For decades, the financial transaction system was centralized between banks and financial services companies, tightly controlling all transaction processes. However, with the introduction of blockchain technology and cryptocurrency, a paradigm shift is taking place in the financial transaction system. The decentralized blockchain technology system is having a notable impact on the global monetary system by providing tremendous flexibility and benefits to evolving financial services.
The spread and interest in blockchain technology have led to various studies related to the adoption of services based on blockchain technology. However, if we look at the related studies and statistics over the past decade, you can see that various issues are emerging in adopting blockchain technology in the financial field due to the complex structure of blockchain technology and interest and misunderstanding in the cryptocurrency trading market. Therefore, a more in-depth study on the adoption and use of services based on blockchain technology is needed. In particular, the adoption and use of a cryptocurrency wallet (transaction platform), which is the gateway to the buying, selling, sending, receiving, and trading of cryptocurrencies, the most common application of blockchain technology, is correlated with the definition of adoption and use assumed by existing adoption theories. It shows a different phenomenon than the relationship.
Therefore, this dissertation intends to understand the customer's perspective on blockchain technology-based financial services, the factors influencing the adoption of blockchain technology in the financial field, and the impact on the use of cryptocurrency wallets were explored. Variables such as trust reflecting the characteristics of blockchain technology and the user's usage environment were included.
This study consists of two sub-themes. First, a TAM (Technology Acceptance Model) based research model was established to explore the factors that influence the adoption of blockchain technology in the financial field. The study was conducted for users who have non-experience related to the service. Second, to understand the factors affecting the use of cryptocurrency wallets and their paths, a new research model was established by focusing on user experience. The study was conducted on users who had actual experience of using cryptocurrency wallets.
This paper contributes to social science research that integrates customer perspectives on blockchain technology in finance and factors influencing blockchain technology and cryptocurrency adoption and use – regulatory support, social impact, design, and experience – looked at these factors shown to have a significant effect on blockchain technology-based financial services. In addition, this study found that usability and user experience (UX) factors have a considerable impact on the use of cryptocurrencies and influence the adoption of blockchain technology-based financial services. We also found that trust is an essential factor influencing blockchain technology-based financial services, closely related to customer behaviors and intentions for adoption and use.
In conclusion, based on the results of this study, it is expected to help decision-makers, application developers, and service providers to design and improve financial services based on blockchain.