A Readiness Model and Factors Influencing Blockchain Adoption in Malaysia’s Software Sector: A Survey Study

Abstract

The technology of Blockchain may open up new potential for innovation and distinction. It can enable the software sector to develop more safe and transparent systems that can function in an environment without trust. The adoption rate still needs to be higher despite the potential advantages; the relatively low adoption rate may be attributable to issues such as a lack of awareness, the difficulty of adoption, and ambiguity surrounding legal and regulatory frameworks. Considering technical, organizational, and environmental aspects, this study aims to determine the primary factors impacting the readiness of software firms to adopt Blockchain technology. The research on adopting Blockchain technology in the Malaysian software sector is limited. Using a quantitative method, the researchers used structural equation modeling to analyze 251 survey responses from the Malaysian software sector. In light of the findings, eight hypotheses were considered significant, and one hypothesis was rejected. At the same time, the R2 indicated that all these variables explained 71% of the dependent variable’s variance, which is considered substantial. Overall, it makes it easier for firms in the software sector to use Blockchain technology, which would increase the overall competitiveness of Malaysia’s software sector in the international market.