Challenges to adopt Blockchain technology in the Gulf Cooperation Council Countries

Abstract

This study examines the challenges face blockchain technology adoption by companies operate in Gulf Cooperative Council Countries (GCC). The qualitative approach was utilized to understand the phenomenon. Accordingly, 38 interviews have been conducted with experts, businesses senior managers, professionals and analysts to deeply inquire into the reasons behind reluctance of GCC companies to adopt blockchain technology. The present study adds an original contribution to theory by concluding some very interesting information that facilitates the understanding of the challenges that prevent companies operate in GCC region from benefiting from blockchain technology. These basically come under three dimensions, namely cultural reasons, economic feasibility, and vagueness of the regulatory environment of blockchain technology and its future. This study provides some implications for industry and policymakers to help them to provide venue for proper implementation of this promising technology.