University of Ghana http://ugspace.ug.edu.gh UNIVERSITY OF GHANA BLOCKCHAIN TECHNOLOGY READINESS IN FIRMS: INDUSTRY EXPERTS’ PERSPECTIVES FROM A DEVELOPING ECONOMY BY: FREDERICK EDEM JUNIOR BRONI (10637645) A THESIS SUBMITTED TO THE DEPARTMENT OF OPERATIONS AND MANAGEMENT INFORMATION SYSTEMS (OMIS), UNIVERSITY OF GHANA BUSINESS SCHOOL, UNIVERSITY OF GHANA, LEGON, IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF MASTER OF PHILOSOPHY (MPHIL) IN MANAGEMENT INFORMATION SYSTEMS (MIS) JUNE, 2019 University of Ghana http://ugspace.ug.edu.gh DECLARATION I do hereby declare that this work is the result of my own research and has not been submitted by anyone for any academic award in this or any other university. All references used in this work have been fully acknowledged. I therefore bear responsibility for any shortcomings. ________________ ____________________ Frederick Edem Junior Broni Date (10637645) i University of Ghana http://ugspace.ug.edu.gh CERTIFICATION I hereby certify that this thesis was supervised in accordance with procedures laid down by the University. ________________ _________________ Prof. Richard Boateng Date (Supervisor) ________________ _________________ Dr. Acheampong Owusu Date (Co-Supervisor) ii University of Ghana http://ugspace.ug.edu.gh DEDICATION To my Dad (Mr. Frederick K. Broni), Mum (Georgina Nyamekye), and Sister (Harriet) iii University of Ghana http://ugspace.ug.edu.gh ACKNOWLEDGMENT I would like to thank all the people, who supported me in various ways in this thesis. First, my deepest appreciation and genuine thanks to Prof. Richard Boateng, who has supported me during my thesis with his advice, patient guidance, and encouragement. His knowledge and continuous support were very crucial for the successful completion of this research. I would like to also express my deepest gratitude to my co-supervisor. iv University of Ghana http://ugspace.ug.edu.gh TABLE OF CONTENT DECLARATION ............................................................................................................................. i CERTIFICATION .......................................................................................................................... ii DEDICATION ............................................................................................................................... iii ACKNOWLEDGMENT................................................................................................................ iv TABLE OF CONTENT .................................................................................................................. v LIST OF TABLES ......................................................................................................................... ix LIST OF FIGURES ........................................................................................................................ x LIST OF ACRONYMS AND ABBREVATIONS ........................................................................ xi ABSTRACT .................................................................................................................................. xii CHAPTER ONE ............................................................................................................................. 1 INTRODUCTION .......................................................................................................................... 1 1.1 Research Background ............................................................................................................ 1 1.2 Research Problem .................................................................................................................. 3 1.3 Research Purpose .................................................................................................................. 5 1.5 Research Objectives .............................................................................................................. 5 1.6 Research Questions ............................................................................................................... 6 1.7 Significance of Research/Chapter synopsis .......................................................................... 6 1.8 Chapter Outline ..................................................................................................................... 7 CHAPTER TWO ............................................................................................................................ 8 LITERATURE REVIEW ............................................................................................................... 8 2.1 Chapter Overview ................................................................................................................. 8 2.2 An Overview of Blockchain Technology.............................................................................. 8 2.2.1 Defining Blockchain ..................................................................................................... 10 2.2.2 Popular Blockchain Examples ...................................................................................... 12 2.3 Taxonomy of Blockchain .................................................................................................... 16 2.4 Discussion of Issues & Future Research ............................................................................. 18 2.5 Chapter Summary ................................................................................................................ 25 v University of Ghana http://ugspace.ug.edu.gh CHAPTER THREE ...................................................................................................................... 26 RESEARCH FRAMEWORK ....................................................................................................... 26 3.1 Chapter Overview ............................................................................................................... 26 3.2 PERM Overview ................................................................................................................. 26 3.3 Perceived Organizational E-Readiness ............................................................................... 28 3.3.1 Awareness ..................................................................................................................... 28 3.3.2 Resources ...................................................................................................................... 28 3.3.3 Commitment ................................................................................................................. 30 3.3.4 Governance ................................................................................................................... 30 3.4 Perceived External E-Readiness.......................................................................................... 31 3.4.1 Government E-Readiness ............................................................................................. 31 3.4.2 Market Forces E-Readiness .......................................................................................... 32 3.4.3 Supporting Industries E-Readiness ............................................................................... 32 3.5 How the PERM is used in this study ................................................................................... 33 3.6 Chapter Summary ................................................................................................................ 41 CHAPTER FOUR ......................................................................................................................... 42 METHODOLOGY ....................................................................................................................... 42 4.1 Chapter Overview ............................................................................................................... 42 4.2 Research Paradigm .............................................................................................................. 43 4.3 Research Design and Methods ............................................................................................ 44 4.4 Data Collection Method ...................................................................................................... 45 4.4.1 Qualification for Respondents ...................................................................................... 46 4.4.2 Sampling ....................................................................................................................... 46 4.4.3 Documentation.............................................................................................................. 47 4.4.3 Interviews ..................................................................................................................... 47 4.4.4 Other Sources of Evidence ........................................................................................... 48 4.5 Data Analysis ...................................................................................................................... 49 4.6 Consensus ............................................................................................................................ 50 4.7 Chapter Summary ................................................................................................................ 54 CHAPTER FIVE .......................................................................................................................... 55 RESEARCH FINDINGS .............................................................................................................. 55 vi University of Ghana http://ugspace.ug.edu.gh 5.1 Introduction ......................................................................................................................... 55 5.2 Blockchain in Africa – Overview........................................................................................ 55 5.3 Representation of Respondents ........................................................................................... 56 5.2 Nature of Blockchain .......................................................................................................... 60 5.2.1 What type of Blockchain platform are they adopting? ................................................. 60 5.2.1 What are they using it for and why? ............................................................................. 61 5.2 Blockchain Organizational E-Readiness (BOER)............................................................... 63 5.2.1 Awareness ..................................................................................................................... 63 5.2.2 Human Resources ......................................................................................................... 64 5.2.3 Technology Resources .................................................................................................. 65 5.2.4 Business Resources....................................................................................................... 66 5.2.5 Commitment ................................................................................................................. 66 5.2.6 Governance ................................................................................................................... 67 5.3 Blockchain External E-Readiness (BEER) ......................................................................... 68 5.3.1 Governmental Readiness .............................................................................................. 68 5.3.2 Technological Readiness .............................................................................................. 70 5.3.3 Market Readiness ......................................................................................................... 71 5.3.4 Educational Readiness .................................................................................................. 73 5.4 Summary ............................................................................................................................. 75 CHAPTER SIX ............................................................................................................................. 81 ANALYSIS AND DISCUSSION................................................................................................. 81 6.1 Chapter Overview ............................................................................................................... 81 6.2 Answering the Research Questions ..................................................................................... 81 6.2.1 What is the nature of Blockchain technology adoption in Ghanaian firms? ................ 81 6.2.2 What factors influence the readiness of Ghanaian firms to adopt Blockchain? ........... 87 6.3 Chapter Summary .............................................................................................................. 100 CHAPTER SEVEN .................................................................................................................... 102 CONCLUSION, RECOMMENDATIONS AND FUTURE RESEARCH DIRECTIONS ....... 102 7.1 Chapter Overview ............................................................................................................. 102 7.2 Synopsis of this Study ....................................................................................................... 102 7.3 Implications for Research, Practice, and Policy ................................................................ 114 vii University of Ghana http://ugspace.ug.edu.gh 7.3.1 Implications for Research ........................................................................................... 114 7.3.2 Implication for Policy ................................................................................................. 115 7.3.3 Implication for Practice .............................................................................................. 115 7.4 Limitations of the Study .................................................................................................... 116 7.5 Recommendations for Future Research ............................................................................ 117 REFERENCES ........................................................................................................................... 118 APPENDICES ............................................................................................................................ 127 Appendix A - Introduction Letter for Participants .................................................................. 127 Appendix B - Interview Guide. ............................................................................................... 128 Appendix C - Request for data collection & Feedback ........................................................... 133 viii University of Ghana http://ugspace.ug.edu.gh LIST OF TABLES Table 2.1….……………………………………………………………………………………10 Table 2.2……………………………………………………………………………………….19 Table 4.1……………………………………………………………………………………….51 Table 5.1……………………………………………………………………………………….58 Table 5.2……………………………………………………………………………………….76 Table 6.1……………………………………………………………………………………….80 Table 7.1……………………………………………………………………………………….101 Table 7.2……………………………………………………………………………………….107 ix University of Ghana http://ugspace.ug.edu.gh LIST OF FIGURES Figure 2.1……………………………………………………………………………………….10 Figure 2.2……………………………………………………………………………………….15 Figure 3.1……………………………………………………………………………………….32 Figure 3.2……………………………………………………………………………………….38 Figure 7.1……………………………………………………………………………………….103 x University of Ghana http://ugspace.ug.edu.gh LIST OF ACRONYMS AND ABBREVATIONS ICT - Information Communication Technology IT - Information Technology IS - Information Systems PC - Personal Computer PERM - Perceived E-Readiness Model POER - Perceived Organizational E-Readiness PEER - Perceived External E-Readiness BOER - Blockchain Organizational E-Readiness BEER - Blockchain External E-Readiness xi University of Ghana http://ugspace.ug.edu.gh ABSTRACT Blockchain technology is emerging and it is seen as the new way to support the needs of individuals and organizations. The blockchain is a distributed public ledger that records information about transactions onto a block which is accessed by all nodes on the network, and the block cannot be altered by any node. It ensures trust and transparency. Literature in the field of Blockchain is very scarce in developing economies in relation to its firm-level adoption and implementation regardless of their readiness to benefit from the technology. Arguably, there is a lack of a theory-based understanding in the studies of Blockchain adoption. Therefore, this study aims to explore the factors that influence the readiness of a firm to adopt and implement the Blockchain technology. This study employed a critical realism paradigm to understand an uncertain phenomenon of how the readiness factors affect the adoption and implementation of Blockchain technology in firms and adapted the Perceived E-Readiness Model (PERM) as a theoretical lens for this study, analyzing the factors that influence the readiness to adopt and implement Blockchain in firms. A Delphi technique was used as a data collection method in this study whereby, experts from industry and academia knowledgeable about Blockchain was interviewed. The study also suggests that cryptocurrencies and record management blockchain platforms are being used and though firms are using the technology to solve the needs of the land market and agriculture, there are more ways to improve these industries with the use of Blockchain technology. The findings suggest that the understanding of the use of the Blockchain technology xii University of Ghana http://ugspace.ug.edu.gh by firms in Ghana and individuals is good hence, the integration by the local companies such as BenBen and AgriXchain into their business operations. Awareness of the technology is encouraging due to the fact that most individuals know what Blockchain is, how to use it and what to use it for. Also, this study reveals that the Ghanaian government is ready to embrace the technology to ensure transparency and efficiency in the government services provision system and, go a long way to modernize and digitize governmental agencies. Furthermore, the findings suggest that there are firms and practitioners who teach these courses (Ethereum, Python, JavaScript, etc) and assist individuals to gain the necessary skills to develop the technology, however, some individuals resort to online platforms to acquire these skills. Understanding of the technology, Knowledge on how to use it, Availability of skilled personnel, Availability of technical components, Risk, Capital, Management support, Business process, Policies & Regulations, and Government initiatives on technology were identified from the analysis of the findings to be key influencing factors to the adoption of Blockchain in developing economies. First, it presupposes the non-technical readiness factors tend to be more dominant than technical readiness factors. Readiness lies in addressing these dominant factors primarily in relation to the technical factors. Second, there is an interaction between organizational readiness factors (Awareness, Resources, Commitment & Governance) and environmental readiness factors (Governmental Readiness, Market Readiness, Technological Readiness & Educational Readiness). The presence of these factors enables the adoption and implementation of the Blockchain technology and the absence of these factors constrains it. xiii University of Ghana http://ugspace.ug.edu.gh This study responds to the gap of the scarcity of research work done in the field of Blockchain in developing economies. For practitioners, this study serves as a guideline for firms that are looking forward to adopting and implementing Blockchain technology. Finally, for policy, the findings provide a recommendation of how regulators can introduce a tax party in a Blockchain business network to track proper tax filing by the business parties in the Blockchain network. The originality of this study lies in the fact that this research is, perhaps, the maiden exploratory study that examines the factors that influence the readiness to Blockchain adoption and implementation in Ghana, a developing economy. It is recommended that further researchers can adopt the quantitative approach in order to have a greater sample size of firms as well as individuals, or both to make a generalization concerning this phenomenon. Further research can adopt a single case or a multiple case study to the implementation process of Blockchain. xiv University of Ghana http://ugspace.ug.edu.gh CHAPTER ONE INTRODUCTION 1.1 Research Background Advances in innovation are permitting significantly more prominent specialization, which comes about in a more noteworthy total of better quality and wellbeing as well as higher profitability. The procedures of arranging and configuration are today altogether digitalized with data being shared and traded in digital forms. It is very crucial that building data management is the managing of huge data, that can be utilized as a part of disputes and prosecution among various supporters of the procedure (Turk & Klinc, 2017). Three technological platform generation exist (Underwood, 2016). In the first, are mainframes, second is the personal computers, networks like a local area network and the internet and the third is delivery of computing almost immediately anywhere and facilitates the deployment and consumption of resources. Blockchain technology falls under the third category (Underwood, 2016). The essence of Blockchain lies in its capacity to help reliable exchanges by means of arranged calculation instead of human control (Zhao, Fan, & Yan, 2016). Therefore, referred to by Nath (2016) as an “operating system for interactions”. The key driving element of the Blockchain innovation is its capacity to track exchanges inside decentralized, open databases and along these lines, preventing duplicating and misrepresentation (Kostakis, 2014). The Blockchain is a dispensed transaction database in which exclusive computer systems – known as nodes – cooperate as a machine to save sequences of bits which might be encrypted as a single unit or block after which, chained together. The initial and now infamous utility of the Blockchain technology is 1 University of Ghana http://ugspace.ug.edu.gh Bitcoin, which is a cryptocurrency (Lemieux, 2016). The technology powering Bitcoin (Blockchain) was taken advantage of by some individuals to facilitate criminal activities in the past, however, it has proven to be a solution by using a trustworthy ledger to enhance recordkeeping capabilities, in ensuring transparency. Public registration systems, land registrations and other types of systems will be more transparent with the use of smart contracts, which employ different rules for specific types of contracts such as buying a property or treasury bills (Cohen, 2015: Johnston, 2014). Some organizations, which include IBM, Microsoft, Intel, and NEC, are presently making an effort in taking advantage of the Blockchain in order to improve their range of products (Karame, 2016). Moreover, the Blockchain era dynamically shapes our thoughts of social truth and transparency. These are achieved with the aid of enforcing the order of dimension inside the company limiting social dealings with middlemen drastically (Reijers, 2016). Studies by Lemieux (2016), Dunranti and Rogers (2012), Turk and Klinc (2017) and Nakamoto (2008) indicate the successful use and implementation of the Blockchain in developed economies however, there is arguably no empirical study to examine and to find out the readiness of firms in developing economies such as Ghana to adopt and implement such a technology (Blockchain) and also, there lacks a theory based understanding of how the internal and external factors influence the readiness of firms and individuals to adopt and implement Blockchain in developing economies. Hence the need for this study. 