Determinants of blockchain adoption as decentralized business model by Spanish firms – an innovation theory perspective

Purpose Large attention surrounds identifying the meaningful blockchain business model on financial services, while a little focus about non-financial organizations and solutions in terms of how the blockchain business model can affect the organization and bring more value. To address the complex structure of businesses that have public goods, it is important to develop sustainable blockchain-based business models. Design/methodology/approach This study offers the first qualitative research that uses an integrated technological, environmental and organizational (TOE) framework with technology acceptance theory (TAM) to study the adoption of blockchain technology by Spanish firms. Findings The results of the paper discuss how that competitive pressure, competence, top management support and relative advantage have a positive impact on intention to adopt blockchain technology while complexity affects the intention to adopt the technology negatively. Contrary to many adoption studies, the findings show that intention to adopt negatively impacts adoption and outline the effect of blockchain on business model elements on the macroeconomic level. Originality/value The key contribution of this study lies in providing a comprehensive understanding of the environmental, technological and organizational factors that impact the intention to adopt blockchain that eventually affects adoption.