Sharina Tajul Urus^1*, Arfah Aisyah Ahmad Sabri², Noraizah Abu Bakar³ and Zarinah Abdul Rasit¹

¹Faculty of Accountancy, Universiti Teknologi MARA Selangor Branch, Puncak Alam Campus, Puncak Alam, Selangor
²Bahagian Audit Dalam, Aras 3, Bangunan Canselori, Universiti Malaysia Terengganu, Terengganu, Malaysia
³Faculty of Accountancy, Universiti Teknologi MARA Johor Branch, Segamat Campus, Segamat, Johor, Malaysia

ABSTRACT

Amidst a wave of innovation and a growing list of benefits, global corporations are increasingly exploring the integration of blockchain technology into their operations. Blockchain facilitates the secure and decentralised storage of transactional data and shared files among network participants, regardless of geographical boundaries. However, despite its rapid growth and rising demand, there remains a limited understanding of the challenges associated with blockchain adoption, particularly from a financial standpoint. This study seeks to address that gap by examining the challenges faced in blockchain adoption within a Malaysian organisation, guided by the Technology-Organisation-Environment (TOE) framework. Using a qualitative, single-case study approach, data were gathered through face-to-face and virtual interviews with ten participants and analysed through thematic coding. The key outcome of this research is the development of a Blockchain Challenges Model (BC Model), which clusters the identified challenges across technological, organisational, environmental, and financial dimensions. The study contributes theoretically by enriching the academic discourse on blockchain adoption and practically by providing actionable insights. The proposed model can serve as a strategic tool for practitioners, helping organisations assess the suitability of blockchain and optimise its implementation to maintain a competitive edge. Furthermore, the findings offer guidance for shaping policies related to the deployment and governance of blockchain technology.

Keywords: Blockchain technology, qualitative method, case study, finance perspective