2 University of Ghana http://ugspace.ug.edu.gh 1.2 Research Problem Blockchain Technology is currently seen as one of the most important trends to watch as reported by Harvard Business Review (Webb, 2015) and one of the 10 strategy trends in technology for 2017 by Gartner (Cearley, Walker, & Burke, 2016). Blockchain may work as an option to the types of recordkeeping issues faced by developing economies such as Ghana. Nowadays, digital technology is permitting even more specialization which ends on one hand on the greater sum of knowledge deployed, and higher productivity (Turk et al., 2017). Now many of the international organizations are running in a decentralized manner and this trend is giving considerable power to the threshold of networks. However, this trend has compelled some super brains to think past how information systems and applications can communicate in a decentralized manner (Lipton, 2017). Also, if advanced data are uncertain or need trustworthiness, organizational targets might be ruined. For example, devious common enrollment sections of a registration process may propose that individuals are not able to prove to be who they are as a fundamental precondition of accessing social privileges, or that open doors for the recognizable fraud that rise with identity issues (Lemieux, 2016). This is a trust and transparency issue that arises in organizations which the Blockchain technology can solve. The transparent and decentralized nature of the Blockchain network allows the development of a non-refutable, and unbreakable report of records, which is the fundamental characteristic that most organizations are going to explore and practice. Many studies (Turk et al., 2017: Nakamoto, 2008: Lipton, 2017: Lemieux, 2016) have looked at the benefits derived from implementing Blockchain into a firm’s operations. 3 University of Ghana http://ugspace.ug.edu.gh Previous studies on Blockchain technology identified a number of research gaps: • There has been a tremendous increase in interest in Blockchain technology from 2013 (Yli- Huumo, Ko, Choi, Park & Smolander, 2016). Studies published on Blockchain grew from “2 in 2013 to 41 in 2015” (Ko et al., 2016) and a greater number of the studies were much concentrated on looking at the challenges as well as the limitations, however, proper solutions have not been able to address most of the issues (Yli-Huumo et al., 2016). • Yli-Huumo et al. (2016) argued that a lot of Blockchain applications and services are more dominant in the financial sectors and that the Blockchain technology can be applied to other areas such as voting, property licensing, lease agreements, etc. • Reijers, O'Brolcháin & Haynes (2016) in their study proposed the need for more literature due to the fact that Blockchain is still in its infancy and developing, therefore, making their discussions lack empirical support. However, while there is a significant amount of evidence that Blockchain actually enhances transparency and value, arguably, there exists no Blockchain studies on its adoption and implementation from a developing economy’s perspective. As indicated by Gupta (2017), there has been significant interest in Blockchain and Organizations are conducting research in harnessing its full potential. Some research has been done pertaining to crucial issues about Blockchain technology. This study review’s literature about Blockchain that helps to provide a holistic understanding of the concepts of Blockchain and to touch on various approaches and prevailing themes in the field. Evidence gathered from previous Blockchain studies (Yli-Huumo et al., 2016: Reijers et al., 2016: Gupta, 2017: Lindman et al., 2017) shows that not much theoretical frameworks have been used which this study seeks to address by adapting the 4 University of Ghana http://ugspace.ug.edu.gh Percerived E-Readiness model to identify the internal and external factors that affect the readiness of firms and individuals to adopt the technology . However, there is arguably little literature about Blockchain in developing economies, therefore there is a need for more research by contributing to Blockchain literature through a theoretically based approach. This research employs the PERM to explore the readiness of government firms and other private firms in adopting Blockchain. The proposed research is exploratory since Blockchain for businesses is still in the conceptualization phase in Ghana. Many firms in the country do not know what this great innovation is (Njuguna, 2014). Nonetheless, firms’ setting of Ghana as a developing nation verdantly affects Blockchain acceptance and implementation at the firm-level. 1.3 Research Purpose The purpose of this study is to explore the factors that influence the readiness to adopt and implement Blockchain in firms and to also develop a theory-based understanding of Blockchain readiness in developing economies. 1.5 Research Objectives The following outlined objectives are achieved: 1. To explore the nature of Blockchain technology in Ghanaian firms. 2. To explore the factors that influence the readiness of Ghanaian firms to adopt Blockchain. 5 University of Ghana http://ugspace.ug.edu.gh 1.6 Research Questions 1. What is the nature of Blockchain technology adoption in Ghanaian firms? a. What type of Blockchain platform are they adopting? b. What are they using it for and why? 2. What factors influence the readiness of Ghanaian firms to adopt Blockchain? 1.7 Significance of Research/Chapter synopsis The significance of this study can be described in terms of research, policy, and practice. It will be critical to examine as it contributes to the current learning bank of Blockchain literature. It will likewise try to connect the research gap considering the inadequacy of scholarly work directed on bitcoin use from a developing economy's perspective, for example, Ghana and other developing economies. This research will likewise fill in as a source of reference for students and researchers who might need to additionally investigate Blockchain utilization. This study will enlighten Ghanaians on the awareness of some of the merits that come with Blockchain usage. Again, this research will open up the opportunities and/or challenges confronting Blockchain adoption as well as offering guidelines of how their contemporaries are taking advantages of the opportunities while addressing the challenges. Policy makers will also depend on the findings of this study to make informed decisions regarding Blockchain adoption in Ghana. 6 University of Ghana http://ugspace.ug.edu.gh 1.8 Chapter Outline The thesis is organized in seven (7) specific chapters, which correspond to the steps taken in the study. Chapter One: Introduction: This chapter gives an outline of the studies and it covers the background of this study, research problem, research purpose, objectives of thi study, research questions, significance of this studies and the outline of this study. Chapter Two: Literature review: Literature relevant to this study is reviewed in this chapter. Theories and models that explain the concept of Blockchain technology are identified, their viable linkages explored, and examine propositions advanced. Chapter Three: Research Framework: This chapter examines the research framework used for this research, which guided the research design, data collection methods, devices, and served as a lens for the data analysis and discussions. Chapter Four: Methodology: The research method which specializes in the research approach and paradigm and the discussion of sampling techniques and size are applied. The tool for data collection and the approach used in addition to data processing and analysis are explained in this chapter. Chapter Five: Research Findings: This chapter presents the findings of the study. Chapter Six: Analysis and Discussion: This chapter deals with the data presentation, analysis of findings and discussion. Chapter Seven: Conclusion: This chapter concludes the study by outlining the precis of the study, implications to practice and policy and the future studies directions are talked about. 7 University of Ghana http://ugspace.ug.edu.gh CHAPTER TWO LITERATURE REVIEW 2.1 Chapter Overview This chapter reviews existing literature in the field of Blockchain. It starts with an overview of the literature relating to the theoretical understanding of Blockchain technology, pertaining to its scope, definition, types/taxonomies, workings/processes, and applications. Also, an in-depth review of the extant literature was done to uncover knowledge gaps for this study. Finally, this chapter concludes with a summary and gaps for future research. 2.2 An Overview of Blockchain Technology Due to the prevalent nature of ICT in the world today, there has been tremendous technological advancements. Some years ago, digital technology was mainly about faster and efficient exchanges of information and data in a secure manner (Mulligan, 2017). The introduction of Blockchain brought about the exchange of value and how intermediaries or central authorities can be eliminated securely to ensure trust in a process or transaction (Mulligan, 2017: Bergquist, 2017). Basically, the Blockchain is a technology which combines encryption with distributed computing. These (encryption and distributed computing) have existed in the past and been used separately until Nakamoto combined them (encryption and distributed computing) to build this technology known as the Blockchain (Jamsrandorj, 2017). According to Nakamoto (2008), systems still have some inherent weaknesses pertaining to the trust-based model, even though they operate almost seamlessly well. He again elaborated on the trust-based model as trusted intermediaries (payment 8 University of Ghana http://ugspace.ug.edu.gh gateways or financial firms) that facilitate transactions on behalf of individuals. He finally proposed a system (electronic) which is underpinned on cryptographic proof rather than trust, which will allow the transaction to be irreversible therefore protecting both sellers and buyers. Figure 2.1: How Blockchain works Source: Chartered Accountants Australia and New Zealand (2017) 9 University of Ghana http://ugspace.ug.edu.gh 2.2.1 Defining Blockchain Arguably, there exists no single formal meaning of Blockchain innovation which is by and large acknowledged. This research focuses on the empirical outcomes of implementing the Blockchain technology practically. So, there is a need to consider definitions that are practical and also found in (non)-scientific literature. This definition should map out the scope of Blockchain as seen in practice and offer a clear distinction to recognize Blockchain innovation from distributed information systems. In this segment, we shape a useful meaning of Blockchain innovation which is then contrasted with the hypothetical definition that rose in the past segment. The accompanying table (Table 2.1) gives an outline of the meanings of Blockchain innovation found by and by. Table 2.1: Some definitions of Blockchain Author(s) Definition/Conceptualization Wright et al., (2015) as cited in “is a distributed ledger or database of transactions Pazaitis et al. (2017) recorded in a distributed manner, by a network of computers.” Meijer (2017) “is a distributed, shared, encrypted, chronological, irreversible and incorruptible database and computing system (public/private) with a consensus mechanism (permissioned/ permissionless), that adds value by enabling direct interactions between users” 10 University of Ghana http://ugspace.ug.edu.gh Author(s) Definition/Conceptualization Tapscott et al. (2016) “is a morally sound advanced record of monetary exchanges that can be customized to record, not simply money related exchanges but rather for all intents and purposes everything of esteem” Van Alstyne (2014) “is a sequentially distributed database where the entire earlier transaction history is stored and shared in a (block) chain in a public ledger” Buterin (2015) “is a magic computer that anyone can upload programs to and leave the programs to self-execute, where the current and all previous states of every program are always publicly visible, and which carries a very strong cryptoeconomically secured guarantee that programs running on the chain will continue to execute in exactly the way that the Blockchain protocol specifies.” Source: Author’s Table In view of the definitions (in Table 2.1), and meaning to develop and progress Blockchain theory, this study proposes a definition of Blockchain as a public ledger of unchangeable transactions of records in a block, linked in a chain which are distributed over a public network of nodes (computers) visible to everyone on the network. The proposed definition is coined from the 11 University of Ghana http://ugspace.ug.edu.gh combination of Wright et al's where they talk about it being a distributed ledger, Meijer's where he talked about it being irreversible and incorruptible and Buterin's definition where he talked about it being publicly visible running on a chain of blocks. In relation to the given definition of Blockchain, this study seeks to explore the readiness of firms in developing economies like Ghana on how they will integrate Blockchain in their operations. Based on existing literature, there are many forms of which the Blockchain technology can be used in terms of businesses integrating it into their operations and platforms. These are: i. Public Blockchains which is the traditional Blockchain where everything is visible (Khatwani, 2018: Zheng, 2017). ii. Private Blockchains which is fully controlled by a particular organization (Zheng, 2017). iii. Consortium Blockchains (Khatwani, 2018). 2.2.2 Popular Blockchain Examples In the last ten years, five major Blockchain innovations have been launched (Gupta, 2017). These three major Blockchain innovations are being discussed briefly below. 1. Bitcoin was the first major innovation which worked on top of the Blockchain (Gupta, 2017). Bitcoin is a decentralized payment scheme that facilitates peer-to-peer transactions between users, allowing one user to transact with another directly without any third party involved (Thukral, 2017: Nakamoto, 2008) without depending on shared trust. The Bitcoin system has no incorporated issuing party. The information of every one of these exchanges, 12 University of Ghana http://ugspace.ug.edu.gh in the wake of being approved with a proof-of-work system, is gathered into what is known as the Blockchain (Bergquist, 2017). The Blockchain aids the Bitcoin framework keep up a worldwide, freely conveyed the record of exchanges, which is kept up through an algorithm running over a substantial number of PCs appropriated over the world. These PCs play out a computationally serious work called mining, which incorporates the exchange into the Blockchain (Nakamoto, 2008: Bergquist, 2017). Gupta (2017) stated that millions of individual use Bitcoin for secure online transactions and the financial sector has also capitalized on it. 2. The Blockchain which serves as the technology underpinning Bitcoin and also being different from the currency is being used by Organizations from different industries (Gupta, 2017). Most corporations are conducting studies into the Blockchain technology and global financial firms are going to use Blockchain as predicted by Gupta (2017). 3. Ethereum is a platform that incorporates small programs known as smart contracts into the Blockchain. Instead of currency tokens such as Bitcoin, financial tools such as bonds, loans or agreements are being digitized and presented to the participating parties (Gupta, 2017). Basically, smart contracts are like traditional everyday contracts (tenant agreements, car rentals, mortgage loans, etc.), which have the agreement details embedded in digital code and can be enforced automatically by an algorithm. Trustworthiness of information is an essential requirement in a selection of various contexts wherein structures of reports and data provide important underlying infrastructure important to attain development goals. This isn't simplest a problem for traditional records, but also for firms which can by no means have a concept of themselves as appearing an archival feature. This 13 University of Ghana http://ugspace.ug.edu.gh consists of businesses liable for civil registries of births, procurements, deaths and marriages, land registries and repositories of financial transactions (Lemieux, 2016). For an individual or an entity to trust an information system or its records is based on two main concepts which are authenticity and reliability. Other sub important concepts for example source, integrity, and identity has facilitates the trust process (Mak, 2014). Reliability in terms records is denoted as the trustworthiness of a file as a declaration of truth, primarily based at the competence of its creator, its completeness and the controls on its introduction (Duranti and Rogers, 2012). Also, its authenticity of a file is seen with regards to what it purports to be (referring to the identity of the report) and that it is miles unfastened from tampering or corruption (associated with the integrity of the file) (InterPARES, 2015). Figure 2.2: Some organizations using Blockchain Source: Chartered Accountants Australia and New Zealand (2017) 14 University of Ghana http://ugspace.ug.edu.gh In developing economies such as Ghana, assets announcement as it currently exists in Ghana is unsatisfactory and now not potent sufficient as a device to combat corruption. For example, the present-day laws do no longer permit the Auditor standard, who is the administering authority, to open the sealed envelope containing the professional’s belongings assertion for verification and scrutiny. The regulation does no longer ask for clarification, and correction. Additionally, the present-day gadget does now not allow public access to obtain information on compliance (Agyeman, 2016). Uncertain land registries may make open doors for degenerate lawmakers to alter what they're presently not qualified for through falsely getting into some exchanges. Furthermore, such information is regularly required for prolonged periods that may amplify properly past the lifespan of an unmarried database server. Misfortune or hopelessness of the realities may also in addition spare individuals from making claims to citizenship, property, social insurance or different privileges (Lemieux, 2016). In such cases, the dearth of potential to comfortable long-time period agree with in records can result in a greater generalized breakdown in belief in authorities and all through society. Gyimah-Boadi (2005) stated that a credible and effective assets declaration helps: ▪ Eliminates abuse of power by using holders of the public workplace. ▪ defend public belongings and the general public interest. ▪ Deter public corruption. ▪ sell the integrity of public officials. ▪ Foster public duty and agree with in addition to governmental legitimacy. 15 University of Ghana http://ugspace.ug.edu.gh The value placed on assets differ due to range relying on attributes of the property in question, it becomes deceitful and deceptive when linking the cost of assets worth to title formalization across the board. (Awuah et al., 2013). Blockchain technology is still up and coming. Businesses or organizations are yet to explore the full potential of this breathtaking innovation which will change the way businesses operates. In the near future, the technology will be fully integrated into the life-cycle of Organizations which will help increase value. 2.3 Taxonomy of Blockchain There are two perspectives when looking at the types of Blockchain which are the business and the technical or technological perspective (Kikitamara, 2017). The business perspective is mainly focused on energy trading and its classified into two namely: Open Blockchain (Public Blockchain) and Closed Blockchain (Private/Consortium Blockchain). The technical/technological perspective focuses on the high-level conceptual view of Blockchain (Kikitamara, 2017). Away from the perspectives, Blockchain is basically classified into three namely: Public Blockchain, Private Blockchain and Consortium Blockchain (Buterin, 2015: Khatwani, 2018: Zheng, 2017). In a Public Blockchain, anyone on the network can read, write and audit data in the Blockchain. This is also known as a transparent and an open type of Blockchain where every individual sees everything on the network in real time which enables everyone to partake in the “consensus 16 University of Ghana http://ugspace.ug.edu.gh process” (determining which block is added and its status) (Buterin, 2015). Review of the Public Blockchain can be done at any time. Decision making in the Blockchain goes through different consensus mechanisms like Proof of Stake (POS) and Proof of Work (POW) (Khatwani, 2018). A good example is one of the popular cryptocurrencies Bitcoin. In a Private Blockchain, only one organization has to write permissions and becomes the central authority. The read permissions may be restricted to a specific group that matter or open to the general public (Zheng, 2017: Buterin, 2015). For example, a company working with its panthers may restrict read permissions to only the companies it does business with. A popular example of a Private Blockchain is Bankchain (a Blockchain application for banks on the network to share information in the banking industry). In a Consortium Blockchain, there exist no autonomy. It tries to eliminate a central controlling authority in the private Blockchain. Rather than have one entity making all the decisions on the network, decision making is made by two or more entities for better and effective decisions (Khatwani, 2018). A good example is EWF (Energy Web Foundation). Due to the openness of the public Blockchain, communities and many users are very active on it. Business applications can apply consortium Blockchain into their business operations, for example, IBM is developing a type of consortium Blockchain known as Hyplerledger (Zheng, 2017). 