Journal of International Technology and Information Management

Document Type



Blockchain is one of the most promising technological innovations of recent times, with the potential to change the very way information systems are used by the accounting function. It is however expected to be disruptive and yet to see high adoption rates. Identification of factors influencing the adoption is required to empower the accounting fraternity to harness the full potential of blockchains. This study is one of the first to inductively explore and develop an adoption model for blockchains as well as for accounting applications with theoretical groundings in the Technology-Organization-Environment (TOE) framework, which has been extended with a variable for trust. Triangulation of methods and data sources used in this study contributed to the depth of research and understanding. A comprehensive literature review was first conducted. Its results were further enhanced using the encoding methodology, based on which influencing factors were identified and a model for adoption was developed. A qualitative exploratory study was undertaken next on twelve organizations at the cusp of adoption for accounting applications. Eight significant factors influencing the adoption thus identified are: relative advantage, uncertainty, top management support, technology readiness, industry, regulatory environment, competitive pressure and trust. The study contributes to revealing the relevance of blockchain to accounting while highlighting potential disruptions to enable better evaluation of the technology for adoption. The results may have limited generalizability, which may be overcome through a quantitative study in the future.