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Publication type: Article in scientific journal
Type of review: Peer review (publication)
Title: Ecosystem readiness : blockchain adoption is driven externally
Authors: Lustenberger, Michael
Malešević , Saša
Spychiger, Florian
et. al: No
DOI: 10.3389/fbloc.2021.720454
Published in: Frontiers in Blockchain
Volume(Issue): 4
Issue: 720454
Issue Date: 16-Aug-2021
Publisher / Ed. Institution: Frontiers Research Foundation
ISSN: 2624-7852
Language: English
Subjects: Adoption; BAM; Blockchain; Ecosystem
Subject (DDC): 332: Financial economics
Abstract: Blockchain technology has been extensively tested, implemented, used, or even abandoned by organizations. Whether organizations adopt blockchain technology depends on many factors. Previous literature has identified a range of potential factors affecting the adoption of blockchain technology, but most studies have focused solely on a subset of specific factors. As a result, these studies can provide only limited explanations for the varying degrees of blockchain adoption. By relying on the well-established Technology-Organization-Environment (TOE) framework, we propose an extended Blockchain Adoption Model (BAM). We derive a rich set of factors from the current state of research on blockchain adoption and the business ecosystem literature and extend them by conceptual reasoning. We then develop testable hypotheses for each of the identified factors. The resulting 14 hypotheses are tested by conducting a survey (n = 350) within the DACH-region (Germany, Austria and Switzerland). We quantitatively analyze our BAM with a binary logistic regression analysis and identify six constructs impacting the adoption (relative advantage, observability, organizational age, external stakeholder pressure, regulatory uncertainty, and scope of business ecosystem). Based on our findings we introduce the novel idea of “ecosystem readiness” as the most important factor for the adoption of blockchain. Ecosystem readiness is characterized by the following attributes: 1) a large ecosystem scope, 2) stakeholders that are not yet collaborating in a trustful and regulated environment, and 3) a powerful organization leading the ecosystem. This powerful organization further intentionally promotes innovation by 4) making the benefits of this new technology observable for others, by 5) putting pressure on the other ecosystem participants to adopt the new technology, and eventually by 6) striving for regulatory certainty in the application and use of blockchain.
Fulltext version: Published version
License (according to publishing contract): CC BY 4.0: Attribution 4.0 International
Departement: School of Management and Law
Organisational Unit: Institute for Organizational Viability (IOV)
Appears in collections:Publikationen School of Management and Law

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Lustenberger, M., Malešević , S., & Spychiger, F. (2021). Ecosystem readiness : blockchain adoption is driven externally. Frontiers in Blockchain, 4(720454).
Lustenberger, M., Malešević , S. and Spychiger, F. (2021) ‘Ecosystem readiness : blockchain adoption is driven externally’, Frontiers in Blockchain, 4(720454). Available at:
M. Lustenberger, S. Malešević , and F. Spychiger, “Ecosystem readiness : blockchain adoption is driven externally,” Frontiers in Blockchain, vol. 4, no. 720454, Aug. 2021, doi: 10.3389/fbloc.2021.720454.
LUSTENBERGER, Michael, Saša MALEŠEVIĆ  und Florian SPYCHIGER, 2021. Ecosystem readiness : blockchain adoption is driven externally. Frontiers in Blockchain. 16 August 2021. Bd. 4, Nr. 720454. DOI 10.3389/fbloc.2021.720454
Lustenberger, Michael, Saša Malešević , and Florian Spychiger. 2021. “Ecosystem Readiness : Blockchain Adoption Is Driven Externally.” Frontiers in Blockchain 4 (720454).
Lustenberger, Michael, et al. “Ecosystem Readiness : Blockchain Adoption Is Driven Externally.” Frontiers in Blockchain, vol. 4, no. 720454, Aug. 2021,

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