Diffusion of blockchain technology

Abstract

Purpose Although blockchain is often discussed, its actual diffusion seems to be varying for different industries. The purpose of this paper is to explore the blockchain technology diffusion in different industries through a combination of academic literature and social media (Twitter). Design/methodology/approach The insights derived from the academic literature and social media have been used to classify industries into five stages of the innovation-decision process, namely, knowledge, persuasion, decision, implementation and confirmation (Rogers, 1995). Findings Blockchain is found to be diffused in almost all industries, but the level of diffusion varies. The analysis highlights that manufacturing industry is at the knowledge stage. Further public administration is at persuasion stage. Subsequently, transportation, communications, electric, gas and sanitary services and trading industry had reached to the decision stage. Then, services industries have reached to implementation stage while finance, insurance and real estate industries are the innovators of blockchain technologies and have reached the confirmation stage of innovation-decision process. Practical implications Actual implementations of blockchain technology are still in its infancy stage for most of the industries. The findings suggest that specific industries are developing specific blockchain applications. Originality/value To the best of the authors’ knowledge this is the first study which is using social media data for investigating the diffusion of blockchain in industries. The results show that the combination of Twitter and academic literature analysis gives better insights into diffusion than a single data source.

Understanding artificial intelligence adoption in operations management: insights from the review of academic literature and social media discussions

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Distributed Power Trading System Based on Blockchain Technology

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Technology adoption theories in examining the uptake of blockchain technology in the framework of functionalist and interpretive paradigms

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