17 University of Ghana http://ugspace.ug.edu.gh 2.4 Discussion of Issues & Future Research First, pertaining to Blockchain implementation/services/applications, firms go through some challenges on how to integrate Blockchain into their business and to understand these challenges, proper understanding and documentation of the solutions can go a long way to help Organizations to better implement the Blockchain technology. Documentation of how organization overcome implementation challenges in their businesses would be a very useful guideline for other businesses to follow when implementing Blockchain services or applications (Connolly and Kick, 2015: Reijers et al., 2016: Mejier, 2017: Francisconi, 2017). With definition and concept, previous studies (Nakamoto, 2008: Francisconi, 2017: Efanov et al., 2017: Khudnev, 2017: Buterin, 2015) have explained the workings of Blockchain and how it can help ensure trust and transparency in a system. Evidence from this review showed a better explanation from both technical view and a basic general view of how components work with each other to achieve a close to the perfect system. Lastly, studies relating to the adoption of Blockchain needs more literature from a developing economy’s perspective (Lindman et al., 2017: Reijers et al., 2016). From the studies reviewed above, there exists a prevailing theme for future research. These studies call for the fundamental understanding of the Blockchain technology from a theoretical and practical perspective and its adoption and implementation challenges. Yli-Huumo et al. (2016) argued that 80 percent of the scientific literature is more focused on bitcoin systems which are in the cryptocurrency domain and 20 percent on publications look at other Blockchain applications. The authors using a 18 University of Ghana http://ugspace.ug.edu.gh systematic mapping study process created an understanding as to the current research on Blockchain technology and focused only on the technical perspective of the issue. 19 University of Ghana http://ugspace.ug.edu.gh Table 2.2: Literature matrix of Blockchain Author Focus Theory Findings Gaps Reijers et al. to examine the way Social contract the analysis was based on a (2016) Blockchain technologies can theory technology that is still in its bring about and justify new development phase, which means models of governance that empirical support for much of our discussions is lacking or in its infancy, therefore the need for more literature in developing countries Yli-Huumo to understand the current Conceptual The results show that focus in over conclude that most literature is still et al. (2016) research topics, challenges 80% of the papers is on the Bitcoin focused on BitCoin and future directions system and less than 20% deals with implementations and the technical regarding Blockchain other Blockchain applications challenges of implementing technology from the technical including e.g. smart contracts and Blockchain technology. They call perspective. licensing. for research on “the possibilities of using Blockchain in other (than BitCoin and Cryptocurrency) environments” Mejier use a Grounded Theory Grounded Theory A Blockchain enables the creation of Further development of this (2017) approach to map the ongoing organizations entirely based on conceptualization of trust and Blockchain discussion, which Blockchain technology. In these control is needed to structure the leads to our empirical core organizations, all corporate actions ongoing Blockchain category that explains the are decided upon by the shareholders core of the Blockchain directly, which creates a discussions: the decentralized corporate decision- 20 University of Ghana http://ugspace.ug.edu.gh Author Focus Theory Findings Gaps disintermediation of trust in making process for organizations on discussions in both scientific environments with highly the Blockchain. literature and practice. Zheng et al. presents a comprehensive Conceptual We discuss possible future (2017) overview of Blockchain directions with respect to four technology areas: Blockchain testing, stop the tendency to centralization, big data analytics and Blockchain application. Lemieux is to explore the value of a general The results of the analysis suggest The need for the development of (2016) Blockchain technology as a evaluative that Blockchain technology can be Trusted Digital Repositories on solution to creating and framework for a used to address issues associated with Blockchain to foster recordkeeping preserving trustworthy digital risk-based information integrity in the present and preservation of original records, presenting some of assessment and near term, assuming proper records the limitations, risks, and security architecture and opportunities of the approach. infrastructure management controls. It does not, however, guarantee the reliability of information in the first place, and would have several limitations as a long-term solution for maintaining trustworthy digital records. Connolly & describes a study to Conceptual that other factors may influence This research serves as a basis for Kick (2015) understand what Bitcoin adoption, this study is not future research on Bitcoins and differentiates organization exhaustive. In order to bound the Bitcoin adoption by highlighting 21 University of Ghana http://ugspace.ug.edu.gh Author Focus Theory Findings Gaps adopters of Bitcoin from non- study, we chose to focus on the most some important hurdles to its adopters by comparing their logical organization characteristics. adoption as a new innovation, in IT-readiness, innovativeness the hope that such endeavors move and social media presence. us ever closer to the vision of a true “people’s currency.” Khudnev to define the concept of Conceptual results indicate Blockchain as a This work may also serve as a (2017) Blockchain, analyze the use foundational, not a disruptive starting point for further research cases and implications of the technology, with a wider scope than in this technology. thesis work which is to be implemented within the supply chain and Internet of Things. Francisconi To identify the impact of the Conceptual identified four Blockchain business lack in process visibility a (2017) technology on port logistics, cases and evaluated their relative technological issue that can be some process KPIs were impact on port logistics. solved with a Blockchain defined as an evaluation Subsequently, these business cases implementation or is it an intrinsic framework. were used as stress factors for the feature of the supply chain that stress-test analysis to provide a requires a mind-shift? recommendation for Portbase on how Second, is Blockchain going to to adapt its business model. This led disintermediate the whole supply to the identification of new potential chain or it generates new roles for Portbase as an intermediaries? intermediary in port logistics. 22 University of Ghana http://ugspace.ug.edu.gh Author Focus Theory Findings Gaps Efanov and Is to consider the distinct use Conceptual the most prominent and the most Roschin case of the all-pervasive promising use cases of the (2017) impact of the Blockchain Blockchain technology including technology and look at this as cryptocurrency, smart contracts, an inalienable part of our smart cities, electronic medical daily life. records, digital identity, reputation systems, machine-to-machine communication, and the IoT. Considering that there is a potentially infinite number of use cases of the Blockchain technology, we can conclude that it has penetrated into all spheres of our life and as a result of its impact on our lives. Nakamoto A solution to the double- Conceptual we proposed a peer-to-peer network (2008) spending problem using a using proof-of-work to record a peer-to-peer network public history of transactions that quickly becomes computationally impractical for an attacker to change if honest nodes control a majority of CPU power. Wang, presents the taxonomy of the Blockchain With reference to adoption, it is still hard to find empirical Chen, and maturity assessment, which is maturity model businesses should realize that the evidence to show the comparison Xu (2016) used as a basis for developing Blockchain system is not yet at an between Blockchain approaches the Blockchain maturity optimum maturity level and should and traditional approaches. model (BCMM) and also conduct extensive feasibility studies presents a procedure that before implementation. 23 University of Ghana http://ugspace.ug.edu.gh Author Focus Theory Findings Gaps facilitates organizations in Blockchain application design and adoption. Wahl (2016) to identify the factors having Unified Theory of to improve the acceptance of the an impact on the adoption of Acceptance and Blockchain or similar technologies the bitcoin currency Use of Technology 2 (UTAUT 2) Di Gregorio to investigate the likelihood Technology findings related to the application of suggest adopting a narrower and Nustad of future Blockchain adoption Adoption in Supply the scenario planning methodology approach in evaluating their design (2017) in the maritime shipping Chains (TASC) four main categories of opportunities principles in order to examine industry and determine future Model and risks, namely: the emergence of under which conditions adoption business opportunities and standards, leveraging cybersecurity would be favored. risks for IT service providers threats, association with Blockchain considering to develop and and intermediary opposition, and launch a future Blockchain leveraging educational initiatives solution within the industry Source: Author’s Construct 24 University of Ghana http://ugspace.ug.edu.gh Evidence from the review also suggests more literature about Blockchain should be conducted in future research since it is a new area. Future research could look into adapting and/or developing a theory to study Blockchain technology adoption in other developing economies. A study in this direction would help provide knowledge about the existence of the technology and how it is used. 2.5 Chapter Summary This chapter reviewed the various literature on Blockchain. Blockchain technology is a distributed, shared, encrypted, chronological, irreversible and incorruptible database and computing system (public/private) with a consensus mechanism (permission/permissionless), that adds value by enabling direct interactions between users. This research focusses on the perceived consequences of the implementation of applications using Blockchain technology. This chapter thus provided a clear overview of what Blockchain technology is, and scoped Blockchain technology as a term which will be used in the following chapters. The next chapter introduces the theoretical bases for this research. 25 University of Ghana http://ugspace.ug.edu.gh CHAPTER THREE RESEARCH FRAMEWORK 3.1 Chapter Overview The term Blockchain technology was defined in the previous chapter, which provided the starting point for this research into the consequences of the implementation of Blockchain technology. To further explain the readiness and factors that influence the readiness to adopt Blockchain technology, the research framework should be further described. The aim of this chapter is to further elaborate on the theoretical backing of this research. Gaps presented in literature states that there is a need to have theoretical and practical perspectives to better understand the readiness factors that influence the readiness to the adoption and implementation of the Blockchain technology. The use of the PERM (Perceived E-Readiness Model) (Molla and Licker, 2005a) to study Blockchain presents an opportunity to explore what factors enable developing economies to adopt the technology based on their environment and therefore come out with a framework to aid the readiness of other developing economies in identifying influencers to Blockchain adoption and implementation.. 3.2 PERM Overview The Perceived E-Readiness Model (PERM) Model by Molla and Licker (2005a) is defined as “an organization’s assessment of the e-commerce, managerial, organizational, and external situations in making decisions about adopting e-commerce”. It consists of two (2) important constructs which are Perceived Organizational E-Readiness (POER) and Perceived External E-Readiness (PEER) which also embraces four (4) contextual issues (organizational, environmental, managerial and innovation) relating to adoption (Molla & Licker, 2005a). It captures innovativeness, technical 26 University of Ghana http://ugspace.ug.edu.gh knowledge, strategic insight and expertise which aids or influences the readiness to adopt technology within an organization (Boateng, Heeks & Molla, 2011). Perceived Organizational E- Readiness consists of four (4) components. Technological context (which looks at skills possessed, possible benefits, knowledge of the technology and Organization’s awareness): Organizational context (which focuses on resources available and business operations): and Managerial context (which entails the commitment of management and a strategic foresight). Perceived Environmental E-Readiness denotes domineering environmental factors such as the assessment level and evaluation of governmental support and other agency support as well as market forces readiness that affects the behavior towards the technology (Molla & Licker, 2005b). Empirical studies (Dada, 2006: De’elak, 2006: Lai et al., 2006: Tan et al., 2007: Lin, Huang & Burn, 2007) on readiness, gave the PERM some validity even though it was scrutinized (Boateng et al., 2011). In summary, the studies proposed that influencing factors such as awareness and technological resources, human and business actual affects the initial adoption of a technology: nonetheless, as an organization aspires to develop higher technological capabilities these influencing factors not so much important. The external factors such as strategic foresight, managerial support/commitment aid in the successful implementation of a technology (Molla & Licker, 2005b). Some studies (Kuan and Cau, 2001: Grandon and Pearson, 2004) also confirmed these findings. There is a relationship between these factors (managerial, environmental, organizational and technological) which aid in influencing the readiness to adopt a technology in Organizations in developing economies. The PERM is arguably the only model that incorporates a broad approach to better understand and evaluate the influencers on the readiness of Blockchain adoption and implementation in developing economies (Boateng et al., 2011). 27 University of Ghana http://ugspace.ug.edu.gh This study draws on the components of the PERM to explore the readiness of Ghana to adopt Blockchain and eventually implement it. 3.3 Perceived Organizational E-Readiness 3.3.1 Awareness Awareness denotes organizational skills possessed, an organization’s perception, possible risk, and benefits, knowledge of the technology. A firm’s ability to adopt or reject an innovation is solely based on its awareness and the known benefits of the innovation in which, the literature on Diffusion of Innovation totally aids in the adoption or rejection of a technology by organizations (Rogers, 1994). A firm will invest in resources when it has made a decision to initially adopt a technology due to the awareness of the potential benefits success and failure as well as risk cases of the technology, this will in a long run ensure continuous investment into resources (Han & Noh, 2000: Lawrence, 2001). 3.3.2 Resources The level of human, technological, and business resources of a firm can be defined as “Resources”. The provision of resources can determine the capacity of an organization to respond to the challenges and opportunities of e-commerce (Hartman, Sifonis & Kador, 2000). Availability (accessibility) of employees with adequate information technology (IT) and other skills can be seen as “Human resources”, which are needed to staff e-commerce initiatives (Powell & Dent- Micallef, 1997: Zhuang, 1999). In an organization, Technological resources relate to the IT base of an organization, the level of computerization, and experience with network-based applications (Hartman, Sifonis & Kador, 2000: Powell et al., 1997). Business resources, however, are the 28 University of Ghana http://ugspace.ug.edu.gh capabilities and assets, including visibility of organizational communication, risk-taking behavior, nature of existing business relationships, and financial resources (Hartman et al., 2000: Zhuang, 1999). Adoption of A model of E-Commerce for Businesses in Developing Countries organizations is different in diverse ways because of the stock, uniqueness, durability, specificity, heterogeneity, and non-imitability of their resources (Powell et al.,1997) such variety could result in differences in the extent of e-commerce implementation (Hartman et al., 2000: Tabor, 2000: Zhuang, 1999). This is buttressed by different investigations that perceive qualified representatives (Wang & Cheung, 2000), degree of equipment and programming assets (Chwelos, Benbasat, & Dexter, 2001), accessibility of slack back to create and keep up web-based business frameworks (Wang et al., 2004), and a favorable authoritative culture as either influencing beginning online business reception or characterizing its level of advancement. Extreme authoritative requirements on money related, innovative, and HR regularly cause organizations in creating nations to linger behind their partners in created nations in utilizing data innovation, including web-based business (Jarvenpaa & Leidner, 1998: Palacious, 2003, Tarafdar & Vaidya, 2004). Moreover, most organizations in creating nations have exceptionally restricted involvement of working together electronically, managing noncash installments and working with electronically intervened intra- and inter-business connections (Moodley,2003: Odedra-Straub, 2003). Subsequently, their human, innovative, social, and basic preparation could end up vital to either encouraging or blocking introductory reception and ensuring standardization of online business. 29 University of Ghana http://ugspace.ug.edu.gh 3.3.3 Commitment Commitment alludes to help by key individuals from the association, particularly its President, to advocate internet business. Top administration's response to its execution is a basic achievement factor (Willcocks & Griffiths, 1997). Without responsibility, most online business ventures are bound to fall flat or won't advance past section level (Daniel & Grimshaw, 2002: Hartman et al., 2003). Numerous investigations of data frameworks (IS) in creating nations have discovered the absence of responsibility (administrative and authoritative) to be a key factor influencing data frameworks ventures (Montealegre, 1999). Galliers, Madon, and Rashid (1998) show that there is high administrative turnover in some creating nations, and newcomers tend to see their antecedents' ventures with some level of doubt. This implies constructing and keeping up the energy of duty is critical to embracing and regulating web-based business. 3.3.4 Governance Governance alludes to the vital, strategic, and operational model that characterizes the manner in which associations structure to build up to goals, apportion assets, and settle on choices (Willcocks et al., 1997). An association's administration demonstrate characterizes the need given to web- based business appropriation and execution (Hartman et al., 2000). It likewise influences how well an association deals with the change to the online business, the incorporation of internet business to business, and web-based business advance past section level reception. While administration models wind up essential once an association has chosen to venture out embrace online business, they are painfully ailing in organizations in creating nations (Palacious, 2003). 30 University of Ghana http://ugspace.ug.edu.gh 3.4 Perceived External E-Readiness 3.4.1 Government E-Readiness Internet business has both intra-and inter-organizational loci. The job of government is a critical thought that may influence the selection of advancements, particularly in creating nations (Ang, Tahar, & Murat, 2003: King, Gurbaxani, Kraemer, McFarlan, Raman & Yap, 1994: Montealegre, 1998). A legislature can energize a nation's private division to receive online business by giving the strong foundation, lawful and administrative systems, and web-based business utilize orders (Kuan & Chau, 2001: Oxley & Yeung, 2001). A few examinations have tried the effect of government weight on online business selection and have discovered that adopter Organizations apparent higher government weight than non-adopter Organizations (Kuan et al., 2001: Wang et al., 2004). The preparation of government to advance online business characterizes the firm’s condition inside which organizations work and impacts their certainty and level of web-based business yearnings (Dutta, Lanvin & Paua, 2004: Oxley et al., 2001). "Auxiliary attributes" identified with firm’s game plans are not too created in creating nations as in the created nations (Montealegre, 1998: Tarafdar & Vaidya, 2004: Travica, 2002). The focused condition in a developing country is all the more regularly molded by the connection between business and the legislature than by advertise powers (Montealegre, 1998). Be that as it may, diverse Organizations may see the level of legislative preparation in an unexpected way. This will most likely impact their choices to embrace web-based business and after that to move past passage level receptions and systematize it. 31 University of Ghana http://ugspace.ug.edu.gh 3.4.2 Market Forces E-Readiness Market Force E-Readiness alludes to the application and utilization of e-commerce by a company's rivals, clients, providers, and different colleagues. Web-based business reacts to the standards of system externalities in that, the drivers of reception are all the more regularly found in the social arrangement of the association than in the traits of the advancement (Au & Kaufman, 2001). Associations that see advertise powers as prepared for online business are probably going to receive web-based business or leave on more complex web-based business execution from dread of aggressive inconvenience, saw web-based business advantage, or just "to make up for lost time with the pattern" (Au et al.,2001: Chwelos et al., 2001: Wang et al., 2004). Such weights have a tendency to be more outlandish for a few organizations in developing nations (Humphrey, Mansell, Pare & Schmitz, 2003). 