Exploring Blockchain Adoption in the Banking Sector of Bangladesh

Blockchain technology adoption is increasingly prevalent among business practitioners, academicians, and policymakers. However, blockchain usage is still in its infancy in many emerging economies, such as Bangladesh. This research aims to explore the enablers and barriers influencing the adoption of blockchain technology in the banking sector of Bangladesh. Drawing on the Technology-Organizational- Environment (TOE) model and diffusion of organizational innovation (DOI) theory-based view, this research aims to investigate the motivators and internal & external barriers to blockchain technology adoption in Bangladesh’s banking sector. This study took a qualitative case-based approach, combining multiple exploratory case studies and interviews with the senior managers of commercial private banks operating in Bangladesh. The results reveal that senior managers have shown a positive attitude towards adopting advanced technology to improve customers’ end experiences. Managers are eager to adopt blockchain technology in international trade finance-related activity. However, they have emphasized the operational and regulatory context as major setbacks for blockchain technology adoption in the banking sector of Bangladesh.