What drives adoption of smart contract? Identifying peer influences in blockchain user network

Xudong Cai, Bin Zhang, Xi Zhao

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

Smart contract brings more versatile functions in blockchain technology. However, its adoption rate is not as high as expected. Currently, there is no thorough study addressing such problem. To fill such gap, we propose to use peer influence to explain smart contract adoption in blockchain user network. We explore whether and how multiple types of peer influence including direct pee influence and indirect peer influence, simultaneously affect individual adoption decisions of smart contracts. Our hypotheses are examined in the context of CryptoKitties adoption in the Ethereum network using the public dataset of Ethereum including 350 million transactions from over 20 million distinct accounts. Our results suggest that the adoption of the software is positively affected by direct peer influence and indirect peer influence. Moreover, we find that users who have higher social status and greater diversity of experience in the blockchain network are less susceptible to peer influence. The results provide strong evidence of peer influence on smart contract adoption through various mechanisms.

Original languageEnglish (US)
Title of host publication40th International Conference on Information Systems, ICIS 2019
PublisherAssociation for Information Systems
ISBN (Electronic)9780996683197
StatePublished - 2019
Event40th International Conference on Information Systems, ICIS 2019 - Munich, Germany
Duration: Dec 15 2019Dec 18 2019

Publication series

Name40th International Conference on Information Systems, ICIS 2019

Conference

Conference40th International Conference on Information Systems, ICIS 2019
CountryGermany
CityMunich
Period12/15/1912/18/19

Keywords

  • Blockchain
  • Peer influence
  • Smart contracts
  • Technology adoption

ASJC Scopus subject areas

  • Computer Science Applications
  • Information Systems

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