An Analysis of the Key Elements and Consequences of Blockchain Adoption in the Financial Industry with an Emphasis on Stakeholder Trust

Ameneh  Moshtaghi; Saeid Baseri; Hassan  Ghodrati Ghazani; Mohammadreza  Mohagheghi; Mohammad Esmaeili  Joosheghani

Authors

Ameneh Moshtaghi Department of Accounting, Kas.C., Islamic Azad University, Kashan, Iran Author https://orcid.org/0009-0006-4023-2836
Saeid Baseri Department of Accounting, Kas.C., Islamic Azad University, Kashan, Iran https://orcid.org/0000-0003-1032-3535
Hassan Ghodrati Ghazani Department of Accounting, Kas.C., Islamic Azad University, Kashan, Iran Author https://orcid.org/0000-0001-6209-3335
Mohammadreza Mohagheghi Department of Accounting, Kas.C., Islamic Azad University, Kashan, Iran Author https://orcid.org/0000-0002-7080-283X
Mohammad Esmaeili Joosheghani Department of Management, Kas.C., Islamic Azad University, Kashan, Iran Author https://orcid.org/0000-0002-2635-2771

Keywords:

Blockchain, Financial Industry, Stakeholder Trust, FinTech, Technology Adoption, Financial Transparency, Digital Finance

Abstract

This study aimed to identify and analyze the principal elements and consequences of blockchain adoption in the financial industry, with particular emphasis on the role of stakeholder trust. This qualitative study was conducted through a systematic review of the literature and thematic analysis of scholarly publications published between 2006 and 2026. Relevant studies were identified from major international and Iranian scientific databases using combinations of keywords related to blockchain, financial services, FinTech, adoption, trust, transparency, security, regulation, and digital finance. After screening titles, abstracts, and full texts according to predetermined inclusion and exclusion criteria, 64 eligible studies were included in the final analysis. Data were extracted using a structured review framework covering technological, organizational, regulatory, economic, behavioral, and trust-related factors. Qualitative content analysis and thematic synthesis were then applied to identify recurring adoption determinants, dimensions of stakeholder trust, positive consequences, and major implementation challenges. The synthesis indicated that technological characteristics were the most frequently identified determinant of blockchain adoption, reported in 55 studies (85.94%), followed by stakeholder trust in 52 studies (81.25%), perceived usefulness and relative advantage in 49 studies (76.56%), regulatory and legal conditions in 46 studies (71.88%), and organizational readiness in 43 studies (67.19%). Trust in technological integrity was the most prominent trust dimension, identified in 50 studies (78.13%). The most frequently reported positive consequence was increased transparency and auditability, observed in 51 studies (79.69%), followed by improved transaction efficiency in 48 studies (75.00%) and enhanced data integrity and security in 46 studies (71.88%). Regulatory and legal uncertainty was the most common challenge, identified in 45 studies (70.31%), followed by privacy concerns in 39 studies (60.94%) and cybersecurity vulnerabilities in 37 studies (57.81%). Blockchain adoption in the financial industry is a multidimensional sociotechnical process in which stakeholder trust plays a central mediating and reinforcing role between technological capabilities, institutional conditions, perceived risks, and implementation outcomes. Successful adoption depends not only on technical performance but also on regulatory clarity, organizational readiness, privacy protection, effective governance, and the ability to demonstrate tangible value to stakeholders.

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