3.4.3 Supporting Industries E-Readiness The direct of internet business relies upon various help giving enterprises. The advancement of such ventures makes focal points by making accessible effective, quick, and once in a while particular access to web-based business inputs (Dutta et al., 2004: Porter, 1990). Despite the fact that web-based business supporting enterprises can incorporate generally perspectives of an economy, three such enterprises are basic in creating nations. Adoption of a technology can take different forms, therefore two (2) adoption levels are highlighted. They are initial adoption and implementation whereas initial adoption denotes an organization attaining an innovation and implementation being where the organization utilizes the 32 University of Ghana http://ugspace.ug.edu.gh innovation in its operations (regardless of its complexity) to obtain value. The framework for this study is shown below. Figure 3.1: Perceived E-Readiness Model Source: Molla & Licker (2014) 3.5 How the PERM is used in this study The Propositions of this research were obtained from the PERM (Molla & Licker, 2005). This model was used in several studies to examine the E-readiness to adopt e-commerce but in alignment with this study, the model has been used to examine the E-Readiness to Blockchain adoption and implementation. Molla and Licker (2005) in accordance with resources, operational reasons, and technologies distinguished between initial adopters and implementers. Furthermore, Blockchain Organizational E-Readiness (BOER) and Blockchain External E-Readiness (BEER) are proposed to influence the readiness to adopt Blockchain technology. Based on the PERM, this 33 University of Ghana http://ugspace.ug.edu.gh study classified BOER construct to positively influence the readiness to adopt Blockchain. BOER construct refers to the level at which the organization believed it required awareness, resources (Human, Business, and Technology), and governance to be able to adopt the Blockchain technology. Hence, the following propositions were presented: • BOER1: Blockchain Organizational E-Readiness has an influence on the initial adoption of Blockchain. • BOER2: Blockchain Organizational E-Readiness has an influence on the implementation of Blockchain. Figure 3.2: Blockchain Technology E-Readiness Source: Author’s Construct 34 University of Ghana http://ugspace.ug.edu.gh This study identified six internal factors that will influence the readiness level of adoption in the BOER construct: Awareness (A) is the level of understanding of the environment of the Blockchain technology. It can be attained from a clear understanding of the organization’s technologies, structures, requirements, opportunities and threats with the ability to predict future trends with their impact. Ghanaian organizations being aware of Blockchain Technology will aid in its adoption. The understanding of the workings of Blockchain Technology and how it has helped other firms will go along to influence the readiness to the adoption decision of the organization. Molla & Licker (2005) found out that, awareness is a significant predictor in the initial adoption of a technology. Organizations are likely to implement a technology considering its environment due to the technology (Molla & Licker, 2005). In view of this, the researcher proposes that: Proposition A1: In relation to BOER, Awareness (A1) may have an influence on the initial adoption of Blockchain. Proposition A2: In relation to BOER, Awareness (A2) may have an influence on the implementation of Blockchain. Commitment (C) looks at the strategic support and the Organization’s preparedness towards Blockchain. Also, it refers to the ability of top management to support a clear vision. Again, commitment refers to the behavior of the organization to embrace and support Blockchain projects and ideas. The creation and sustenance of commitment in an organization are very important in adopting and implementing Blockchain technology (Molla & Licker, 2005). Lack of commitment 35 University of Ghana http://ugspace.ug.edu.gh to the organization affects the adoption and implementation of an information system (Montealegre, 1998: Wang & Cheung, 2004). In view of this, the researcher proposes that: Proposition C1: In relation to BOER, Commitment (C1) can have an influence on the initial adoption of Blockchain. Proposition C2: In relation to BOER, Commitment (C2) can have an influence on the implementation of Blockchain. Human Resource (H) looks at the human resource that is available and accessible in the organization that possesses the needed technical know-how on how to build and maintain the Blockchain technology. Organizations that possess human resource with technical skills will be more inclined to adopt Blockchain. Studies showed that initial adoption is bound to take place if staff in the organization are more IT oriented and possess IT skills, therefore, staff who are not IT inclined will cause Blockchain to fail (Heeks, 2002: Molla & Licker, 2005). In view of this, the researcher proposes that: Proposition H1: In relation to BOER, Human Resource (H1) may influence the initial adoption of Blockchain. Proposition H2: In relation to BOER, Human Resource (H2) influence on the implementation of Blockchain. Technological Resource (T) Is an empowering mechanism that determines how a task will be carried out. This shows how flexible current systems operate in the organization and how computerized it is to use Blockchain. The availability of technological resources can aid in the 36 University of Ghana http://ugspace.ug.edu.gh initial adoption and implementation of Blockchain technology. The level of software and hardware resources in the organization can initially affect the adoption and also help in the implementation of the Blockchain technology (Chwelos, Benbasat, & Dexter, 2001: Molla & Licker, 2005). In view of this, the researcher proposes that: Proposition T1: In relation to BOER, Technological Resource (T1) has an influence on the initial adoption of Blockchain. Proposition T2: In relation to BOER, Technological Resource (T2) has an influence on the implementation of Blockchain. Business Resource (B) comprises of all tangible assets of the organization. These resources include funding of Blockchain projects, communication, openness, and risk-taking abilities. Business resources are identified as an attribute that empowers Blockchain organizational E- Readiness. Making slack finance resources available will help to build up and sustain a technological system (Wang & Cheung, 2004), which will influence the initial adoption and implementation of the Blockchain technology (Molla & Licker, 2005). Therefore, the researcher proposes that: Proposition B1: In relation to BOER, Business Resources (B1) may have an effect on the initial adoption of Blockchain. Proposition B2: In relation to BOER, Business Resources (B2) may have an effect on the implementation of Blockchain. 37 University of Ghana http://ugspace.ug.edu.gh Governance (G) is the internal control and monitoring of organization activities and operations. This is also where tactical and strategic models are put in place to guide Blockchain initiatives. An organizational strategy and guidelines can help in the initial adoption and implementation of Blockchain. Molla & Licker (2005) in their study stated that governance has an influence on the implementation of Blockchain. Therefore, the researcher proposes that: Proposition G: In relation to BOER, Governance (G2) may have an effect on the implementation of Blockchain. Moreover, BEER was defined as the level to which the government, market forces, and other supporting industries are ready and willing to offer help in the implementation of the Blockchain technology. BEER construct is proposed to have a positive influence on the readiness level of adoption of Blockchain: for this reason, these propositions were stated: • BEER1: Blockchain External E-Readiness have a positive influence on the initial adoption of Blockchain. • BEER2: Blockchain External E-Readiness have a positive effect on the implementation of Blockchain. For BEER construct to have a positive effect on the level of adoption of Blockchain, this study defined four factors that will affect Blockchain External E-Readiness: Technological Readiness (TR) which examines how the organization is ready and willing to invest in IT resources to empower the implementation of Blockchain technology. An organization 38 University of Ghana http://ugspace.ug.edu.gh investing in software and hardware resources to power the Blockchain will aid in the adoption and implementation of the technology. Therefore, the researcher proposes that: Proposition TR1: In relation to BEER, Technological Readiness (TR1) may have an effect on the initial adoption of Blockchain. Proposition TR2: In relation to BEER, Technological Readiness (TR2) may have a positive effect on the implementation of Blockchain. Government Readiness (GR) which will examine how the country and its firms are ready and willing to facilitate, regulate and support Blockchain requirements. Support from the government will help in the adoption and implementation of Blockchain in the country. The government’s readiness as to the promotion of Blockchain will standardize the industry’s environment in which organizations will function and as well influence its readiness to the adoption and therefore the implementation (Dutta, Lanvin, & Paua, 2004: Oxley & Yeung, 2001). Studies (Kuan & Chau, 2001: Oxley & Yeung, 2001) found out that the provision of regulatory and legal frameworks and infrastructure support will affect the adoption and implementation of Blockchain. In view of this, the researcher proposes that: Proposition GR1: In relation to BEER, Government Readiness (GR1) may have a positive effect on the initial adoption of Blockchain. Proposition GR2: In relation to BEER, Government Readiness (GR2) may have a positive effect on the implementation of Blockchain. 39 University of Ghana http://ugspace.ug.edu.gh Market Force Readiness which examines the related partners and clients in using the Blockchain platform to offer and render a service and how it is integrated into other organization’s systems. Organizations are willing to adopt and use Blockchain when they deem market forces ready, due to the horror of competitive disadvantage or increasing technological trends. Molla & Licker (2005) stated that there is a significant influence on the readiness to adopt and implement Blockchain. Humphrey, Mansell, Pare & Schmitz (2003) found out that pressures such as technological advances and competition from competitors in the market will aid in the adoption of a technology which will lead to its implementation. In view of this, the researcher proposes that: Proposition MR1: In relation to BEER, Market Force Readiness (MR1) may have a positive effect on the initial adoption of Blockchain. Proposition MR2: In relation to BEER, Market Force Readiness (MR2) may have an effect on the implementation of Blockchain. Supporting Industries E-Readiness which emphasizes the existence of other supporting industries whose operations will affect the Blockchain technology in developing economies. Therefore, this study replaces this by introducing Educational readiness to examine the knowledge needed to develop Blockchain applications. Organizations will adopt and implement Blockchain if there are firms or agencies that provide training on how to build and use it in their businesses. Education of Blockchain is very crucial since, without proper knowledge of how it works, it will be the constraint in the adoption implementing the Blockchain technology (Ruhizan, Bekri, & Faizal, 2014). Acquiring quality information derived from learning through education 40 University of Ghana http://ugspace.ug.edu.gh and evaluating the new information obtained can highly influence the use of information technology (Ruhizan et al., 2014). In view of this, the researcher proposes that: Proposition ER1: In relation to BEER, Educational Readiness (ER1) may have a positive effect on the initial adoption of Blockchain. Proposition ER2: In relation to BEER, Educational Readiness (ER2) may have a positive effect on the implementation of Blockchain. 3.6 Chapter Summary The purpose of this study is to examine the readiness factors that influence the readiness to adopt and implement Blockchain in firms. This chapter proposed a Blockchain Technology Readiness model that reveals the factors that acts as influencers on the readiness to adoption and implementation of Blockchain. The next chapter presents the paradigm, the research strategy, and design, as well as the various data collection methods used in the field to gather data. 41 University of Ghana http://ugspace.ug.edu.gh CHAPTER FOUR METHODOLOGY 4.1 Chapter Overview In relation to the previous chapter, this study employs the PERM as a theoretical framework to propose a framework which aids in the understanding pursued with reference to Blockchain readiness in developing economies. With the location of the study being Ghana, case studies of Organizations in the country was used to possibly map out an understanding of the readiness factors for the adoption of Blockchain in the context of a developing economy, coming from a theoretical framework perspective. Again, this chapter pursues to discuss the appropriate data collection methods and analysis approaches adopted and also offer a research strategy and philosophical assumptions of this study. In the outline of this chapter, the first section presents the paradigm of this study, the second section talks about the appropriate methods which fit this study and the data obtained using the Delphi technique with case studies. The proposed research utilized the qualitative approach. Creswell (2003) characterizes qualitative research as, an inquiry procedure of understanding in view of a particular methodological customs of inquiry that investigate a social or human issue, in which will empower the researcher to build up a significantly more detailed analysis and understanding about the individual and to be profoundly associated with genuine encounters of the participants. 42 University of Ghana http://ugspace.ug.edu.gh 4.2 Research Paradigm The word paradigm was coined from the Greek word “paradeigma” which implies pattern and was first utilized by Kuhn (1962) to speak to a conceptual framework shared by a group of researchers which outfitted them with a reasonable model for exploring issues and discovering answers. Kuhn characterizes a paradigm as a coordinated bunch of substantive ideas, factors and issues joined with relating methodological procedures and instruments (Kuhn, 1977). Paradigms offer philosophical assumptions, that defines what ‘valid’ research is, and the suitable methods that can be applied for that study (Myers & Avison, 2002). A research paradigm is a great arrangement of collective thinking and practice that characterize the idea of inquiry along these three measurements (TerreBlanche & Durrheim, 1999). There exist various paradigms that mirror many theoretical approaches among studies in social science, and they are positivists, interpretivism and critical realism (CR) (Mingers, 2004: Myers & Avison, 2002). These three paradigms mentioned, affect the how social occurrences/phenomena can be looked at and views of issues are also affected “in the practice of social research, their distinctions are not always clear cut” (Myers & Avison, 2002). The positivist paradigm adopts objectivity in relation to the phenomenon researched. The goal is determining general laws which govern a social occurrence being studied. (Wardlow, 1989). Also, the interpretive paradigm looks beyond people’s actions that can be observed in the context of a social occurrence and try to understand subjective meanings to the actions of the people which are in turn, interpreted to better understand the reasons for their actions (Neuman, 2011). A researcher here is of the view that various kinds of realities exist (Fisher, 2010). 43 University of Ghana http://ugspace.ug.edu.gh Critical Realism (CR) recognize and acknowledge that there is probably an externality independently of us human beings that exist out there. It assumes perceptions of social phenomenon or reality are looked at in an active and constructive way. Critical realism paradigm proposes that the thoughts of an individual can be easily shaped or influenced and therefore reality and an individual’s thoughts of reality differs (Fisher, 2010: Bisman, 2002). The aim of a critical realist is to describe social phenomena by probing the ‘context-mechanism-outcome pattern configurations’ (CMOCs) which enables the researcher to understand ‘what works for whom in what circumstances’ (Tilley, 2000). To better understand these mechanisms and relatively enduring structures underlying social occurrence, critical realism seeks not to make predictions but rather explain the social phenomenon (Elster, 1998, p. 45). Subsequently, Critical realism was adopted for this study as the aim of this research was to understand an uncertain phenomenon of how the internal and external factors affect the readiness of firms to adopt and implement Blockchain technology in Organizations. 4.3 Research Design and Methods In acquiring a clear and detailed understanding of the perceptions of respondents, this study employs the use of open-ended questions. The strategy for information gathering needed to take into consideration the condensation of the information gathered, while ideally agreeing on views. In the achievements of these goals, the Delphi technique (Whitman, 1990) was deemed relevant for this study. The Delphi technique came about in the 1950s and it was developed by RAND 44 University of Ghana http://ugspace.ug.edu.gh Corporation. It was a technique for solving complex problems that depend on feedbacks that are iterative to achieve consensus building. The Delphi study has no particular form or standard (Skulmoski and Hartman, 2007). Furthermore, Skulmoski and Hartman (2007) presented a comparison of 15 Delphi research to demonstrate how it has been applied and believed that a Delphi study should possess the following: anonymous participation should exceed one round, iterative feedbacks from participants and analysis and summary of data collected. The Delphi technique has been suggested to be used in a situation where there very little knowledge about an area or perhaps, where consensus is desired amidst respondents in an unstructured environment or knowledge of the experts in the field is uneven between fields (Bradley and Stewart, 2003: Scholl, Konig and Heisig, 2004). In view of the reasons stated, the Delphi technique was deemed relevant for addressing the issue of whether Organizations are ready to adopt and implement Blockchain technology because the technology is new and it was necessary to gain insights from experts who understood the technology holistically. A modified Delphi technique through rounds (2) of interviews was best to accomplish the purpose of this study. 4.4 Data Collection Method In relation to the principles of critical realism research, evidence from multiple sources are employed to strengthen the findings in this study (Benbasat et al., 1987). These sources comprise of interviews, documentation and archival records (Yin, 1994). 45 University of Ghana http://ugspace.ug.edu.gh 4.4.1 Qualification for Respondents Respondents from the industry were entirely anonymous. The selection criteria for Industry respondents was a respondent/an organization who have at least 2 years’ experience in the Blockchain environment, possessed a profound understanding of the workings of the technology, actively and regularly used Blockchain-based applications to complete a project or a task, and built applications based on the Blockchain technology in the Ghanaian community. Example of industry respondents were developers, Tech consultants, CTOs/CIOs, members of Blockchain communities, bitcoin traders and bitcoin miners. Respondents in academia were not anonymous as a result of having a very limited number of academic staff knowledgeable about the workings of the Blockchain technology. Therefore, snowball sampling was employed. The criteria for participation pertaining to academic respondents were that he/she must have publications about technology innovation and adoption. Also, he/she must have at least an MPhil or Ph.D. in a technology related field of study. Both respondents from academia and industry confirmed their participation either through oral or written communication and were interested in the topic of study (Avella, 2016). 4.4.2 Sampling The researcher selected the industry respondents (experts) who have at least worked with the Blockchain technology for 2 years through a purposive sampling technique. This sampling technique was used due to the limited number of individuals and organizations actively involved in the technology. Eighteen (18) experts were sampled purposively from the Blockchain networks and communities, Blockchain startup firms and some government agencies. These are individuals 46 University of Ghana http://ugspace.ug.edu.gh or firms that are actively using Blockchain, creating awareness (through competitions, hackathons, seminars, conferences, roundtable discussions, etc.) and considering adopting the technology. Out of the eighteen, thirteen (13) responded in the first interview and the second interview. For respondents in academia, 5 respondents were considered through the snowball technique. In the first and second interview, 5 responded. 4.4.3 Documentation In providing physical evidence to know why and how Organizations adopted the Blockchain technology, this method of data collection was used. This was very important to aid the study in exploring the readiness factors that causes an organization to adopt and implement the technology. These included writing materials such as Industry reports, Blogs and Newspaper clippings. On the field, the Blockchain Society of Ghana provided the author with access to its members. 