Study on blockchain technology adoption in the shipping industry in Sri Lanka

Abstract

This exploratory survey's goal is to identify the major factors that may influence and hinder the adoption of blockchain technology applications in Sri Lanka's maritime shipping sector. Ocean transportation still conducts daily business by exchanging files of physical documents. This, therefore, affects the effectiveness of corporate processes by raising administrative expenses while increasing lead times. Possible solutions based on blockchain technology are being created to address these problems and enable the safe digital interchange of business documents and automatic assembling through smart contracts. The utilization of the research onion facilitated the identification of the research methodology and positivism research philosophy, deductive approach, mono method using quantitative data, survey strategy, and cross-sectional time horizon were the six layers respectively. The data collection method chosen was a structured questionnaire, specifically a close-ended questionnaire. This questionnaire was designed by the UTAUT model and distributed among various entities in the shipping industries. The data analysis techniques selected for this study were correlation and regression analysis. These techniques were employed to determine the significant influences of individual variables on the behavior intention and actual usage of blockchain technology. This study investigates the determinants of Behavior Intention (BI) and Actual Usage (AU) in the adoption of blockchain technology within organizations. Model 1 reveals a robust explanatory capacity (R-squared = 74.4%), emphasizing Perceived Usefulness and Subjective Norms as primary influencers. Model 2 underscores the pivotal role of BI in driving AU (R-squared = 87.4%), with a substantial positive impact (BI coefficient = 0.935). Model 3 highlights Facility Conditions' significant influence on AU (R-squared = 34.9%, FC coefficient = 0.591). Overall, these findings underscore the multifaceted impact of predictors, providing valuable insights for organizations navigating blockchain adoption. The empirical examination unequivocally establishes the substantive influence of several pivotal factors on the behavioral intention and actual usage pertaining to the individual's inclination towards the adoption of blockchain technology. Specifically, perceived usefulness, perceived ease of use, stockholder trust, perceived personal benefit, perceived risk, attitude towards digitalization, facility condition, and subjective norms emerge as salient determinants, collectively shaping the trajectory of behavioral intention and the tangible utilization of blockchain technology. This discernment extends beyond mere statistical significance, illuminating the intricate interplay of these factors in influencing the nuanced decision-making processes surrounding the adoption of blockchain technology. The comprehensive analysis underscores the multidimensional nature of the considerations impacting individuals' readiness to embrace blockchain, explaining a sophisticated understanding of the intricate dynamics that govern the adoption landscape. The accuracy of addressing the research problem in this study is limited by factors such as the sample size, analysis techniques, data collection techniques, quantitative method, and the validity of questionnaire responses