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Exploring Consumer Trust for Blockchain Adoption for Digital Payment Systems in Bhutan
Conference proceeding   Open access

Exploring Consumer Trust for Blockchain Adoption for Digital Payment Systems in Bhutan

Tenzin Norbu, Joo Yeon Park, Kok Wai Wong and Hui Cui
BSCI '25: Proceedings of the 7th ACM International Symposium on Blockchain and Secure Critical Infrastructure, pp.1-12
ACM Conferences
BSCI '25: 7th ACM International Symposium on Blockchain and Secure Critical Infrastructure (Ha Noi, Vietnam., 25/08/2025–29/08/2025)
2025
DOI: https://doi.org/10.1145/3709016.3737803
Appears in  Open Access via Read & Publish Agreements
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CC BY V4.0,  Open Access

Abstract

Security and privacy -- Formal methods and theory of security -- Security requirements Security and privacy -- Systems security -- Operating systems security -- Trusted computing
Blockchain can change digital payments through improved transaction speed and security. Trust remains a huge hurdle to adoption in developing countries like Bhutan, where conventional banks dominate and technology acceptability is influenced by culture. The aim of this paper is to investigate the role of four main trust factors, which are security, privacy, regulation, and transparency, in creating trust among consumers in the use of blockchain technology in Bhutan's digital payment system. We employ a quantitative research approach to examine 302 respondents using Partial Least Squares Structural Equation Modeling (PLS-SEM). These observations highlight the need for an overall plan with privacy-enhancing features, safe infrastructure, clear regulations, and open processes to build consumer trust. The findings confirm that privacy is the most critical factor influencing trust, followed by security, regulation, and transparency, underscoring the need for strong privacy protections and robust security measures. It provides practical recommendations to stakeholders who want to align Bhutan's digital payments with the international scene, while still adapting to its own culture and regulation. By creating trust, blockchain adoption can be a key component in Bhutan's financial revolution.

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