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

¹Bahagian Audit Dalam, Aras 3, Bangunan Canselori, Universiti Malaysia Terengganu, 21030, Terengganu,  Malaysia
^2*Faculty of Accountancy, Univeristi Teknologi MARA, Negeri Sembilan, Malaysia
^2*Faculty of Accountancy, University Teknologi MARA Cawangan Selangor, Kampus Puncak Alam, 42300 Puncak Alam, Selangor, Malaysia
³Faculty of Accountancy, UiTM Cawangan Johor, Kampus Segamat, 85000 Segamat, Johor, Malaysia
⁴Faculty of Accountancy, Universiti Teknologi MARA Cawangan Selangor, Kampus Puncak Alam, 42300 Puncak 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. 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 sought to address that gap by examining the challenges faced in blockchain adoption within a Malaysian organisation, guided by the Technology-OrganisationEnvironment (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 was the development of a Blockchain Challenges Model (BC Model), which clustered 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
TOE framework