Challenges to adopt Blockchain technology in the Gulf Cooperation Council Countries

Accounting Department, Mutah University’s Business School, Mutah, Jordan
Email: Alshhhadat@Mutah.edu.jo (M.A.)
Manuscript received February 1, 2024; accepted March 6, 2024; published June 26, 2024

Abstract—This study examines the challenges face blockchain technology adoption by companies operate in Gulf Cooperative Council Countries (GCC). The qualitative approach was utilized to understand the phenomenon. Accordingly, 38 interviews have been conducted with experts, businesses senior managers, professionals and analysts to deeply inquire into the reasons behind reluctance of GCC companies to adopt blockchain technology. The present study adds an original contribution to theory by concluding some very interesting information that facilitates the understanding of the challenges that prevent companies operate in GCC region from benefiting from blockchain technology. These basically come under three dimensions, namely cultural reasons, economic feasibility, and vagueness of the regulatory environment of blockchain technology and its future. This study provides some implications for industry and policymakers to help them to provide venue for proper implementation of this promising technology.

Keywords—blockchain, Gulf Cooperative Council Countries (GCC), financial technology (FinTech), accounting technology

Cite: Mohammad Alshhadat, "Challenges to adopt Blockchain technology in the Gulf Cooperation Council Countries," International Journal of Blockchain Technologies and Applications vol. 1, no. 2, pp.  48-57, 2024.

Copyright © 2024 by the authors. This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).