methods, immutable ledgers, Transactions, and financial audit trails that will be recorded in consensus validation, communication can now use blockchain technology for business advantage. A blockchain-based business version is currently under consideration because they promise to guarantee trust, identity management, reputation management, processing time, reduced fees, and fraud in commercial transactions. However, the current problem is that there needs to be more research into how ready businesses are to use blockchain and at what cost. This study examines the mediating and moderating effects of perceived costs on the relationship between an organization’s readiness to adopt blockchain and its intention to accept it as something new. This study uses empirical and quantitative analysis methods in reviewing the document-based multiscale questionnaire that has been developed. In this study, we collected data from blockchain experts and used the Partial Least Square Structural Equation Model (PLS-SEM) analysis tool to test the assumptions of our framework. This study also uses Key Performance Map Analysis (IPMA) to explore the potential management impact of this issue, which is a novelty in previous studies. The results show that rather than mediating the relationship between Acceptance of Technology Readiness (TeRa) and intention to adopt blockchain, the perceived costs change. According to IPMA’s analysis, the most critical factor behind the desire to adopt blockchain is the perceived cost, with the highest support structure rating. This research is expected to assist decision-makers and stakeholders in developing and improving the latest performance and features needed for the successful implementation of this blockchain technology.