4.4.3 Interviews This form of data collection was employed and it offered first-hand access to information from participants who were using the technology or had developed applications and services using the technology. Details of the decision to adopt the technology could not be shown by the documentary evidence. Interviews aided the author to be able to ask further questions which would not have been possible using a questionnaire. Preparation of the interview guide included both open-ended and close-ended questions which were used by the author. The interview guide helped capture important information about the respondents (experts) and Organizations such as their service domain, number of employees (see Appendix B). The author with the permission obtained from 47 University of Ghana http://ugspace.ug.edu.gh respondents, used a voice recording device to record the interview, whilst taking key notes. This gave directions to follow up questions that were not included in the interview guide. An interview with one of the co-founders of Blockchain Society was conducted and subsequent interviews were individually based: and in all, three practitioners were interviewed from the Blockchain Society. Two lecturers, seven developers, three bitcoin traders, one Tech consultant, one CTIOs, and four Blockchain Community Members constitute the experts interviewed. Personnel from both startups using the technology were also interviewed, to have an insight into how they are using the technology in their business and why they adopted it. A final validation interview was scheduled and conducted after one month of the pilot interview. The responses were transcribed and shared to the panel of experts in rounds, to enable them to go through the responses from others to reach a consensus. 4.4.4 Other Sources of Evidence Data triangulation is supported by critical realism research. In view of this other relevant sources were considered to the ones mentioned above. This study analyzed the websites of the firms mentioned and other important websites. Some secondary data sources were also considered such as social media platforms (WhatsApp, Twitter, and Facebook) as well as SMS. This was helpful in gathering quick and concise information rather than scheduling a meeting with the respondents. All data deemed relevant gathered from multiple sources discussed are part of the final case studies presented. 48 University of Ghana http://ugspace.ug.edu.gh Finally, all write-ups for the Organizations were sent to managers for comments, error checking, and clarification. 4.5 Data Analysis The aim of critical realism research is to discover the underlying mechanisms that are behind them (Mingers, 2004). In view of this, the analysis of this study is to focus on getting a better understanding of the core parts responsible for the phenomenon observed (the readiness factors that alters the behavior of organization to adopt and implement Blockchain) rather than generalizing it. Hence to understand how ready Ghanaian organizations are to adopt Blockchain. Using the PERM which possesses four (2) constructs, the analysis was based on the construct: 1. First, this study examined the Governmental readiness of Organizations to adopt Blockchain. With the help of various data collection methods, policies were looked at in terms of how the government will regulate the use or the operations of Organizations using the Blockchain technology: 2. Factors from Technological readiness to adopt Blockchain were identified. These spells out the technical know-how to understand and operationalize such a technology into the organization. Also, the resources and skill needed to adopt are also identified: 3. This study also examines the market readiness and tries to identify where Blockchain is being used/or in which sectors of the economy it can be used. This stage maps out the readiness factors pertaining to the market the organization is serving: 4. Education readiness offers an insight into the knowledge gain from an external source to be able to understand and build applications/services using Blockchain technology. In this 49 University of Ghana http://ugspace.ug.edu.gh regard, this study assessed what is deemed ready in terms of knowledge about the technology as well as awareness creation. Finally, from the test, the results were gathered, grouped and presented based on the constructs in the model. This made for simpler relationship, and drawing of recommendations and suggestions in light of the similarities and additionally contrasts between the readiness factors to Blockchain adoption and implementation from the response of experts. 4.6 Consensus Consensus in Delphi studies is attained between 55% to 100%, however 70% is considered as the standard acceptance point (Vernon, 2009). The influencing factors identified from findings from the interviews conducted in the first round were tested in the second round before they were accepted or rejected. A factor index to measure responses were assigned in the order of 2 to agree, 1 to neutral and 0 to disagree and the scores obtained were multiplied by the frequency which were added up to obtain the factor index by using the formula ∑[(𝑓) + (𝑓) + (𝑓)]. Factors that attain a score of 25 (0.6944) or above were sustained and rejected if the score was below. 50 University of Ghana http://ugspace.ug.edu.gh Table 4.1: Variable Score Tabulation Accept Variable Variable Influencing Factor Delphi Round One Delphi Round Two or Index Score Reject Blockchain Internal Factor(s) A=2 N=1 D=0 X A=2 N=1 D=0 X1 X X1 Organizational E-Readiness Awareness Understanding of C BB T 27 TT T 30 0.75 0.833 Accept the technology, TT DDD BBB D Knowledge on how DDDD C CC B to use it. BB L L L L DDDDD 𝑓(A)=20 𝑓(N)=7 𝑓(D)=0 𝑓(A)=26 𝑓(N)=4 𝑓(D)=0 Human Availability of TTT 36 DDDDD 36 1.00 1.00 Accept Resources skilled personnel BBBB DD CC TTT LL BBBB DDDDDD LL D CC 𝑓(A)=36 𝑓(N)=0 𝑓(D)=0 𝑓(A)=36 𝑓(N)=4 𝑓(D)=0 Technology Availability of DDDDDD 36 DDDDD 36 1.00 1.00 Accept Resources technical D DD components TTT TTT BBBB BBBB LL LL CC CC 51 University of Ghana http://ugspace.ug.edu.gh 𝑓(A)=36 𝑓(N)=0 𝑓(D)=0 𝑓(A)=36 𝑓(N)=0 𝑓(D)=0 Business Risk, Capital B BB B 28 BB BB 31 0.77 0.861 Accept Resources T TT TT DD DDDDD DD DDDDD T CC CC LL LL 𝑓(A)=24 𝑓(N)=6 𝑓(D)=0 𝑓(A)=26 𝑓(N)=5 𝑓(D)=0 Commitment Management and DDDD DDD 32 DDDDD 36 0.88 1.00 Accept staff support BBBB L DD CC BBBB L CC TTT LL TTT 𝑓(A)=26 𝑓(N)=4 𝑓(D)=0 𝑓(A)=36 𝑓(N)=0 𝑓(D)=0 Governance Business strategy CC DD 34 CC DD 32 0.94 0.88 Accept and process TTT TTT BB 4 LL LL DDDDD DDDDD BBBB BB 𝑓(A)=32 𝑓(N)=2 𝑓(D)=0 𝑓(A)=32 𝑓(N)=4 𝑓(D)=0 Blockchain External Factor(s) A=2 N=1 D=0 X A=2 N=1 D=0 X1 X X1 External E- Readiness Governmental Policies & DDDD DDD TT 28 DDDDD D B 32 0.77 0.88 Accept Readiness Regulations, T B D T Government CC TT initiative on BBB CC technology LL BBB LL 52 University of Ghana http://ugspace.ug.edu.gh 𝑓(A)=24 𝑓(N)=4 𝑓(D)=0 𝑓(A)=30 𝑓(N)=2 𝑓(D)=0 Technological Affordability of IT TTT 36 TTT 36 1.00 1.00 Accept Readiness resources, BBBB BBBB Availability of IT DDDDDD DDDDD resources, D DD Accessibility of IT CC CC resources LL LL 𝑓(A)=36 𝑓(N)=0 𝑓(D)=0 𝑓(A)=36 𝑓(N)=0 𝑓(D)=0 Market Efficiency of DDDDDD 36 DDDDD 36 1.00 1.00 Accept Readiness technology, Extent of D DD usage CC CC LL LL BBBB BBBB TTT TTT 𝑓(A)=36 𝑓(N)=7 𝑓(D)=0 𝑓(A)=36 𝑓(N)=0 𝑓(D)=0 Educational Availability of LL TT 33 LL 36 0.91 1.00 Accept Readiness Learning Platforms, CC B CC 6 Accessibility to BBB BBBB relevant courses T TTT DDDDDD DDDDD D DD 𝑓(A)=30 𝑓(N)=3 𝑓(D)=0 𝑓(A)=36 𝑓(N)=0 𝑓(D)=0 53 University of Ghana http://ugspace.ug.edu.gh Key: Agree (A), Neutral (N), Disagree (D), Item Content Validity Index (X) for item score in round one, Item Content Validity Index (X1) for item score in round one, responses from Developers (D), responses from Bitcoin Traders (T), responses from CTOs & Consultants (C), responses from Blockchain Society members (B) and responses from academia (L); X and X1 are calculated by ∑[(𝑓(𝐴)) + (𝑓(𝑁)) + (𝑓(𝐷))], Where 𝑓 is frequency. 4.7 Chapter Summary The above analysis has established the research paradigm and research approach used for this research, thereby setting the stage for the analytical presentation of research findings in the next chapter. 54 University of Ghana http://ugspace.ug.edu.gh CHAPTER FIVE RESEARCH FINDINGS 5.1 Introduction The purpose of this study is to examine the readiness factors that influence the readiness to adopt and implement Blockchain in firms. In this chapter, the data obtained from the respondents through interviews are presented and discussed. Again, this chapter feeds on the canons of critical realism to examine the data presented through the lens of the research framework, which helps determine the nature of Blockchain, what it is being used for and the factors that influence its readiness to adoption. 5.2 Blockchain in Africa – Overview New technological innovations have transformed ways in which people communicate with their environment, in areas such as business and social interactions. The blockchain is one of these technologies that have changed the way we transact by enabling individuals to collaborate without any third party (The Economist, 2015). Technology and innovation have been recognized in the Sustainable Development Goals (SDGs) as an important indicator in confronting many challenges of sustainable development in Africa and the role of ICT in addressing these challenges. Africa has many problems that can be fixed by the adoption of modern innovations such as Blockchain. Cases of Blockchain technology adoption are very few because knowledge about the technology and poor understanding of how it works limits the adoption of the Blockchain solutions developed. This is evident in non-banking sectors. Due to the elimination of third parties in the Blockchain system, central banks do not have control over transactions thereby cannot be regulated. 55 University of Ghana http://ugspace.ug.edu.gh Nevertheless, Bitcoin, a cryptocurrency powered by the Blockchain technology which is used for the transfer of funds is found in developing economies such as Kenya, Ghana, Uganda, South Africa, and Tunisia. 5.3 Representation of Respondents The Demographics of the respondents are presented below: 56 University of Ghana http://ugspace.ug.edu.gh Table 5.1 Demographics of Respondents Type of Respondent Number Interviewed Length of Experience Developers 12-18 Months 2 18-24 Months 2 24-36 Months 3 36-48 Months Total: 7 Bitcoin Traders 12-18 Months 1 18-24 Months 1 24-36 Months 1 36-48 Months Total: 3 57 University of Ghana http://ugspace.ug.edu.gh Type of Respondent Number Interviewed Length of Experience CTO & Tech consultants 12-18 Months 18-24 Months 1 24-36 Months 1 36-48 Months Total: 2 Blockchain Community members 12-18 Months 1 18-24 Months 1 24-36 Months 2 36-48 Months Total: 4 Lecturers, Facilitators & Instructors 12-18 Months 18-24 Months 58 University of Ghana http://ugspace.ug.edu.gh Type of Respondent Number Interviewed Length of Experience 24-36 Months 2 36-48 Months Total: 2 Grand Total: 18 Source: Author’s Construct 59 University of Ghana http://ugspace.ug.edu.gh 5.2 Nature of Blockchain 5.2.1 What type of Blockchain platform are they adopting? This study seeks to find out the type of Blockchain platforms that are being adopted as well as finding why that type of Blockchain platform was considered. In this study, the findings gathered suggests that the most used Blockchain platform used was Bitcoin. Bitcoin was the most used platform since it aids in fast and reliable money transactions to fulfill financial obligations. Some firms in the country now accept Bitcoin as a mode of payment so as to transact business with individuals who prefer to pay in Bitcoins. A respondent said that: “Bitcoin is the most Blockchain technology used in Ghana because it helps in financial exchanges across borders and due to its effectiveness and transparency there is trust and people feel comfortable using it to trade.” (Blockchain Community Member) Bitcoin is also the most used Blockchain platform in Ghana due to the fact that it can be used for investment purposes. A bitcoin trader said: “Being a Bitcoin trader, I invest in bitcoin to store value. I buy the coins and when the price increases, I make a higher return.” (Bitcoin Trader) Again, the findings suggested that there are other Blockchain platforms that are being used in the country. BenBen and AgriXchain platforms are some of the few Ghanaian owned Blockchains being used in the country. Respondents also mentioned other Blockchain platforms that are not Ghanaian owned but being used, and they are Ethereum, Ripple, Bitcoin Cash and other popular crypto platforms. 60 University of Ghana http://ugspace.ug.edu.gh 5.2.1 What are they using it for and why? On the use of these platforms and the reason for using them, the findings suggested that most of these platforms (crypto platforms) were used for money transactions making it more of a financial platform which helps to fulfill financial obligations. These crypto platforms are used due to the fact that sending money or receiving money is quicker and faster. A respondent stated that: “I use Bitcoin a lot mostly for my purchases, especially when am buying stuff outside Ghana. I use it because it is convenient, faster and cost-effective compared to other payment options and I receive instant confirmations.” (Bitcoin Trader) Again, some of the non-crypto platforms used were also mentioned. BenBen and AgriXchain were the most mentioned by respondent and these platforms are Ghanaian owned. A respondent said that: “in Ghana I know of BENBEN, and I know of another one, I can’t remember the name, and a third one I heard of is IBM signed an MOU in Ghana to develop a land registration system but I know there are a lot of people especially in the financial sector who have been experimenting with it, but I do not know of any products out there.” (Tech consultant) Another respondent said: “Benben is also another local-based Blockchain platform that individuals use to acquire lands in the country. It has helped solve the problem of land search, validation, and ownership. Users can access BenBen’s interactive maps to search land information before buying or selling.” (C.T.O) 61 University of Ghana http://ugspace.ug.edu.gh BenBen is a Blockchain firm in Accra which uses the technology to secure land-based assets and financial transactions in Ghana. Another respondent said: “AgriXchain is a platform used in the Agriculture sector. The world is changing and as it changes, it comes with new technology and innovations that make working easy, more reliable and effective. The traditional way of contract enforcement with its relative performance has changed. Africa agri-businesses needs a system that is effective, efficient and productive without much bureaucracy where actors in the agri-supply chain facilitate trade among themselves, share information and ensure good standards of produce required.” (Developer) AgriXchain is also a locally based Blockchain platform that allows individuals to connect with thousands of farmers for their products. Through this platform, farmers capacities are built in order to meet buyers' standards. In conclusion, the findings on the nature of Blockchain espouses the various types and application of the technology. It shows the understanding of the use of the Blockchain technology is good hence, the integration by the local companies such as BenBen and AgriXchain into their business operations. Awareness of the technology is encouraging due to the fact that individuals know what it (Blockchain) is, how to use it and what to use it for. 62 University of Ghana http://ugspace.ug.edu.gh 5.2 Blockchain Organizational E-Readiness (BOER) 5.2.1 Awareness From the findings, it was discovered that the awareness of the staff about the technology will play a key role in its adoption. Knowledge about the workings and use of the technology were examined during the interview. Awareness of a technology plays a key role in knowing what it is going to be used for and whether it will better support the business goals. A respondent stated that: “for an organization to be aware of how the Blockchain works and the potential benefits they can derive from it can go a long way to help them consider using it to their advantage.” (Developer) Another respondent said: “Blockchain is not the solution for everything so for an organization to know what Blockchain is and how it works will help the organization know which aspects of their business to use it. Therefore, if there is proper awareness about Blockchain the organization can capitalize on it.” (Tech consultant) Again, organizations in the tech and financial space seemed to have an idea of what Blockchain was and was aware of the benefits of the technology. A respondent stated that: “we here, know Blockchain to be a new way of processing data across systems in a more appropriate and ensures data maintains its original and intended form all through the communication process.” (Blockchain Community Member) 63 University of Ghana http://ugspace.ug.edu.gh Most respondents acknowledged that knowing and understanding Blockchain is very essential for its adoption and considering it potentials in this technological era can help the organization obtain value. 5.2.2 Human Resources The findings revealed that human resource with the needed skills to operate and maintain the technology is very essential in the organization's quest to adopt the technology. It is paramount for the staff of an organization to possess the needed know-how to be able to successfully oversee the implementation and integration of the technology into the business to fit in its operations. Respondents revealed that it was important for staff to have skills to manipulate the Blockchain system to ensure easy adoption. One respondent said: “to run the Blockchain platform in an organization means that your staff has adequate I.T skills to handle the deployment and running of the system.” (C.T.O) However, some respondents were opposed to this view and they exclaimed that since the Blockchain system automates an entire process there is no need for any major skills to run the system in the organization hence, human resource can be outsourced to run the system. A respondent stated that: “since Blockchain automates most processes, it not really necessary to have more skilled staff to run the system always. The needed skills can be imported through outsourcing to be able to release a little pressure from your staff.” (Tech consultant) 64 University of Ghana http://ugspace.ug.edu.gh Human resources in terms of IT skills are important when it comes to the adoption of Blockchain whether in-house or outsourced. 5.2.3 Technology Resources Respondents agreed to the fact that having adequate technological resources available in an organization is very crucial to the adoption of Blockchain. A firm and robust technology resources will be necessary to run the Blockchain platform for the organization. A respondent said: “an organization with a firm IT background and resource can be able to power the Blockchain platform with no problems. Powerful machines must be in place to support the load.” (C.T.O) Another respondent said: “we are using the Blockchain platform to mine bitcoins because we have powerful GPUs and faster processors.” (Developer) Technological devices such as network devices and powerful computers in an organization will influence the readiness to adopt Blockchain technology. Respondents were quick to add that better technological resources lessen the digital pressure and make the running of systems easier. 65 University of Ghana http://ugspace.ug.edu.gh 5.2.4 Business Resources Taking risk is very important in the life of an organization. The ability to take the risk can elevate the status of the organization. Respondents confirmed that business resources are very essential to the adoption and implementation of the Blockchain technology. A respondent said: “We took a risk to use Blockchain to power our platform and so far, it is working for us.” (C.T.O) Also, the financial resource is very important when it comes to the adoption and implementation of a technology in an organization. Respondents confirmed that to use Blockchain demands a lot of financing in the hardware department. A respondent said: “to run a Blockchain platform you need high spec hardware like powerful graphics card and CPUs to help run the system.” (Developer) In conclusion, respondents confirmed that business resources such as adequate financing and also, the ability of the organization the take risks can help aid in the adoption of the Blockchain technology. 5.2.5 Commitment Commitment towards the adoption and use of a system is very important. Respondents confirmed that support from top management and staff in an organization can go a long way to facilitate the adoption process of Blockchain. Some respondents affirmed that their top management was aware 66 University of Ghana http://ugspace.ug.edu.gh of the potential benefits of Blockchain, therefore, they gave their full support to see it adopted. A respondent stated that: “Our CEO was fully aware of what the Blockchain technology is about and since he was an I.T person, he was very supportive in seeing the implementation of it through.” (C.T.O) Also, a few respondents stated that top management was skeptical about the technology and therefore hindered the adoption of the technology. A respondent said: “we tried to get our bosses to agree to adopt Blockchain for parts of our software solution but they were not confident that it will work.” (Developer) In summary, top-level management support to adopt a Blockchain may be very important as respondents indicated. 5.2.6 Governance The business model and strategy of an organization can determine whether a technology will be adopted or not. Respondents agreed to the fact that the direction of the organization can influence the type of technology adopted. Respondents argued that Blockchain streamlines business processes in the sense that, business partners are all on one network which makes transactions efficient, transparent and secure. A respondent said: 67 University of Ghana http://ugspace.ug.edu.gh “a company can build a business network and include its suppliers who provide material for its production process. Therefore, the business, suppliers, distributors and retailers would all be on that business network.” (I.T Lecturer) Another respondent said: “I believe that Blockchain promises a lot of value to business operations in terms of its power to facilitate and ensure data is well represented in real-time, however, I believe the investment should be well evaluated to match the strength of the business.” (Tech consultant) The business strategy can have an effect on the type of technology adopted. With Blockchain, respondents were quick to say that the direction of the organization can be very important when considering the adoption and implementation of Blockchain. 