Mindful technology adoption: Exploring the role of technology features in blockchain adoption

Blockchain has become a hyped emerging technology that is predicted to be heavily influential in all our lives, not just triggered by the success of Bitcoin. Yet, until now, it has failed to deliver most of its advertised benefits. To tackle this problem and provide an explanation for the missing wider success, this study focuses on the role of technology features in the adoption of blockchain. Thus, this research integrates the view on technological characteristics, represented by aspects of the mindfulness concept, with the sociological aspects influencing technology adoption decisions based on the widely used unified theory of acceptance and use of technology (UTAUT). The resulting research model is evaluated qualitatively, based on 11 international cases. This research advances previous research by focusing on the role of technology features for the potential adoption of blockchain technology in a cross-industry context. It expands the literature on technology adoption models by highlighting the role of technical characteristics and combining social, psychological and technological factors into one model. Further, it helps practitioners to understand the causes for the limited success of this technology and advances the general knowledge on the adoption of technology. The findings indicate that the unique technology features of blockchain technology are one crucial factor for adoption decisions which is often neglected due to the hype state of this technology. However, the overall missing success of blockchain technology is found having also different causes like for example missing regulation and standardization.