Determinants of young generation intention to use the blockchain technology: A case in Ho Chi Minh city

Abstract

Blockchain was invented by Satoshi Nakamoto and was first designed in 2008 and realized the following year as a core part of Bitcoin, when Blockchain technology acts as a ledger for all transactions. The rapid development of Blockchain technology has affected several areas, including financial systems, banks, healthcare or supply chains, etc. but adoption mainly comes from businesses and their adoption rate is still low. Although this technology has many special features such as data security, privacy protection, smart contracts, etc. but because Blockchain just attracted the attention of businesses in the last few years, it has not been applied by many Vietnamese individuals as a familiar tool. Empirical studies on the use of Blockchain technology in Vietnam, specifically Ho Chi Minh City, are very few, so the present study will fill the research gap in this area. The younger generation is the focus since they are the most internet and technologically literate and because technology is a part of their daily lives. In order to predict the factors affecting intention to use Blockchain technology as an effective learning aid, this study combined TAM model together with UTAUT, TRA and TPB theories. The survey was conducted on 211 young people currently working and studying in Ho Chi Minh City in January and February 2023, the survey results only 196 valid questionnaires. The research methods used include Cronbach's Alpha test, EFA, Pearson's correlation test, CFA and SEM. Research results show that there are three variables affecting the intention to use Block technology, in which Perceived Usefulness (PU) and Attitude (AT) have a positive impact and Perceived Cost (PC) have a negative impact. Meanwhile, no correlation was found between intention to use Blockchain technology and four factors Perceived Ease of Use (PE), Trust (TR), Social Influence (SI), Perceived threat vulnerability (PV). Although the research is limited in terms of space and sample size, the findings provide a perspective from the user's perception of Blockchain technology, as a basis for future satisfaction and adoption studies. Therefore, further studies will overcome this limitation and provide more convincing evidence.