5.3 Blockchain External E-Readiness (BEER) 5.3.1 Governmental Readiness Government’s influence on the acceptable way of the use of information technology in the country will aid in the socio-economic development of the state. Policies rolled out by the state helps prevent the misuse of these technologies in the country. These policies also, protect its citizens from being negatively affected through the use of these technologies. However, there little to say about policies governing the use of Blockchain in Ghana since it is an emerging technology. The Governor of Bank of Ghana alluded to the fact that: 68 University of Ghana http://ugspace.ug.edu.gh “To maximize its potential benefits, it is necessary to identify the inherent risks and institute mitigating measures to contain the risks. Also, clarity has to be established for terminologies, technical standards, and approaches in its implementation. Governance and standardization issues are also necessary to foster end-to-end security and interoperability among different systems. The Bank of Ghana is, therefore, monitoring developments in the Blockchain Technology space and will facilitate its adoption in the financial sector.” (Governor, BOG) Some respondents confirmed that policies or regulations on the use of Blockchain are non-existent in the country therefore, encouraging criminals to use the technology to defraud citizens. The Governor said: “It is therefore important that the necessary conditions are created for customers of financial services to trust digital systems so as to engender confidence in the emerging ecosystem. To sustain this confidence, digital products and services should be secure, affordable, fast, transparent and accessible, and have a good audit trail. These issues are of concern to customers and should, therefore, be at the forefront of product development and delivery.” (Governor, BOG) Other respondents disclosed that the Government is ready to embrace the technology to ensure transparency and efficiency in the system and also, go a long way to modernize and digitize governmental agencies. A respondent confirmed that: “IBM will work directly with the Ministry of Lands and Natural Resources to develop plans to take this initiative forward. A secondary aspect of the project is to enhance port logistics and processes. Smart contracts could be used to improve customs and logistics in the ports of the 69 University of Ghana http://ugspace.ug.edu.gh country. This decision by the government will greatly allow for more security and transparency in the industry at the same time that it would be able to reduce frauds in the system and amplify the access to investment and capital in the country.” (Manager, IBM) In summary, Governments readiness to adopt Blockchain is encouraging and efforts are being made to develop policies as to how best the technology can be used in the right way. 5.3.2 Technological Readiness Having adequate technological infrastructure to be able to adopt an innovation is very crucial in a country. State of the art equipment and Internet service providers (ISPs) are also influencers to the adoption of an innovation by individuals, firms and the state. Respondents stated that the availability and accessibility of certain technological innovations (such as Cloud services) to help power or develop Blockchain applications and services are very necessary to convince an organization to adopt and implement it. A respondent commented that: “you will need access to cloud services and you will also need some good development machines. So, what will happen is basically you get machines on the cloud and you get companies like Microsoft and IBM that offer Blockchain-as-a-Service (Baas). So, once you have these you can start experimenting with the technology” (Tech Consultant) Respondents also talked about the ability to afford these enabling agents to run Blockchain. Some exclaimed that power issues and equipment maintenance, as well as ISP expenses, is very expensive in this part of this part world thereby making it unattractive for some organizations to 70 University of Ghana http://ugspace.ug.edu.gh adopt the technology. However, others responded by admitting that even though it is expensive, there is low-cost alternative to help in cost reduction to influence the readiness to adopt the technology. A respondent commented that: “when you are developing Blockchain you need two things, development machines like an i7 processor, 1 TB HDD, and an 8-16 GB, then you would have to install what they call a test net or a testing Blockchain and then you have the actual one which you might like to host on a cloud because if you host it locally you would need a lot of storage and network expenses.” (C.T.O) In conclusion, respondents indicated that the country is technologically ready to adopt the technology hence, implement it successfully. 5.3.3 Market Readiness Market forces affect the decisions and directions of organizations. Knowing the needs of the market you serve as an organization can be of great value. Respondents shared that knowing the concerns of customers and helping to address these issues through the use of Blockchain will win their trust and loyalty. They further stated that issues of transparency are of concern in the country. For example, the land registration and ownership industry in the country lacks trust. Some respondents also confirmed that the majority of court cases in Ghana are related to land issues. A respondent commented that: 71 University of Ghana http://ugspace.ug.edu.gh “Land records are stored in a centralized database with no additional benefits other than being a paper registry. It is virtually impossible to collateralize property rights in Ghana because the paper registry system is unenforceable in court.” (CTIO) Another stated that: “Traditionally, governments keep records of land properties, but these registries can be lost or manipulated, and owners may not have written proof of ownership.” (Tech Consultant) Again, a respondent said: “IBM and the Ghanaian government have signed an MOU to replace the existing centralized and paper-based land registry process with an entirely new Blockchain-based land administration system.” (Blockchain Community Member) Respondents made mention of some firms that are using Blockchain to offer land registration services. They mentioned firms like BenBen and BitLand Ghana. A respondent confirmed that: “BenBen is a team of motivated engineers and innovators dedicated to improving Government Technology in Ghana. We focus on Land & Property Management as we aim to create a reliable land information and transactions system. Coupling the latest in Geomatic Services with Blockchain technology we see ourselves as the pioneers of a new age in land innovation that will bring Ghana to the forefront of land investment and GovTech innovation and serve as a model for the rest of the world.” (BenBen) 72 University of Ghana http://ugspace.ug.edu.gh Another commented that: “Bitland uses Blockchain to register local land. Bitland cooperates with local authorities to help record property rights in a decentralized, immutable format.” (BitLand) In summary, the findings showed that these firms are using the technology to solve the needs of the land market and there are more ways to improve this industry with the use of Blockchain technology. 5.3.4 Educational Readiness Acquiring knowledge about the use and the workings of a technology increases the confidence level to adopt that technology. Learning how to manipulate and how to obtain the benefits that come with its use is very important for its adoption and implementation. Respondents commented on the fact that a certain skill and knowledge is needed when it comes to the development of Blockchain applications and services. Some sort of programming skill is required to take advantage of the technology in order for it to run correctly. A respondent said: “the end goal is to develop blockchain related applications, any programming language, and some platforms. There is a platform called ethereum.org and it uses a programming language called solidity and these are some of the things you need to know.” (Instructor) Another respondent stated that: “you need to be competent in one programming language and once you are competent with one, you can pick the basis of any Blockchain related development tool easily.” (Instructor) 73 University of Ghana http://ugspace.ug.edu.gh Again, a respondent confirmed that: “say if you want to develop ethereum, you need to know solidity. But once you already know another programming language picking up solidity is not difficult.” (Developer) Respondents were also asked if conferences, seminars, courses or programmes about Blockchain were being organized or offered by some firms and a respondent said: “so there has been some non- governmental steps. There have some organizations that have run events, some have run events on Blockchain and some have run events on cryptocurrencies. The Blockchain society Ghana, plans to run their event in a few months.” (IT Lecturer) Another respondent said: “others have also developed themselves through online educational platforms such as Lynda, IBM, and Coursera. Through these platforms, individuals have acquired programming skills to help them take advantage of Blockchain.” (Instructor) Some respondents also confirmed that they have actively taught courses on Blockchain development, being it the technical aspects and the business aspects of the technology. A respondent said: “You have developers like me, teaching the technical side, and some more business-minded people teaching the business skills and a general awareness of its potential benefits.” (Developer) 74 University of Ghana http://ugspace.ug.edu.gh In conclusion, the findings showed that there are courses that aid in obtaining the needed skills to develop Blockchain. There are firms and practitioners who teach these courses and assist individuals to gain the necessary skills to develop the technology however, some individuals result to online platforms to acquire these skills. 5.4 Summary In conclusion, the table below shows the lessons obtained from the findings presented. 75 University of Ghana http://ugspace.ug.edu.gh Table 5.2 Summary of Lessons Obtained Construct Variables Influencing Factors Lessons Obtained Blockchain Awareness • Understanding of the technology Firms that are aware of Blockchain and Organizational • Knowledge on how to use it. understand it are prepared or ready to adopt E-Readiness the technology. Human Resources • Availability of skilled personnel The human resource capabilities such as development and maintenance of technology in the firms influence the readiness to adopt and implement Blockchain. Technology Resources • Availability of technical components Robust technology resources will be necessary to run the Blockchain platform for firms in developing economies. 76 University of Ghana http://ugspace.ug.edu.gh Construct Variables Influencing Factors Lessons Obtained Business Resources • Risk Essential business resources are needed to • Capital aid the readiness to adopt and implementation of Blockchain in firms. Commitment • Management and staff support Support from the staff and the management of firms is key for the readiness to adopt Blockchain technology. Governance • Business strategy and process The direction of firms can influence the readiness to the implementation of Blockchain. Blockchain Governmental Readiness • Policies & Regulations The implementation of regulations and External E- • Government initiative on technology policies are necessary to successfully guide Readiness the readiness to adopt and proper implementation of Blockchain. 77 University of Ghana http://ugspace.ug.edu.gh Construct Variables Influencing Factors Lessons Obtained The move on the part of Government to implement Blockchain in its Land registry institution will boost the confidence of firms and positively influence the readiness to adoption of the technology by other firms. Technological Readiness • Affordability of IT resources Technological readiness addresses the • Availability of IT resources adoption and implementation of Blockchain • Accessibility of IT resources due to the level of affordability, availability, and accessibility of IT resources. Market Readiness • Efficiency of technology Firms are ready to adopt Blockchain due to • Extent of usage its features which are important in their industry to provide services. 78 University of Ghana http://ugspace.ug.edu.gh Construct Variables Influencing Factors Lessons Obtained Educational Readiness • Availability of Learning Platforms The necessary learning materials to aid in the • Accessibility to relevant courses skills acquisition are available to equip firms to adopt Blockchain Source: Author’s Construct 79 University of Ghana http://ugspace.ug.edu.gh Findings from the were presented in relation to the research objectives in this chapter through the guidance of the constructs of the PERM. These findings were sourced out form Blockchain experts through interviews which were used to explain the constructs hence, drawing lessons from the information obtained by the help of the constructs. 80 University of Ghana http://ugspace.ug.edu.gh CHAPTER SIX ANALYSIS AND DISCUSSION 6.1 Chapter Overview This chapter examines and discusses the findings in the preceding chapter. Also, in this chapter, answers are provided to questions asked in this study and eventually offer explanations and evidence to the propositions made in this study. 6.2 Answering the Research Questions A number of questions were asked in the study and these questions are going to be examined with the findings presented to conform to the objectives stated earlier in this study. The sections below analyses these questions: 6.2.1 What is the nature of Blockchain technology adoption in Ghanaian firms? This research question was subdivided into two, in other to better understand the true nature of Blockchain adoption in the country. These were: a. What type of Blockchain platform are they adopting? b. What are they using it for and why? Individuals and firms in the country are familiar with Blockchain technology. Many of them have either used or are actively using it for their transactions or embedded it into their IT systems to improve their business process. Different forms of Blockchain platforms exists however, individuals and firms are familiar with cryptocurrencies and some other local Blockchain 81 University of Ghana http://ugspace.ug.edu.gh platforms. The table below summarizes the types of these Blockchain platforms being used and the intended purpose of its usage. 82 University of Ghana http://ugspace.ug.edu.gh Table 6.1 Nature of Blockchain technology adoption in Ghana Type Description Platform Purpose Why Used? Bitcoin Bitcoin is a decentralized payment scheme that Used for • Faster transaction facilitates peer-to-peer transactions between users transactions • Price value Web directly without any third party involved. online • Lower transactional cost & • Trust Mobile • Anonymity and security BenBen BenBen is a platform that digitally secures land allows users to • Transparency Web records on the Blockchain database and allows manage their land • Data integrity citizens to prove land ownership and securely & records and • Security facilitate transactions such as home loans. perform land Mobile transactions. 83 University of Ghana http://ugspace.ug.edu.gh Type Description Platform Purpose Why Used? BitLand Bitland uses Blockchain for land title protection, Web allow individuals • Security with the goal of preventing corruption and opening and organizations • Integrity “trillions” of dollars for infrastructure development. to survey land and record deeds onto the Bitshares Blockchain AgriXchain AgriXchain uses a blockchain based software that allows farmers to • Transparency connects all stakeholders in the value chain to get all the inputs, • Easy tracking of goods facilitate trade, ensure standards and assist buyers tools, technology • integrity (Processors and Exporters) to acquire all the and all other Web supplies they need at the right standards (quality and services they Quantity). need to produce to meet standard even on credit. 84 University of Ghana http://ugspace.ug.edu.gh Type Description Platform Purpose Why Used? Ethereum.org Ethereum is a decentralized platform that runs smart Platform to • Ease of use contracts: applications that run exactly as develop • Security programmed without any possibility of downtime, Web Blockchain • Perceived Usefulness censorship, fraud or third-party interference. applications and services Source: Author’s Construct 85 University of Ghana http://ugspace.ug.edu.gh From Table 6.1, the findings outline the nature of Blockchain Technology in the country by tackling the sub-questions about the platforms being adopted and reasoned why they use these platforms. On the issue of the type of platform used, individuals and firms lean towards the use of the cryptocurrency which is Bitcoin. Most individuals and firms use Bitcoin to make and receive payments for goods and services purchased or sold, however, a small section of individuals and firms use it as a store of value whereby, they store it by investing or trading to generate profit due to the increasing demand of the cryptocurrency (Bitcoin) worldwide. This shows that individuals and firms are quite familiar with how to operate devices (smartphones, tablets, and laptop/desktop computers) that can run this technology since these devices are able to access the internet. Also, it was discovered that the Blockchain was used for both crypto and non-crypto uses. Crypto in the sense that its assets are financial and can be used for transaction and to fulfill financial obligations, such as buying and receiving payments online. For example, using a cryptocurrency such as Bitcoin to trade in goods and services as well as investments. Non-crypto uses of blockchain was also discovered whereby, it was used for record keeping purposes and supply chain. This was evident with three firms in Ghana using the technology. First, BenBen and BitLand used blockchain for keeping records of land registration and ownership in the country and finally, AgriXchain also used blockchain to connect all stakeholders, so as to facilitate buying and selling of farm produce. The findings obtained suggests that more individuals and firms are looking into the blockchain technology. Most of them are very interested in it and want to benefit from it. More are aware of 86 University of Ghana http://ugspace.ug.edu.gh this technology and know what it is about however, few have already started experimenting and/or, adopted and implemented it into their business. Others are also learning and gaining knowledge about blockchain through attending conferences, seminars, and webinars. 6.2.2 What factors influence the readiness of Ghanaian firms to adopt Blockchain? This section reveals the main factors that cause a firm to consider the adoption of Blockchain into their business. This section will be sub-divided into two, stating the internal factors and the external factors that influence the readiness to adopt the technology. 6.2.2.1 Blockchain Organizational E-Readiness (BOER) Awareness Blockchain has been dominant in the financial sector for a while now. For example, Blockchain applications such as Bitcoin, Ripple, Ethereum, etc. are virtual currencies (cryptocurrencies) that are used in financial transactions. Awareness about Blockchain being used for non-financial purposes is low considering the developing economies. However, from the findings, this study found out that some firms are aware of how to leverage the technology to be able to solve pressing problems such as land ownership records. Again, the findings suggest that these firms being aware of what the technology can be used for, have already adopted and implemented it into their business. Conferences, training programs and seminars are being organized and attended by corporate bodies to understand how Blockchain can be leveraged in providing solutions to business problems. For example, Ghana Dot Com on the 25th October 2018 organized the GHANA BLOCKCHAIN CONFERENCE PROGRAM which was about Blockchain Technology for 87 University of Ghana http://ugspace.ug.edu.gh development. This conference was to spread awareness of the technology and point out areas where it could be applied as well as the benefits. Awareness was seen as a very important factor that can influence the readiness to adopt Blockchain technology. Hence, being aware of the benefits of the technology can influence the decision of the firm’s readiness to adopt and implement Blockchain. Therefore, this is confirming existing studies (Molla & Licker, 2005) which indicates that the organization or the firm being aware of a technology can affect its adoption. Also, firms are more likely to adopt a technology if they realize the changes it is making to society (Molla & Licker, 2005). In view of the propositions stated above, this study suggests that: In relation to BOER, Awareness (A1) has an influence on the initial adoption of Blockchain. In relation to BOER, Awareness (A2) has an influence on the implementation of Blockchain. Human Resources Having the necessary skill to deploy, manage and maintain a technology is very important in the successful adoption of that technology. Firms will be much more comfortable in adopting a technology only if they possess the skilled and efficient human resource to oversee the Blockchain technology work well. From the findings, this study discovered that a firm with skilled human resource will be quick to adopt and implement the Blockchain technology. For example, BenBen as a startup immediately adopted and implemented Blockchain due to the fact that they were equipped with skilled staff to develop and maintain the technology. 