The determinants of blockchain adoption intention by Moroccan SMEs: a transaction cost theory perspective

Abstract

This paper analyzes the factors influencing blockchain adoption by Moroccan SMEs, using Everett Rogers' (1962) Diffusion of Innovations Theory. The study identifies six key determinants: perceived complexity, compatibility with existing practices, observability of results, cost, perceived risk, and the ability to test the technology before full adoption. An ordered Probit model is employed to assess these factors based on a survey of 302 Moroccan SMEs from various sectors. The results show that perceived complexity significantly hinders adoption, as companies struggle to master the technology without adequate expertise. Additionally, perceived cost and risks related to regulatory uncertainties present major obstacles. The study also highlights that compatibility with existing processes facilitates adoption by reducing adjustment costs. While the observability of results is not significant, the ability to test blockchain before full implementation encourages its integration. Control variables reveal that companies operating in technology-intensive sectors, such as finance and logistics, are more inclined to adopt blockchain, whereas firm size has no notable effect. Trust in the regulatory framework and access to funding emerge as important catalysts. The study concludes that accelerating adoption requires developing innovation ecosystems, promoting pilot projects, and establishing a clear regulatory framework. These measures would reduce the perception of risks and encourage Moroccan SMEs to adopt this promising technology.