Blockchain Technology Adoption In Banking Services - The Case In Vietnam

Abstract

Blockchain and cryptocurrencies such as Bitcoin have been attracting investment from many countries including Vietnam due to their potential in changing the finance and banking sector. However, the acceptance rate of the technology in banking applications has been tested much in Viet Nam. Therefore, it is hard to estimate whether the technology will be accepted by customers or not when it is available for public use The purpose of this research is to estimate the adoption rate of Blockchain-based banking applications by researching behavioral variables that affect consumers' intention to use Blockchain-based applications. Given the technology's complexity, this research proposes a new model: The Technology Acceptance Model (TAM) was integrated with five external factors relating to Blockchain acceptance characteristics: regulatory support, design, trust, social influence and experience. To determine the effects of these variables on consumers' intentions, online surveys were conducted with a focus group of customers who know about Blockchain. Our findings show that two powerful constructs (regulatory support and experience) boost customer trust toward Blockchain-based applications. Respondents agreed that when Blockchain-based applications are regulated and insured by the local government, they will have a strong sense of security and can trust the technology. Furthermore, after a given amount of experience, customers feel more confident in using Blockchain-based services; a high level of trust promotes technological adoption. Governments and corporations should dedicate more efforts to increasing customer trust and, as a result, promoting greater acceptance of Blockchain technology and its uses.