88 University of Ghana http://ugspace.ug.edu.gh The availability of the right human resource influences the adoption behavior of firms. This finding is supported by studies (Heeks, 2002: Molla & Licker, 2005) which affirms that a firm is bound to adopt a technology if the staff are more IT oriented and possess the necessary IT skills to manage the technology. In view of the propositions stated above, this study suggests that: In relation to BOER, Human Resource (H1) has influence on the initial adoption of Blockchain. In relation to BOER, Human Resource (H2) has an influence on the implementation of Blockchain. Technological Resources To be able to successfully adopt and deploy a technology is dependent on the kind of technological resources needed to run it. From the findings, this study noticed that to successfully adopt Blockchain will require some technological resources such as development machines and some other hardware components and cloud services like Blockchain-as-a-Service (BaaS) from either IBM, Microsoft, Amazon, Ethereum, etc. to be able to develop Blockchain services and applications and successfully deploy them to consumers. A firm with the necessary tech resources will be confident in adopting Blockchain technology. Technological Resources was found as a variable that greatly influences the readiness to adopt Blockchain in the firm and this claim is supported and confirmed by studies (Chwelos, Benbasat, & Dexter, 2001: Molla & Licker, 2005) which stated that the level of software and hardware resources in the organization can initially affect the adoption and also help in the implementation of the Blockchain technology. In view of the propositions stated above, this study suggests that: 89 University of Ghana http://ugspace.ug.edu.gh In relation to BOER, Technological Resource (T1) has an influence on the initial adoption of Blockchain. In relation to BOER, Technological Resource (T2) has an influence on the implementation of Blockchain. Business Resources Business Resources in the firm has a major influence on the readiness to adopt Blockchain technology. For example, having adequate funds is very important to support and sustain the adoption and implementation of Blockchain in the firm. Unfavorable financial conditions will discourage the firm from adopting a technology (Hollenstein, 2002). Also, the risk-taking ability of the firm is very important and has an influence on the readiness to adopt the technology (Blockchain). If the firm is afraid to innovate then, the technology cannot be adopted. This is in line with studies (Wang & Cheung, 2004: Molla & Licker, 2005) stating that the availability of financial resources will help to build up and sustain a technological system, which will influence the initial adoption and implementation of the Blockchain technology. Therefore, this study suggests that: In relation to BOER, Business Resources (B1) has an effect on the initial adoption of Blockchain. In relation to BOER, Business Resources (B2) has an effect on the implementation of Blockchain. 90 University of Ghana http://ugspace.ug.edu.gh Commitment Being committed to a technology also has an effect on the adoption of a technology. From the findings, this study identified that some firms were committed to Blockchain and hence used it to unpin their products. For example, Agrixchain were committed to using Blockchain to help farmers in Ghana come on board in meeting standards through a smart contract which would also ensure traceability and transparency. The commitment of the firm to a technology was found as an influencing factor to the adoption of that technology. This contradicts the findings by Molla & Licker (2005) who stated that commitment did not appear to have any influence on the readiness to adopt a technology. However, findings from other studies (Montealegre, 1998: Wang & Cheung, 2004) is consistent with the findings of this study stating that the lack of commitment of the organization affects the adoption and implementation of a technology. Hence, this study concludes that: In relation to BOER, Commitment (C1) has an influence on the initial adoption of Blockchain. In relation to BOER, Commitment (C2) has an influence on the implementation of Blockchain. Governance The firm’s strategy is very important to shape the operations of the technology. Guidelines on how and where the Blockchain technology should be used provides a clear direction of where the firm is heading to and also helps the firm to know whether the technology is needed or not. A firm having a clear understanding of what services or product they want to offer will enable them to know whether to adopt Blockchain or not. For example, Bitland as a firm wants to provide services 91 University of Ghana http://ugspace.ug.edu.gh to allow individuals and organizations to survey land and record deeds onto the Bitshares Blockchain. Therefore, Bitland in their strategy has included Blockchain as the technology which will drive them to achieve their goals. Governance through the firm’s strategy and monitoring of the firm’s operations and processes was found to have a major influence on the readiness to adopt Blockchain. This is coherent with studies by Molla & Licker (2005) which suggest that governance has an influence on the implementation of Blockchain. In view of the propositions stated above, this study suggests that: In relation to BOER, Governance (G2) has an effect on the implementation of Blockchain. 6.2.2.2 Blockchain External E-Readiness (BEER) Governmental Readiness With governmental readiness, this study identified two issues from the findings. These are the policies rolled out by the government to regulate Blockchain use and also the government’s preparedness towards the use of Blockchain. From the findings, it was discovered that policies on how to use blockchain are non-existent in the country. Regulatory bodies in the country have not put in place any regulatory document to serve as a guideline on the use of the technology. However, the Bank of Ghana is monitoring developments pertaining to the technology and will, therefore, aid in its adoption through policies and regulations in the financial sector in the country. 92 University of Ghana http://ugspace.ug.edu.gh Moreover, from the findings, the government in an attempt to curtail the land registration and ownership issues, signed an MOU with IBM to implement a Blockchain system to be used by the Lands commission to capture land registration and ownership records. This is to help solve the inconsistencies pertaining to land-related issues. This indicates that the government is making the necessary steps to adopt the Blockchain technology to help in transparency and increase trust in the asset acquisition process. Furthermore, firms involved in the land registration and ownership process will have to use the system to render services thereby, adopting the technology into their business process. The Blockchain technology can be utilized for any exchange, be it data or transactions that happen in which includes the government. The crucial qualities of this technology are that it empowers implementation in a wide scope of information exchange, asset registration (both physical and digital) (Swan, 2015). The Blockchain technology might empower various parties as to the supervision of information and this will help create the infrastructure and monitor the use of the technology as well as alterations of the information recorded to ensure data integrity and quality of data. Moreover, the government serves as the trusted party, who has the authority to operate and maintain the land registry records, review owner documents and determine appropriate transaction guidelines to safeguard a trusted process (Ølnes, Ubacht & Janssen, 2017). Government readiness is an important variable in the adoption of Blockchain in developing economies and it was found in this study to be an indicator of the initial adoption and implementation of Blockchain in the country. Hence, confirms existing studies (Dutta, Lanvin, & 93 University of Ghana http://ugspace.ug.edu.gh Paua, 2004: Oxley & Yeung, 2001) which stated that government readiness has a significant influence on the initial adoption and implementation of a technology. A study by Molla & Licker (2005) contradicts this finding stating that government readiness had no significant influence on the readiness to adopt and implement a technology. Studies (Kuan & Chau, 2001) show that policies and regulations implemented to regulate the use of a technology, has a positive effect on the initial adoption and implementation of the technology. In view of the propositions stated above, this study suggests that: In relation to BEER, Government Readiness (GR1) has a positive effect on the initial adoption of Blockchain. In relation to BEER, Government Readiness (GR2) has a positive effect on the implementation of Blockchain. Technological Readiness Technology resources are essential for the success for the adoption and implementation of Blockchain. Blockchain technology comes with features that are not supported by the legacy technologies that exist. Moreover, the blockchain technology is cost-effective when it comes to the transmission of transactions and offers data security in the network which streamlines Business-to-Business integration (B2B) (Korpela, Hallikas & Dahlberg, 2019). With technological readiness, this study identified issues such as availability, affordability, and accessibility. From the findings, this study discovered that resources such as cloud services, a powerful hardware component can aid in the successful use of Blockchain technology. The availability of the resources and being able to afford such resources are important for the adoption of Blockchain. A 94 University of Ghana http://ugspace.ug.edu.gh development machine for the building of Blockchain applications and services should be of high specifications. Machine specifications such as an i7 processor, 1 Terabyte Hard Disk Drive (HDD) and an 8-16 gigabyte RAM is a good development machine for the development of which is available and easily accessible in various electronic shops in the country. Additionally, services such as internet services and cloud services are very essential to enable online capabilities for the development and running of Blockchain applications. For internet services, various Internet Service Providers (ISPs) are available and easily accessible in the country. ISPs such as Surfline, Vodafone, MTN, Telesol, Busy, Blu, etc. are available with various branches all over the country. Services of these ISPs are easily accessible and affordable since their coverage covers most parts of the country. The availability of these ISPs again makes internet services affordable due to the competition between these ISPs. However, their services differ based on the network service. Provision of 4G services is also available and easily accessible in the country, which is provided by some ISPs (Surfline, MTN, Telesol, Busy). Internet services are accessible through various services such as Broadband, Wi-Fi and the use of a modem which are affordable depending on consumer preference. Some users also access internet service through their sims by buying bundles and having a smartphone with internet capabilities. This helps blockchain users to easily access the internet and have access to online services to develop blockchain applications. Some blockchain developers use their smartphones as a hotspot (access point) to be able to connect their machines 95 University of Ghana http://ugspace.ug.edu.gh to the internet and download the necessary dependencies to enable them to develop Blockchain applications. Technological readiness has an influence on the readiness to adopt and implement Blockchain. This is confirmed by studies (Molla & Licker, 2005: Boateng et al., 2011) stating that a firm’s technological position will go a long way to influence the readiness to adopt an innovation. In view of the propositions stated above, this study suggests that: In relation to BOER, Commitment (TR1) has an effect on the implementation of Blockchain. In relation to BEER, Commitment (TR2) has a positive effect on the implementation of Blockchain. Market Readiness This study identified two issues from the findings obtained which are going to be discussed in relation to this variable. These issues are: the incorporation of blockchain into the firm’s business process and the level of difficulty using blockchain. These issues, depending on the industry they operate in would influence their readiness to adopt and implement of blockchain to fit the business. Considering the level of difficulty in using blockchain, the technology was discovered to be easy to use. Most firms that have integrated the technology into their business model with the aim of using it (blockchain) to solve problems that exist in their industries and these firms are normally newly formed technology startups. These firms offer their products in the form of software solutions to solve the industry related problems, which is underpinned by the blockchain technology. For example, BenBen and Bitland have offered a blockchain platform as a product to enhance efficiency in the land acquisition and registration process and address the trust gap 96 University of Ghana http://ugspace.ug.edu.gh permanently by authenticating land records with the land records in the government's asset registry systems. From the findings obtained, this study discovered that Blockchain is easy to use, as it is now provided as a cloud service known as Blockchain-as-a-Service (BaaS). This is where cloud companies such as IBM Hyperledger, Microsoft Azure and Amazon Web Services provide the Blockchain services that an individual or firm can deploy Blockchain applications and platforms through the cloud without worrying about infrastructure, software, and scalability issues. Hence, it is easy to use and easy to manage. Furthermore, other firms will be empowered to use the Blockchain technology due to their involvement in the land acquisition and registration space. This will be possible due to the governments initiative to leverage on the blockchain technology capabilities and features to streamline the process in land registration and acquisition. The blockchain will make record- keeping increasingly effective particularly in the land acquisition and registration industry where land issues are deceitful practices, land titles are mostly forged and broadened legitimate suits. The Blockchain will make unchanging records for land possession, which are then digitized, verified and kept away from being altered. Considering the incorporation of blockchain into the firm’s business process, a number of organizations have already integrated blockchain into their business. These firms (BenBen and Bitland) were led by the growing number of land issues in the country as well as inconsistencies in land records. These firms took to blockchain due to the case of double ownership which means two parties claiming ownership of a single land or an asset. This is very evident in this part of the 97 University of Ghana http://ugspace.ug.edu.gh world due to middlemen involved in the process. These middlemen provide or issue buyers illegally generated land titles for parcels of land hence, creating the problem of double ownership and eventually ending in disputes between the parties involved. Resolving these issues is mostly a lengthy process and the inconsistencies and inefficiencies facing the existing structures make it a problematic task to authenticate land records. Therefore, firms in order to avoid the issue of double ownership and ensure trust and efficiency in the system have resulted in choosing the blockchain technology as the solution for the land ownership and registration industry. The Blockchain technology having features like Storing of digital copies of verified land little, land Registry tracking ownership and publishing and documenting the process for land records can do away with these middlemen and enhance transparency and trust in the system. Market readiness has a major effect on the adoption of Blockchain. This is affirmed by Molla & Licker (2005) stating that there is a significant influence on the readiness to adopt and implement Blockchain. Again, Humphrey, Mansell, Pare & Schmitz (2003) found out that pressures such as technological advances will aid in the adoption of a technology which will lead to its implementation. Therefore, this study concludes that: In relation to BEER, Market Force Readiness (MR1) has a positive effect on the initial adoption of Blockchain. In relation to BEER, Market Force Readiness (MR2) has a positive effect on the implementation of Blockchain. 98 University of Ghana http://ugspace.ug.edu.gh Educational Readiness In relating education with Blockchain adoption, this study examines two issues being: the necessary courses needed to be knowledgeable to develop blockchain application and where one can access these courses/programmes. Concerning the courses needed to learn to obtain Blockchain applications development skills, this study discovered that one should be knowledgeable in programming languages such as Solidarity, C++, Python, etc. Some programmes and boot camps are organized in order to become a Blockchain developer and these are Ethereum Developer Masterclass - Build Real-World Projects, Become a Blockchain Developer with Ethereum and Solidity, Blockchain for Business, IBM Blockchain Foundation for Developers, etc. These courses are structured to help individuals without any IT background to become Blockchain developers at the end of the course. This also helps by providing the ordinary person with blockchain development capabilities to be able to develop Blockchain solutions. However, there are courses available for non-technical individuals who want to understand the workings of the technology. Additionally, in relation to where to access these courses, there are online platforms and offline platforms. Online platforms are great in obtaining knowledge. Blockchain courses can be found all over the internet either paid or free. Platforms such as Coursera, Udemy, Edx, BlockGeeks, Youtube, etc. are few of the platforms to visit in order to access these courses. This approach is most common because these platforms allow self-paced learning where a person can feel comfortable and make progress based on the individual’s abilities. Also, there are offline platforms 99 University of Ghana http://ugspace.ug.edu.gh and training firms like the Knowledge Academy, unichrone and Entirety Technologies who offer classroom-based training to interested persons who want to obtain Blockchain development capabilities. Educational readiness was seen to have a positive influence on the readiness to adopt Blockchain in the sense that after the skills have been acquired, it can be channeled in the development of solutions. This is confirmed by Ruhizan et al. (2014) stating that without proper knowledge of the technology, it will be the constraint in the adoption of the Blockchain technology. Acquiring quality information derived from learning through education and evaluating the new information obtained can highly influence the use of information technology. Therefore, this study concludes that: In relation to BEER, Educational Readiness (ER1) may have a positive effect on the initial adoption of Blockchain. In relation to BEER, Educational Readiness (ER2) may have a positive effect on the implementation of Blockchain. 6.3 Chapter Summary This chapter analyzed and discussed the findings presented in the preceding chapter by reviewing literature in order to address the research questions posed in the first chapter of this study. The chapter began by analyzing the outcomes of the findings followed by the discussion of the factors that influence the readiness to Blockchain adoption which was in line with the PERM. In the next chapter, this study gives summary and proceeds to discuss contributions made to research policy 100 University of Ghana http://ugspace.ug.edu.gh and practice, and also, the limitations of the study. Finally, the next chapter presents researchers with recommendations for further research gaps to be explored. 101 University of Ghana http://ugspace.ug.edu.gh CHAPTER SEVEN CONCLUSION, RECOMMENDATIONS AND FUTURE RESEARCH DIRECTIONS 7.1 Chapter Overview In the previous chapter, the findings of this study were analyzed and discussed in connection with the research questions asked in the first chapter (chapter one). It, in this way, examined the inquiries and the findings in connection to the existing literature. This last section, in any case, is keen on giving an outline of the key findings of this study in connection to every one of the parts in this research. It further investigates the contributions made by this study to literature (research), policy and practice. Furthermore, this chapter gives the confinements (limitations) and suggestions (recommendations) to future research and the synopsis of this study. 7.2 Synopsis of this Study The purpose of this study is to examine the readiness factors that influence the readiness to adopt and implement Blockchain in firms and to also develop a theory-based understanding of Blockchain readiness in developing economies. Research questions stated for this study, in order to reach the purpose were: 1. What is the nature of Blockchain technology adoption in Ghanaian firms? a. What type of Blockchain platform are they adopting? b. What are they using it for and why? 2. What factors influence the readiness of Ghanaian firms to adopt Blockchain? 102 University of Ghana http://ugspace.ug.edu.gh In chapter two, this study starts by giving an outline of the Blockchain technology: the overview of Blockchain, various definitions, popular examples of Blockchain applications and taxonomies of Blockchain. The chapter gave a detailed review of existing research with respect to the Blockchain technology by espousing current issues and providing gaps in the field. Finally, this chapter concludes by condensing and identifying future research gaps to be studied. Chapter three of this study presented a theory to be able to better understand the phenomenon being studied. The Perceived E-Readiness Model (PERM) was adapted as a theoretical focal point for this study in order to accomplish the stated purpose for this study. The theory helped in the recognizable proof of basic empowering and compelling adoption determinants of the Blockchain adoption in firms. Additionally, the PERM helped in addressing the questions relating to the internal and external factors that influence the readiness to adopt Blockchain in firms and conceptualization of the model was done. Finally, the chapter concludes on how the theory was operationalized in this study. In relation to chapter four of this study, the research method and approach that were employed in this study were discussed and revealed. The chapter revealed and discussed the research paradigm, research design, how data was collected, the instruments that were used, and how the data was analyzed. 