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Blockchain Technology Adoption Behavior and Sustainability of the Business in Tourism and Hospitality SMEs: An Empirical Study

Author

Listed:
  • Guych Nuryyev

    (International Finance Department, I-Shou University, Kaohsiung 84001, Taiwan)

  • Yu-Ping Wang

    (Institute of Human Resource Management, National Sun Yat-Sen University, Kaohsiung 80424, Taiwan)

  • Jennet Achyldurdyyeva

    (Institute of Human Resource Management, National Sun Yat-Sen University, Kaohsiung 80424, Taiwan)

  • Bih-Shiaw Jaw

    (Institute of Human Resource Management, National Sun Yat-Sen University, Kaohsiung 80424, Taiwan)

  • Yi-Shien Yeh

    (Institute of Human Resource Management, National Sun Yat-Sen University, Kaohsiung 80424, Taiwan)

  • Hsien-Tang Lin

    (Institute of Human Resource Management, National Sun Yat-Sen University, Kaohsiung 80424, Taiwan)

  • Li-Fan Wu

    (Institute of Human Resource Management, National Sun Yat-Sen University, Kaohsiung 80424, Taiwan)

Abstract

This paper investigates the factors influencing the intention to adopt cryptocurrency payments among small to medium-sized enterprises (SMEs) in tourism and hospitality through the lens of the technology acceptance model (TAM). This paper uses an original sample of 101 SMEs employing a total of 15,831 people in Taiwan. Structural equation modeling is used to examine the joint effect of both internal and external factors influencing the intention to use cryptocurrency payments. Results show that (1) strategic orientation, owner/managers personal characteristics (self-efficacy and innovativeness) and social influence have a strong effect on the intention to adopt new technology; (2) perceived usefulness mediates the effects of strategic orientation and social influence; and (3) perceived ease of use mediates the effect of self-efficacy on the intention to adopt cryptocurrency payments. The present study is one of few empirical inquiries about cryptocurrency payment adoption among SMEs. This study extends the theoretical foundations of the TAM into the specific characteristics of SMEs. Limitations of the study are sample size and a single survey design. However, findings of this research on the cryptocurrency payment adoption offer practical implications for tourism stakeholders towards supporting SMEs competitiveness. The originality of this study is based on the fact that cryptocurrency payment is a new technology, and on the potential of cryptocurrency payments to disrupt the traditional way of operating tourism and hospitality SMEs. Hence the importance to consider major factors influencing SMEs’ intentions to adopt this technology.

Suggested Citation

  • Guych Nuryyev & Yu-Ping Wang & Jennet Achyldurdyyeva & Bih-Shiaw Jaw & Yi-Shien Yeh & Hsien-Tang Lin & Li-Fan Wu, 2020. "Blockchain Technology Adoption Behavior and Sustainability of the Business in Tourism and Hospitality SMEs: An Empirical Study," Sustainability, MDPI, vol. 12(3), pages 1-21, February.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:3:p:1256-:d:318558
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