Developing a Scale for Blockchain Adoption Determinants: A Set-Exploratory Structural Equation Modeling Approach

The information systems (IS) literature has repeatedly underlined the need for a solid psychometric instrument capable of capturing the complex interrelationships among blockchain adoption determinants. In this paper, we develop an antithetic continuum psychometric instrument, comprising theoretically and logically connected factors perceived as enablers of and barriers to blockchain adoption. The new blockchain technology adoption model (BTAM) is developed through a rigorous six-stage procedure using survey samples from two countries (the United States and the United Kingdom). It is validated using a new statistical procedure, set-exploratory structural equation modeling (set-ESEM), allowing cross-loadings only within a predetermined set of factors. The set-ESEM model confirmed our initial conceptualization, validating two diametrically distinct sets of blockchain adoption determinants: one for enablers and one for barriers. The results show that the set-ESEM structure is more parsimonious than the classical confirmatory factor analysis, supporting nomological and predictive validity as well as the replicability (measurement invariance) of the new scale across countries. This study offers an alternate conceptualization for measuring blockchain diffusion drivers and paves the way for IS scholars to more rigorously test popular technology adoption theories and develop new models in novel and informative ways.