Modeling blockchain adoption in the United Kingdom’s banking: an empirical study using technology-organization-environment framework
Abstract
Blockchain technology (BCT) has the ability to significantly change the financial services industry by making transactions faster, cheaper, safer, as well as more transparent. Therefore, the current paper seeks to investigate and empirically validate the variables, which are affecting the adoption of Blockchain in the UK’s banking system. For this purpose the study collected secondary data through reviewing literature for the period January 2015 and June 2025 from well indexed journals, conference proceedings, books, white papers, and industry reports, those are related to blockchain technology and the banking sector. However, primary data for this study were collected from banking and financial services employees in London between the period January 2025 and July 2025 using a structured questionnaire. A non-probability purposive sampling technique was adopted and Partial Least Squares Structural Equation Modelling (PLS-SEM) was used to examine the relationships among the proposed technological, organizational, and environmental determinants of blockchain adoption. The Technology Organizational Environmental framework served as the model for the scale used for measuring BCA enablers. Consequently, the study found that perceived Compatibility, relative advantage, learning culture, top management, consumer readiness, and competitive pressure significantly affects the adoption of blockchain, whereas perceived cost limits this adoption process. Additionally, the results reveal that perceived compatibility, relative advantage, learning culture, top management support, customer readiness, and competitive pressure positively influence blockchain adoption, whereas perceived cost negatively affects adoption. Moreover, the findings indicated that Blockchain might therefore be viewed as an emerging disruptive force in digital technology that is transforming business models and is becoming as an essential element on a global scale.