Abstract
This study employs a hierarchical regression analysis to investigate the determinants of blockchain technology adoption within firms, grounded in the Diffusion of Innovations (DOI) theory. By analyzing data from various industries, this research identifies key factors that significantly influence the decision-making process for blockchain integration, including Relative Advantage, Compatibility, Observability, Perceived Complexity, Trialability, and firm-specific characteristics such as industry type, firm size, and gender dynamics within decision-making bodies. The findings reveal that while Relative Advantage is a crucial driver, Observability and Compatibility are equally significant in influencing firms' adoption decisions. Conversely, Perceived Complexity negatively impacts adoption, indicating a need for demystification and education around blockchain technologies. The study also highlights industry-specific adoption trends, suggesting that technology and healthcare sectors are more inclined towards blockchain adoption compared to finance and supply chain sectors. Furthermore, larger firms show a greater propensity for adoption, underscoring the role of organizational resources in facilitating technology integration. This research contributes to the DOI theory by providing empirical evidence on the multifaceted nature of technology adoption and offers practical insights for firms and policymakers aiming to foster blockchain innovation. The study's limitations and the evolving landscape of blockchain technology suggest avenues for future research, including longitudinal studies, qualitative analyses, and exploration of the technology's impact on firm performance.