Does the adoption of blockchain technology add intangible benefits to the industrial sector? Evidence from Jordan

Abstract

Purpose

This study aims to examine the feasibility of adopting blockchain technology in Jordan’s industrial sector and its intangible benefits. It also analyzes the influence of factors like technological, process, cultural and leadership readiness on the willingness of enterprises to adopt blockchain.

Design/methodology/approach

To gain insights into the potential adoption of blockchain technology and its intangible benefits for enterprises in the Jordanian industrial sector, this study gathered perspectives from a broad range of professionals, including financial managers, internal control staff, accounting departments, IT department managers and IS-related personnel. This was achieved through the administration of a comprehensive questionnaire designed to capture their opinions.

Findings

This study highlights the importance of technological and leadership readiness in adopting blockchain. It also shows that blockchain adoption can yield significant intangible benefits for enterprises. However, the study did not find a significant relationship between process readiness, cultural readiness and the intention to adopt blockchain.

Practical implications

The study’s outcomes underscore the importance of prioritizing technological and leadership readiness for enterprises and policymakers intending to adopt blockchain technology. By doing so, they can increase their willingness to adopt this technology and leverage its benefits.

Originality/value

This pioneering study investigates the adoption of blockchain technology and its intangible benefits for Jordanian businesses. It also examines the influence of factors like technological, process, cultural and leadership readiness on the decision to adopt blockchain in the industrial sector.

Citation

Jaradat, Z., Al-Hawamleh, A., Al Shbail, M.O. and Hamdan, A. (2024), "Does the adoption of blockchain technology add intangible benefits to the industrial sector? Evidence from Jordan", Journal of Financial Reporting and Accounting, Vol. 22 No. 2, pp. 327-349. https://doi.org/10.1108/JFRA-03-2023-0164