Paper ID

3075

Paper Type

full

Description

Smart contract brings more versatile functions in blockchain technology. However, its adoption rate is not as high as expected. Currently, there is no thorough study addressing such problem. To fill such gap, we propose to use peer influence to explain smart contract adoption in blockchain user network. We explore whether and how multiple types of peer influence including direct pee influence and indirect peer influence, simultaneously affect individual adoption decisions of smart contracts. Our hypotheses are examined in the context of CryptoKitties adoption in the Ethereum network using the public dataset of Ethereum including 350 million transactions from over 20 million distinct accounts. Our results suggest that the adoption of the software is positively affected by direct peer influence and indirect peer influence. Moreover, we find that users who have higher social status in the blockchain network are less susceptible to peer influence. The results provide strong evidence of peer influence on smart contract adoption through various mechanisms.

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Identify Multiple Types of Social Influences on Smart Contract Adoption in Blockchain User Network: An Empirical Examination of CryptoKitties in Ethereum

Smart contract brings more versatile functions in blockchain technology. However, its adoption rate is not as high as expected. Currently, there is no thorough study addressing such problem. To fill such gap, we propose to use peer influence to explain smart contract adoption in blockchain user network. We explore whether and how multiple types of peer influence including direct pee influence and indirect peer influence, simultaneously affect individual adoption decisions of smart contracts. Our hypotheses are examined in the context of CryptoKitties adoption in the Ethereum network using the public dataset of Ethereum including 350 million transactions from over 20 million distinct accounts. Our results suggest that the adoption of the software is positively affected by direct peer influence and indirect peer influence. Moreover, we find that users who have higher social status in the blockchain network are less susceptible to peer influence. The results provide strong evidence of peer influence on smart contract adoption through various mechanisms.