Challenges and Barriers to the Adoption of Blockchain Technology in Supply Chain Finance Within Commercial Banks: An Empirical Study in the Vietnamese Context

This study explores the factors influencing the adoption of blockchain technology in supply chain finance (SCF), with a specific focus on the Vietnamese commercial banking sector. Employing a quantitative research approach, the study integrates the Technology–Organization–Environment (TOE) framework with the Unified Theory of Acceptance and Use of Technology (UTAUT) to examine both the drivers and barriers to adoption. Data were collected through a survey of 200 professionals from commercial banks, technology firms, and supply chain companies engaged in SCF and blockchain initiatives. The findings reveal that perceived benefits have a significant and positive impact on blockchain adoption, underscoring the importance of clearly communicating the value of emerging technologies. Key barriers identified include low organizational readiness, an underdeveloped regulatory environment, and technical complexity. Sub-group analysis further highlights divergent perspectives based on professional background: banking professionals cite regulatory challenges as the primary barrier, IT professionals emphasize perceived benefits as the main driver, and supply chain experts point to organizational readiness as the most critical factor. These insights provide practical implications for policymakers, technology providers, and financial institutions seeking to promote blockchain adoption in SCF, particularly in emerging markets such as Vietnam.