Demystifying blockchain: A critical analysis of challenges, applications and opportunities

Abstract The blockchain is considered to be the potential driver of the digital economy. The Blockchain technology outweighs the challenges associated with the traditional transaction business governed and regulated by the third trusted party. There is a growth in the interest among the researchers, the industry, and the academia to study and leverage the potential of Blockchain. Blockchain provides a decentralized and distributed public ledger for all the participating parties. Though it seems that blockchain is a viable choice and solution for all the centralized governed and regulated transactions (in digital online space), it has potential challenges that need to be resolved; opportunities to be explored, and applications to be studied. This paper utilizes a systematic literature review to study several research endeavors made in the domain of blockchain. To further research on blockchain adoption, the paper theoretically constructs an integrated framework of the blockchain innovation adoption process in an organization considering organizational and user acceptance perspectives. This would facilitate its widespread adoption, thereby achieving sustained leadership solutions. The paper offers 23 propositions to information systems (IS)/information management (IM) scholars with respect to innovation characteristics, organizational characteristics, environmental characteristics, and user acceptance characteristics. Further, the paper explores several areas of future research and directions that can provide deep insights for overcoming challenges and for the adoption of blockchain technology.