103 University of Ghana http://ugspace.ug.edu.gh In chapter five, the data obtained from the respondents through interviews are presented and discussed. Again, the chapter fed on the canons of critical realism to examine the data presented through the lens of the research framework, which helped determine the nature of Blockchain in firms, what it was being used for and the factors that influenced its readiness to the adoption. Based on the findings from chapter 5, chapter 6 analyzed and discussed the research findings in relation to the research questions posed in chapter one and themes were identified in relation to the variables through the adapted model constructed from the PERM. The chapter addressed the research questions in accordance with existing research in the field of Blockchain presented in the second chapter. Bringing chapters two, three and five together, this study presents the summary of the propositions based on the discussions which are outlined in the table below: 104 University of Ghana http://ugspace.ug.edu.gh Table 7.1. Confirmed Propositions from the Findings Construct Variables Propositions from Discussions True/False Supporting References Awareness Awareness (A1) has an influence on the initial ✓ adoption of Blockchain. Molla & Licker (2005) Awareness (A2) has an influence on the ✓ implementation of Blockchain Human Resources Human Resource (H1) has influence on the ✓ initial adoption of Blockchain. Heeks (2002): Molla & Licker (2005) Human Resource (H2) has an influence on the ✓ implementation of Blockchain. Technology Technological Resource (T1) has an influence ✓ on the initial adoption of Blockchain. Chwelos, Benbasat, & Dexter, Resources (2001): Molla & Licker (2005) Technological Resource (T2) has an influence ✓ on the implementation of Blockchain. Business Business Resources (B1) has an effect on the ✓ initial adoption of Blockchain. Wang & Cheung (2004): Molla & Resources Licker (2005) Business Resources (B2) has an effect on the ✓ implementation of Blockchain. Commitment Commitment (C1) has an influence on the Montealegre (1998): Wang & Cheung ✓ initial adoption of Blockchain. (2004) 105 BOER University of Ghana http://ugspace.ug.edu.gh Construct Variables Propositions from Discussions True/False Supporting References Commitment (C2) has an influence on the ✓ implementation of Blockchain. Governance (G2) has an effect on the Governance implementation of Blockchain. ✓ Molla & Licker (2005) Governmental Government Readiness (GR1) has a positive ✓ effect on the initial adoption of Blockchain. Dutta, Lanvin, & Paua, (2004): Oxley Readiness & Yeung, (2001): Kuan & Chau, Government Readiness (GR2) has a positive (2001) ✓ effect on the implementation of Blockchain. Technological Technological Readiness (TR1) has an effect ✓ on the implementation of Blockchain. Molla & Licker (2005): Boateng et al. Readiness (2011) Technological Readiness (TR2) has a positive ✓ effect on the implementation of Blockchain. Market Readiness Market Force Readiness (MR1) has a positive ✓ effect on the initial adoption of Blockchain. Humphrey, Mansell, Pare & Schmitz (2003): Molla & Licker (2005) Market Force Readiness (MR2) has a positive ✓ effect on the implementation of Blockchain. Educational Readiness (ER1) may have a positive effect on the initial adoption of ✓ Ruhizan et al. (2014) Blockchain. 106 BEER University of Ghana http://ugspace.ug.edu.gh Construct Variables Propositions from Discussions True/False Supporting References Educational Educational Readiness (ER2) may have a positive effect on the implementation of ✓ Readiness Blockchain. Source: Author’s construct 107 University of Ghana http://ugspace.ug.edu.gh Blockchain Blockchain Organisational E- External E- Readiness (BOER) Readiness (BEER) Awareness (A) • Understanding of the technology Implementation of Governmental Readiness (GR) • Knowledge on how to use it. • Policies & Regulations Blockchain • Government initiative on technology 2 Human Resources (H) • Availability of skilled personnel 2 Technological Readiness (TR) If Adopted • Affordability of IT resources • Accessibility of IT resources Technology Resources (T) • Availability of IT resources • Availability of technical components 1 1 Initial Adoption of Market Readiness (MR) Business Resources (B) Blockchain • Efficiency of technology • Risk • Extent of usage • Capital Commitment (C) Educational Readiness (ER) • Management support • Availability of learning Platforms • Accessibility to relevant courses Governance (G) • Business process Figure 7.1. Redefined Conceptual Framework (Blockchain E-Readiness Model) Source: Author’s construct 108 University of Ghana http://ugspace.ug.edu.gh Table 7.2 Mapping Research Objectives to Findings and Contribution Research Purpose: The purpose of this study is to explore the factors that influence the readiness to adopt and implement Blockchain in firms and to also develop a theory-based understanding of Blockchain readiness in developing economies. Blockchain Technology E-Readiness Research Variables Influencing Research Findings Supporting Contributions, Objectives Factors Literature Implications and Recommendations Awareness • Understanding • Firms that are This study essentially adds of the aware of up to the current blockchain technology Blockchain and Molla & Licker literature on the understand it are (2005) implementation and prepared or ready to benefits of Blockchain in • Knowledge on adopt the developing economies. The To explore the how to use it. technology. adaptation of the PERM factors that Human • Availability of • The human variables to frame a influence the Resources skilled resource hypothetical focal point to readiness of personnel capabilities such as accomplish was the purpose Ghanaian firms development and Heeks (2002): of this study. In light of the to adopt maintenance of Molla & Licker findings of this study, there Blockchain. technology in the (2005) is the urgency for firms influence the Information systems (IS) readiness to adopt researchers to lead an and implement extended inquiry into the Blockchain. 109 University of Ghana http://ugspace.ug.edu.gh Research Variables Influencing Research Findings Supporting Contributions, Objectives Factors Literature Implications and Recommendations utilization of Blockchain in Technology • Availability of • Robust technology technical resources will be Chwelos, firms in other developing Resources components necessary to run the Benbasat, & economies. Blockchain Dexter, (2001): This study likewise fills in platform for firms Molla & Licker as a decent source of in developing (2005) reference for practitioners economies. in academia who might Business • Risk • Essential business want to conduct further Resources • Capital resources are studies into Blockchain needed to aid the Wang & Cheung using IS theories to study readiness to adopt (2004): Molla & Blockchain technology and implementation Licker (2005) adoption in other of Blockchain in developing economies. firms. This study, therefore, serves Commitment • Management • Support from the as a foundation upon which and staff staff and the Montealegre other researchers can base support management of (1998): Wang & to conduct a quantitative firms is key for the Cheung (2004) study, using the PERM to readiness to adopt analyze the adoption of Blockchain blockchain in developing technology. economies enabling Governance • Business • The direction of researchers to dwell on this strategy and firms can influence Molla & Licker to test quantitatively to process the readiness to the (2005) make a generalization. implementation of Blockchain. 110 University of Ghana http://ugspace.ug.edu.gh Research Variables Influencing Research Findings Supporting Contributions, Objectives Factors Literature Implications and Recommendations This study presupposes the Governmental • Policies & • The implementation Readiness Regulations of regulations and non-technical readiness policies are factors tend to be more necessary to dominant than technical successfully guide readiness factors. Readiness • Government the readiness to lies in addressing these initiative on adopt and proper dominant factors primarily technology implementation of in relation to the technical Blockchain. factors. Second, there is an • The move on the Dutta, Lanvin, & interaction between part of Government Paua, (2004): organizational readiness to implement Oxley & Yeung, factors (Awareness, Blockchain in its (2001): Kuan & Resources, Commitment & Land registry Chau, (2001) Governance) and institution will environmental readiness boost the factors (Governmental confidence of firms Readiness, Market and positively Readiness, Technological influence the Readiness & Educational readiness to Readiness). adoption of the This study emphasizes the technology by other presentation of a firms Blockchain policy to offer Technological • Affordability • Technological Molla & Licker an enabling environment to Readiness of IT readiness addresses (2005): Boateng et aid in the adoption and resources the adoption and al. (2011) proper implementation and implementation of 111 University of Ghana http://ugspace.ug.edu.gh Research Variables Influencing Research Findings Supporting Contributions, Objectives Factors Literature Implications and Recommendations • Availability of Blockchain due to use of the technology within IT resources the level of the country. The policy can • Accessibility affordability, focus on how a Blockchain of IT availability, and application processes and resources accessibility of IT authenticates records and resources. also check the credibility of • Efficiency of • Firms are ready to issuing authorities on a Market Humphrey, Readiness technology adopt Blockchain Blockchain network. Mansell, Pare & • Extent of due to its features Schmitz (2003): This study provides an idea usage which are important Molla & Licker of how regulators can in their industry to (2005) introduce a tax party in a provide services. Blockchain business Educational • Availability of • The necessary network to track proper tax Readiness Learning learning materials filing by the business parties Platforms to aid in the skills in the Blockchain network. • Accessibility acquisition are to relevant available to equip This study showed the firms to adopt success of Blockchain in courses Blockchain. firms by creating Ruhizan et al. transparency, trust, and (2014) efficiency amongst stakeholders. In relation to the external forces, practitioners are to allow the influence of the regulatory bodies, hardware and software vendors, 112 University of Ghana http://ugspace.ug.edu.gh Research Variables Influencing Research Findings Supporting Contributions, Objectives Factors Literature Implications and Recommendations Internet service providers and cloud service providers on the adoption process of Blockchain. Source: Author’s construct 113 University of Ghana http://ugspace.ug.edu.gh 7.3 Implications for Research, Practice, and Policy The study has contributed significantly to research, policy, and practice. The sub-sections outline an in-depth explanation as to how this study contributed to the following areas. 7.3.1 Implications for Research This study essentially adds up to the current blockchain literature on the implementation and benefits of Blockchain in developing economies. The adaptation of the PERM variables to frame a hypothetical focal point to accomplish was the purpose of this study. In light of the findings of this study, there is the urgency for Information systems (IS) researchers to lead an extended inquiry into the utilization of Blockchain in firms in other developing economies. This study likewise fills in as a decent source of reference for academics who might want to conduct further studies into Blockchain using IS theories to study Blockchain technology adoption in other developing economies. Besides, in contribution to existing knowledge, this study adapted the PERM which has broadly been utilized in quantitative research and presented factors that impact the adoption of Blockchain. This study, therefore, serves as a foundation upon which other researchers can base to conduct a quantitative study, using the PERM to analyze the adoption of blockchain in developing economies enabling researchers to dwell on this to test quantitatively to make a generalization. 114 University of Ghana http://ugspace.ug.edu.gh Again, as a contribution to knowledge, this study focuses on the internal organizational factors and the external organizational factors that impact on the adoption of Blockchain at the firm level. It presupposes the non-technical readiness factors tend to be more dominant than technical readiness factors. Readiness lies in addressing these dominant factors primarily in relation to the technical factors. Second, there is an interaction between organizational readiness factors (Awareness, Resources, Commitment & Governance) and environmental readiness factors (Governmental Readiness, Market Readiness, Technological Readiness & Educational Readiness). The findings from this study indicated that all factors had a positive effect on the adoption and implementation of Blockchain. Finally, this study eliminates the barrier in the literature that exists between the developed and developing economies on Blockchain issues. 7.3.2 Implication for Policy In relation to policy, this study emphasizes the presentation of a Blockchain policy to offer an enabling environment to aid in the adoption and proper implementation and use of the technology within the country. The policy can focus on how a Blockchain application processes and authenticates records and also check the credibility of issuing authorities on a Blockchain network. Finally, this study provides an idea of how regulators can introduce a tax party in a Blockchain business network to track proper tax filing by the business parties in the Blockchain network. 7.3.3 Implication for Practice In relation to practice, this study serves as a guideline for firms that are looking forward to adopting and implementing the Blockchain technology. This study showed the success of Blockchain in firms by creating transparency, trust, and efficiency amongst stakeholders. 115 University of Ghana http://ugspace.ug.edu.gh From the findings of this study, practitioners are enlightened that the choice to adopt and implement the Blockchain technology may be influenced by external factors and not always internal factors. In relation to the external forces, practitioners are to allow the influence of the regulatory bodies, hardware and software vendors, Internet service providers and cloud service providers on the adoption process of Blockchain. Finally, the uniqueness of the Blockchain technology calls for users and firms to possess human resource skills through continuous learning in other to be familiar with technical changes to the Blockchain technology. 7.4 Limitations of the Study The study encountered some limitations in terms of scope, methodology, and theories. These limitations gave space for future research directions so as to enlighten researchers to explore and provide a generalization of their findings. To begin with, the researcher was affected with time and resource hence, restricting the scope for the analysis in terms of the quantity and number of firms. Again, this study used solely the qualitative methodology to check the development. Moreover, this technique restricted the researcher in terms of the number of respondents. 116 University of Ghana http://ugspace.ug.edu.gh 7.5 Recommendations for Future Research Although the study has contributed significantly to the body of knowledge in Information Systems (IS) with respect to Blockchain adoption in developing economies, there are some gaps that future research can look into: 1. This study examined how and why firms in developing economies adopt and implement Blockchain technology and to determine the factors that influence the adoption. This was achieved by seeking answers from industry experts who have extensive knowledge of the technology. Further research can adopt a single case or a multiple case study to the implementation process of Blockchain. 2. Furthermore, this study adapted the PERM to help gain insights on the adoption factors of blockchain in developing economies. 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UNIVERSITY OF GHANA BUSINESS SCHOOL DEPARTMENT OF MANAGEMENT INFORMATION SYSTEMS Introduction: My name is Frederick Edem Junior Broni, an MPhil student of the University of Ghana Business School pursuing Management Information Systems. I am conducting a study on “Blockchain Technology Readiness: Evidence from a Developing Economy.” Overview of Research: The purpose of this study is to explore the factors that influence the readiness to adopt and implement Blockchain in firms and to also develop a theory-based understanding of Blockchain readiness in developing economies. The study extends a PERM analyzing the readiness of Ghanaian firms to utilize the technology and also explore the driving factors that influences a behavior towards the utilization of Blockchain and its benefits in a developing country. This study seeks to: 1. To explore the nature of Blockchain technology in Ghanaian firms. 2. To explore the factors that influence the readiness of Ghanaian firms to adopt Blockchain. The interview will cover the following areas. You are however not under any obligation to answer questions to which you feel uncomfortable with. 128 University of Ghana http://ugspace.ug.edu.gh Thank you for your valuable contribution in advance. Your participation is vital to the success of this research. Information to be gathered from your firm is purely intended for academic purposes. PART A (The following questions seek to provide an overview of the interviewee or firm) Background of Respondent and Firm 1. Can you please tell about yourself and what you do in your Organization? 2. Kindly provide a background to this Organization (company/ industry type, vision, mission, mode of operations, year of establishment, number of employees, firm location). 3. Can you please enlighten me on your position and activities you do within your organization? 4. How long have you been working with this firm/within the industry? PART B Nature of Blockchain Technology 5. Do you use Blockchain? Can you please elaborate on how Blockchain is used in your firm? 6. What are the main characteristics of the Blockchain? 7. What are the strengths and weakness of the Blockchain? 8. What do you believe about the progress of Blockchain in the future? 9. Do you know about any other application areas of the Blockchain? 10. Do you know about any other companies who work with the Blockchain? 129 University of Ghana http://ugspace.ug.edu.gh Awareness of Blockchain Technology 11. Can you please tell me the industry you belong to? What role does your organization play in the industry mentioned? 12. Please can you tell me what you know about the Blockchain technology? 13. How did you come about the idea of Blockchain? 14. How is Blockchain a valuable tool within business operations? What are some benefits? 15. Do you know of any Organization currently using Blockchain within your industry? 16. What do you think are some factors that will hinder the adoption of Blockchain in the industry? Government readiness (NITA, NCA, Accra Digital Center) 17. Are there government policies to regulate Blockchain? What policies exist? If not, what is government doing to put in place effective policies to regulate Blockchain? 18. Are/Will these policies going to be direct, indirect or general policies? 19. Has there been any Policy/roundtable discussion on Blockchain? What level was it done and who were the stakeholders involved? Tech readiness (developers, enthusiasts, CTO/CIO’s, consultants, Communities) 130 University of Ghana http://ugspace.ug.edu.gh 20. Can you describe the technological resources that is needed to influence the adoption of Blockchain? 21. What is the educational and IT skill background to develop Blockchain capabilities in the country? 22. How many software houses provide Blockchain applications/ and or services? 23. Are there existing platforms to build Blockchain applications or run Blockchain services? Market readiness – (landlaybyghana.com, Ghana Dot Com, Ghana Ben Ben) 24. What made you consider ready or made the firm confident before adopting Blockchain? 25. What were the technical challenges faced in adopting Blockchain? 26. What factors influenced your choice of Blockchain? 27. What kind of market services is Blockchain being applied to, in relation to your firm? 28. What sectors of the economy are Blockchain being used currently? Is it a proprietary Blockchain applications for a specific group or a general Blockchain application for all purposes? 29. If it is a general application, are there representatives here to give support services or to oversee its use? Educational Readiness (training centers, lecturers, instructors, facilitators) 30. Have the government/firms/international bodies in any way organized any workshop/seminar to support awareness creation? 131 University of Ghana http://ugspace.ug.edu.gh 31. Do you know of any firm that offer formal education for Blockchain? Is it a topic, course or a programme? Who is teaching it? 32. Is it taught to just increase knowledge or taught to equip individuals in developing Blockchain applications? What are the relate programming language taught? 33. What are the alternative platforms where you can learn from? Thank you for your time and participation. 132 University of Ghana http://ugspace.ug.edu.gh Appendix C - Request for data collection & Feedback Request for data collection (Blockchain Society Ghana) Request for data collection (BenBen) 133 University of Ghana http://ugspace.ug.edu.gh Feedback Mail 134 University of Ghana http://ugspace.ug.edu.gh Appendix D – Some Definitions BLOCKCHAIN: A public ledger of unchangeable transactions of records in a block, linked in a chain which are distributed over a public network of nodes (computers) visible to everyone on the network. BITCOIN: A computerized and worldwide form of money. It enables individuals to send or receive cash over the web, even to somebody they don't know or don't trust. CRYPTOCURRENCY: A virtual cash intended to fill in as a mode of trade. CRYPTOGRAPHY: A strategy for encoding data in a specific way with the goal that those for whom it is planned can peruse and process it. PAYMENT GATEWAY: An online service that facilitates cashless transactions. PEER-TO-PEER: A distributed service whereby one person communicates with another, without intermediation by an outsider. PROOF-OF-WORK: An algorithm used to affirm transactions and produce new blocks to the chain. 135