Opportunities, barriers and enablers of blockchain adoption in organizations
Nir Kshetri · Edward Elgar Publishing eBooks · 2022
In this chapter, we provide details of key enablers of the diffusion and adoption of blockchain in organizations. It will discuss major opportunities that can result from blockchain's use in organizations. These issues are discussed from the perspective of blockchain's potential to act as an effective governance mechanism so that it can contribute to produce trust. It evaluates initiatives of organizations, inter-organizational networks and industries on this front. It provides a perspective on the use of blockchain-based solutions to enhance branding, empower consumers and increase their satisfaction with services. This chapter also offers an analysis of blockchain's potential to bring major economic, political and social transformations. We also offer an overview of barriers in implementing blockchain. We also explain why deployment of blockchain-based solutions is difficult due to complex socio-economic, political and infrastructural challenges. Also discussed is how the lack of clarity in the regulatory environment and limited interest among the incumbent players in the market has been a major obstacle to the adoption of cross-border blockchain payment solutions.