Blockchain technology has increasingly attracted the attention of the financial service sector, customers, and investors because of its distinctive characteristics, such as transparency, security, reliability, and traceability. The paper is based on a Systematic Literature Review (SLR). The study comprehended the literature and the theories. It deployed the technology-organization-environment (TOE) model to consider technological, organizational, and environmental factors as antecedents of blockchain adoption intention. The paper contributes to blockchain literature by providing new insights into the factors that affect the intention to adopt blockchain technology. A theoretical model incorporates antecedents of blockchain adoption intention to direct an agenda for further investigations. Researchers can use the model proposed in this study to test the antecedents of blockchain adoption intention empirically.

Blockchain technology is poised to significantly transform the corporate world, heralding a new era of innovation and efficiency. Over the past few years, its impact has been noted by leaders, academics, and government representatives around the globe this growing interest underscores businesses’ need to evolve and reconsider traditional operational models. To remain competitive, organizations must embrace this change. Before introducing such ground-breaking technology, it is crucial to assess the motivations of primary stakeholders concerning its implementation. This study looks into what influences the use of Blockchain technology in the oil and gas sector, primarily using a quantitative survey of Iraqi oil and gas companies. A questionnaire was distributed among 250 top-level managers, senior executives, project managers, and IT managers for analyzing the data, the study employs the Structural Equation Modelling-Partial Least Squares (SEM-PLS) technique, with Smart PLS for data processing. The findings suggest that the intention to utilise blockchain technology is influenced by one’s attitude towards it. Competitive pressure (environmental factors), functional benefit, and privacy/security (technological factors) significantly affect blockchain adoption intention. Nevertheless, there was no discernible correlation between regulatory backing and the desire to use Blockchain. Additionally, cost concern and perceived risk (organizational factors) two factors contribute negatively to the perception of blockchain technology. Besides the direct relationship, the findings revealed that attitude toward blockchain technology mediate the relationship between cost concern, perceived risk, and intention to adopt Blockchain. Built upon the Technology-Organization-Environment (TOE) model and the Theory of Reasoned Action, this research offers a comprehensive framework for investigating the intention to adopt blockchain technology. The results enhance both theoretical understanding and practical implementation by providing valuable insights into the emerging area of blockchain adoption intentions.