Arfah Aisyah Ahmad Sabri¹, Sharina Tajul Urus^2*, Noraizah Abu Bakar³,  Zarinah Abdul Rasit⁴ and Salwa Zolkaflil⁵

¹Bahagian Audit Dalam, Aras 3, Bangunan Canselori, Universiti Malaysia Terengganu, 21030, Terengganu, Malaysia
^2*Accounting Research Institute (ARI), Level 12, Menara Menara Sultan Abdul Aziz Shah (SAAS), Universiti Teknologi MARA, 40450 Shah Alam, Selangor, Malaysia / and Faculty of Accountancy, University Teknologi MARA, Selangor Branch, Puncak Alam Campus, Selangor, Malaysia
³Faculty of Accountancy, UiTM Johor Branch, Segamat Campus, 85000 Segamat, Johor, Malaysia
⁴Faculty of Accountancy, University Teknologi MARA, Selangor Branch, Puncak Alam Campus, Selangor, Malaysia
⁵Accounting Research Institute (ARI), Level 12, Menara Menara Sultan Abdul Aziz Shah (SAAS), Universiti Teknologi MARA, 40450 Shah Alam, Selangor, 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 management accounting 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, management accounting perspective