Abstract:

: Technology innovation has dramatically transformed banks over time. Digital innovation in the banking sector began with the introduction of money to replace barter systems, and then gradually replaced wax seals with digital signatures. One such disruptive innovation that is transforming the banking sector around the world is blockchain technology (BCT). The banking sector in India has also started adopting blockchain technology in various financial transactions. However, they are encountering some difficulties in adapting to and implementing this new technology. The successful and speedy adoption of blockchain in banking largely depends on the users’ intention to use the services. Therefore, this study extended “the unified theory of acceptance and use of technology” (UTAUT) to understand the significant predictors of the bankers’ intention to use blockchain technology. The data was collected from leading banking institutions and FinTech firms in the country to empirically test and validate the extended model. The results found that facilitating conditions, performance expectancy, and initial trust, are the significant antecedents to predicting the bankers’ intention to use blockchain in banking transactions. The study also established the significant mediating role of initial trust in predicting usage intention to use blockchain. This study’s results would help government authorities, decision-makers, and technocrats to improve banking instructions for the speedy and smooth adoption of blockchain technology. The study suggested an extended UTAUT model that incorporates contextual factors based on the scope and usage of blockchain in Indian banking activities. The study helped to identify the key factors influencing blockchain adoption among Indian bankers. The proposed model and the findings make more sense in promoting the adoption of blockchain in the Indian banking sector.

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