Doctoral Thesis
A Study of Consumers' Perception Towards Trust and Acceptance of Blockchain Adoption in the Digital Payment System of Bhutan
Doctor of Philosophy (PhD), Murdoch University
2025
Abstract
Blockchain is one of the most recent advancements in the financial technology domain and has attracted significant attention across the globe. Blockchain has the potential to change the dynamics of the current digital payment system. However, the adoption of blockchain in developing countries, such as Bhutan, is still at an infant stage. Furthermore, empirical studies on the emerging market of blockchain and consumers’ awareness of its drivers and consequences are still limited. Therefore, this study aims to fill this gap by conducting an empirical study on Bhutanese consumers’ trust and acceptance of the adoption of blockchain in the digital payment system of Bhutan. The Unified Theory of Acceptance and Use of Technology and the various trust constructs were drawn to develop an Augmented Trust–Acceptance Model (ATAM) to measure the effect of security, privacy, transparency, and regulation on trust and performance expectancy, effort expectancy, social influence and facilitating conditions on Acceptance. Quantitative research methodology was applied, and a structured questionnaire was designed and distributed to collect data from the respondents across Bhutan using Murdoch Qualtrics. The relationship among the latent constructs was measured using Partial Least Squares Structural Equation Modelling (PLS-SEM), based on 302 responses. The results reveal that security, privacy, and regulation play a significant role in establishing trust in consumers. Performance expectancy, effort expectancy and facilitating conditions are strong predictors of acceptance towards a blockchain-based payment system. This study contributes theoretically by extending the current UTAUT framework by integrating the trust constructs and practically by providing implications for the policymakers, financial institutions and technology developers on designing a blockchain-based payment system that is secure, transparent and user-friendly for the Bhutanese market. The study also offers a platform for further empirical studies on digital trust and technology adoption in the emerging market.
Details
- Title
- A Study of Consumers' Perception Towards Trust and Acceptance of Blockchain Adoption in the Digital Payment System of Bhutan
- Authors/Creators
- Tenzin Norbu
- Contributors
- Joo Yeon Park (Supervisor) - Murdoch University, School of Information TechnologyKevin Wong (Supervisor) - Murdoch University, School of Information TechnologyHui Cui (Supervisor) - Monash University
- Awarding Institution
- Murdoch University; Doctor of Philosophy (PhD)
- Identifiers
- 991005891651607891
- Murdoch Affiliation
- School of Information Technology
- Resource Type
- Doctoral Thesis
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