Improved Acceptance model: Unblocking Potential of Blockchain in Banking Space

Over the past ten years, blockchain has emerged as the new buzzword in the banking sector.The new technology is being adopted globally in many industries, including the business sector,because of its unique uses and features. However, no adoption model is available to help with this process.This research paper examines the new technology known as blockchain, which powers cryptocurrencies like Bitcoin and others. It looks at what blockchain technology is, how it works especially in the banking sector, and how it can change and upend the financial services sector. It outlines the features of the technology and discusses why these can have a significant effect on the financial industry as a whole in areas like identity services, payments, and settlements in addition to spawning new products based on things like “smart contracts”. The adoption variables found in the literature study were used to gather, test, and evaluate the official papers that are currently available from regulatory organizations, practitioners, and research bodies. This study was able to classify adoption factors into three categories—supporting, impeding, and circumstantial—identify a new adoption factor, and determine the relative relevance of the factors. Consequently, an institutional adoption paradigm for blockchain technology in the banking sector is put out. In light of this, it is advised to conduct additional research on using the suggested model at banks using the new technology in order to assess its suitability.