Challenges and Opportunities of MSMEs in Adopting Blockchain Technology in Industry 4.0 Era

This study aims to identify the opportunities and challenges of MSMEs, analyze the drivers of blockchain adoption, and assess its implications on their performance and sustainability. Using qualitative grounded theory approach with the TAM and TOE frameworks, a conceptual model was developed and tested qualitatively through five MSMEs in Indonesia. The results indicate that adoption is obstructed by inadequate infrastructure, skills, and capital; however, blockchain provide improved security, transparency, and efficiency. This study contributes to the understanding of MSME digital transformation by enriching literature on blockchain adoption and strengthening adoption theories while providing recommendations for MSMEs, policymakers, and technology providers.