Factors Influencing Decision to Adopt Blockchain Technology at National Mining Corporation

Abstract

The primary goal of the study was to establish the elements that led to a decision by the National Mining Corporation to adopt blockchain technology. The conceptual scope involves looking at various factors, such as technological advancement, perceived benefits, and changes in the legal environment, as some of the factors that are considered by the organization in choosing to adopt and implement blockchain-based technologies. The study adopted a survey research design with a case which allowed for collection of data from a large sample size. The research implemented a non-probability sampling design where census design was applied because the target population was small and manageable. Technological factors were found to have major impact on the choice made by the National Mining Corporation to implement blockchain technology. These factors included the need to replace the existing and obsolete technological infrastructure with modern ones that come with additional benefits aside from supporting blockchain technology. Organizational needs were also discovered to possess a notable influence on the use of blockchain technology by the National Mining Corporation. Key areas of influence were the organization's requirement to ensure security and integrity of data and have controlled access to personal information. These factors include the need to have transparent, secure, and transparent systems to protect data and maintain trust with stakeholders; the need for the organization to streamline operations and reduce costs; the need to have systems to offer a tamper-proof, visible record of the complete supply chain, enabling better traceability and reducing misuse of data and information; and the need to decentralize data and provide a resilient and fault-tolerant system. Adopter characteristics also had a major factor influencing the choice by NMC to adopt blockchain technology. These are the organization's internal factors, which include technological infrastructure complexity and staff knowledge and skills. The legal framework had considerable impact on the decision by the National Mining Corporation to adopt blockchain technology. The legal environment includes the national legal framework, industry policies, and organizational policies. Considering the study's conclusions, this research recommends that the organization needs to benchmark with other organizations in the private sector both within and across the border to establish the potential challenges that are likely to emerge during the implementation process. For successful implantation of blockchain technology, NMC will need to clearly define the business problems blockchain is intended to solve and align blockchain initiatives with the overall business strategy and goals. The management should therefore champion blockchain projects and drive organizational buy-in. As the organization implements blockchain technology, it should remain abreast of relevant regulations and legal requirements at the local, national, and international levels. Additional investigations need to be carried out to look into the application of this technology in more public institutions. The study further suggests that blockchain technology be considered for a study using different models to establish consistency in the outcomes.