Blockchain Technology Adoption
46 Pages Posted: 15 Jun 2018 Last revised: 26 Apr 2020
Date Written: 2020
Several studies have pointed to the transformative effects of blockchain on a wide spectrum of firms, industries, and professions. While there is a consensus within the business community that blockchain will have a real impact on the way firms do business, views diverge when it comes to the timing of diffusion (i.e., when will blockchain achieve mass adoption). In this study we propose that information gathering helps potential adopters form expectations regarding payoffs from blockchain adoption. Therefore, information gathering activities and the resulting information sources, such as web searches, news articles, book titles, and corporate disclosures are proxies that reveal the expectations of potential adopters. In particular, corporate disclosures directly reflect firms’ attitudes and expectations towards the new technology. We leverage data from the SEC Edgar database to estimate the current stage of blockchain adoption.
Keywords: blockchain, technology adoption, corporate disclosures, revealed expectations
JEL Classification: M15
Suggested Citation: Suggested Citation