Blockchain technology in corporate governance: disrupting chain reaction or not?

Harjit Singh (Amity School of Business, Amity University, Delhi NCR, India)
Geetika Jain (Amity School of Business, Amity University, Delhi NCR, India)
Alka Munjal (Amity University, Delhi NCR, India)
Sapna Rakesh (Institute of Management Studies Ghaziabad, Ghaziabad, India)

Corporate Governance: The International Journal of Business in Society

ISSN: 1472-0701

Publication date: 12 September 2019



The purpose of this paper is to determine the stakeholders’ acceptance on blockchain and to investigate the model fit by using “Technology Acceptance Model” with special reference to corporate governance through cryptography to resolve the decades-old problems of financial record-keeping.


The whole analysis has been performed in the two steps, i.e. confirmatory factors analysis and structural equation modeling, to prove model fit between behavioral intention and actual behavior for using blockchain technology. Total 223 respondents have been selected, and the selection of the respondent is primarily on the basis of their previous experience with trading corporate equities.


The study determines empirically all the mentioned relationships of attitude, perceived ease of use and perceived usefulness with the behavioral intention as per the conceptual model to prove the relationship. The results of the manuscript shows the model fit indexes for various constructs are prove the model fit as per the theorized model. The values of the various indexes are found to be under the permissible range which explains the relationship of various constructs based on the theorized model.

Research limitations/implications

Despite, the limitations in terms of selection of sampling methods, outcome and the interpretation, the results proves the fit with the theoretical framework. The major implication is to understand the real-time use of blockchain technology for the transfer of shares from one party to other.

Practical implications

Stakeholders in corporate governance namely customers, creditors, suppliers, community, employees, owners, investors, trade unions and social activists could benefit in different ways. Investors could benefit from being able to purchase equity at low price and to sell them into a market with greater liquidity, but they would found it difficult to camouflage their trades.

Social implications

The study opines that virtually all aspects of the corporate governance can be improved through the adoption of this technology resulting in greater transparency, improved liquidity and lowering costs.


This study will be a reference for global players in the financial industry that have started investing in this innovative technology vis-à-vis recent announcement of adoption of blockchain by global exchanges including NASDAQ, NYSE and Deutsche Borse, as a new method for trading, tracking ownership and monitoring systemic risk for strengthening corporate governance mechanism. This study will have a significant index for future reference where the technology adoption will be tested to have better corporate governance which will be useful for academics and professionals.



Singh, H., Jain, G., Munjal, A. and Rakesh, S. (2019), "Blockchain technology in corporate governance: disrupting chain reaction or not?", Corporate Governance: The International Journal of Business in Society, Vol. ahead-of-print No. ahead-of-print.

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