Factors Affecting Organizations’ Resistance to the Adoption of Blockchain Technology in Banking Sector.

Abstract

From a banking standpoint, emerging technologies like as blockchain can enhance the speed, efficiency, and effectiveness of transactions, as well as boost client satisfaction. Blockchain is turning over the financial system and leading to faster and more secure transactions. However, there is a deficit in blockchain research and development in banking, which is likely to have a substantial negative influence on the acceptance and growth of blockchain technology in banking. In the hopes and order to encouraging more active participation by academics, researchers, and bankers alike, I give the most complete analysis of blockchain adoption in banking to date, highlighting the hurdles and obstacles from a banker's perspective Though there is indication of selected banks employing blockchain technology in alone or in small groups, we consider there is a need for considerable research and development into many areas of banking using blockchain to overcome the hurdles that are now preventing its adoption in banking. Although blockchain technology has been praised as a means for businesses to construct secure and fast financial systems, adoption of this technology remains limited. As a result, the purpose of this research is to uncover the characteristics that hinder businesses from integrating blockchain into banking sector operations. Rather than introducing more arguments for embracing blockchain technology, I want to discover what prevents banking from using blockchain into their operations. I followed the deductive approach and get the primary data from 150 respondents. Our findings and results are based on empirical data that support our hypothesis. We identified several factors that resist the adoption of blockchain technology in banking sector. these factors include the technological barriers, organizational barriers, and environmental barriers.