CEOs' understanding of blockchain technology and its adoption in export-oriented companies in West Sweden: a survey

Journal article, 2021

Purpose The purpose of this paper is to study current practices in adopting blockchain technology amongst export companies in West Sweden and to capture their CEOs' knowledge of and attitudes towards blockchains. Design/methodology/approach Factors enabling or hindering the adoption of blockchains were identified from a comprehensive literature review and a survey of 72 chief executive officers (CEOs) of export-oriented firms in West Sweden, all with turnovers exceeding euro2m, regarding their knowledge of and attitudes towards blockchains. Findings Blockchain technology is not currently perceived to provide benefits that would outweigh the costs of introducing it into West Sweden's export firms. Nevertheless, the findings suggest that such technology, though currently too immature to meet today's industrial requirements, could experience more widespread use if certain key factors (i.e. lower cost, traceability, improved security or trustworthiness and new blockchain-enabled business models) are prioritised. Research limitations/implications Answered by 72 CEOs, the survey achieved a response rate of 6%, meaning that the findings are only exploratory. Even so, they offer new insights into CEOs' attitudes towards blockchain technology. Practical implications The CEOs reported comparatively limited knowledge of and experience with implementing blockchains, the lack of which has hampered their large-scale implementation in multi-actor supply chains. Social implications Negative sentiment amongst CEOs towards blockchain technology may lower on-the-job satisfaction amongst tech personnel aspiring to develop and implement blockchain applications in their firms. Originality/value Knowledge of and attitudes towards blockchain technology amongst top-level managers, as well as about factors enabling or hindering its adoption, guide managers in crafting strategies for implementing blockchains in their organisations and maximising the benefits therein. Unlike past studies focussing on technological aspects or views of experts and middle-management, the study was designed to capture the views of CEOs.