A Study on Awareness and Perception of Blockchain Technology in Financial Services in India
Esha Mehta1, Jasreet Kaur Dhami2 and Shailak Jani3
1,2Research Scholar, Parul Institute of Management and Research, Parul University, Vadodara, Gujarat, India. Email: mehtaesha21@gmail.com
3Assistant Professor, Parul Institute of Management and Research, Parul University, Vadodara, Gujarat, India. Email: 93janisra@gmail.com
Abstract: Blockchain technology has emerged as a transformative innovation in financial services, offering enhanced security, transparency, and efficiency in transactions. This study examines the level of awareness and perception of blockchain technology and their influence on adoption intention in India. The research focuses on key factors such as awareness, consumer perception, and perceived benefits to understand their role in shaping adoption behavior. The study is based on primary data collected from a sample of 320 respondents using a structured questionnaire measured on a five-point Likert scale. Descriptive statistics, correlation analysis, and simple linear regression were employed using IBM SPSS Statistics to analyze the data. The findings reveal that awareness of blockchain technology among consumers is moderate, while perceived benefits such as security, transparency, and efficiency are relatively high. Consumer perception emerges as the most significant determinant of adoption intention, indicating that individuals with a favorable attitude toward blockchain are more likely to adopt its applications in financial services. Awareness and perceived benefits contribute indirectly by shaping consumer perception. The study contributes to the existing literature in Information Systems and Technology Adoption by providing an integrated analysis of consumer-level understanding and attitudes toward blockchain technology. It offers practical implications for financial institutions, fintech companies, and policymakers by emphasizing the need to enhance awareness, improve communication of benefits, and establish regulatory clarity. The findings highlight that while blockchain holds significant potential, its successful adoption depends on bridging the gap between technological advancement and consumer understanding.
Keywords: Blockchain Technology, Awareness, Consumer Perception, Adoption Intention, Financial Services, FinTech, Technology Adoption.
