Awareness, Trust, and Adoption of Blockchain Technology and Cryptocurrency among Blockchain Communities in Malaysia

Ku Ruhana Ku-Mahamud, Mazni Omar, Nur Azzah Abu Bakar, Ishola Dada Muraina


Blockchain technology and cryptocurrency are attracting increasing attention from consumers, investors, investment industry and regulators. Cryptocurrency has great potential to be used for transaction or investment in the future. However, level of awareness of the blockchain technology and cryptocurrency is still at infant stage, specifically in developing countries. Thus, this study aims to investigate the level of awareness, trust and adoption of blockchain technology among blockchain community in Malaysia. Quantitative approach was adopted in this study where a new questionnaire was developed in the first phase to measure the level of awareness, adoption, and trust of blockchain technology applications among Malaysian blockchain communities. The resulting questionnaire consists of items on respondents’ demographic, their awareness, trust, and adoption of FinTech particularly on blockchain technology and cryptocurrency. In the second phase, a pilot study was conducted to validated the new questionnaire from 304 respondents. Reliability test using Cronbach’s alpha with a value of 0.908. A real survey was also conducted in this phase using the validated queationnaire and data were obtained online from 304 respondents. Descriptive statistics were used in the analysis during the third phase of the study, and results demonstrate that the awareness level of blockchain technology and cryptocurrency are at the intermediate level. Nevertheless, the majority of respondents are confident and trust that the blockchain technology can offer a stable and secure platform, which gives positive impact on the application of the technology. Empirical results provide significant insights into the development of the blockchain technology industry in the country.


FinTech; smart contract; exchange and wallet services; Bitcoin; Ethereum

Full Text:



D. Tapscott and A. Tapscott, Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World. Penguin Canada, 2016.

S. Seebacher and R. Schuritz, “Blockchain Technology as an Enabler of Service Systems : A Structured Literature Review,†Proceedings of the 8th Int. Conf. on Exploring Service Science, pp. 12–23, 2017.

K. Delmolinol, M. Arnett, A. Kosba, A. Miller, and E. Shi, “Step by Step Towards Creating a Safe Smart Contract: Lessons and Insights from a Cryptocurrency Lab,†Clark J., Meiklejohn S., Ryan P., Wallach D., Brenner M., Rohloff K. Financ. Cryptogr. Data Security FC 2016. Lect. Notes Comput. Sci., vol. 9604, pp. 79–94, 2016.

J. Wonglimpiyarat, “FinTech banking industry: a systemic approachâ€, Foresight, vol. 19, no. 6, pp. 590–603, 2017.

J. Lindman, V. K. Tuunainen, and M. Rossi, “Opportunities and Risks of Blockchain Technologies: A Research Agenda, Proceedings of the Hawaii Internationak Conference on System Sciences†pp. 1533–1542, 2017.

J. Yli-Huumo, D. Ko, S. Choi, S. Park, and K. Smolander, “Where is current research on Blockchain technology? - A systematic reviewâ€, PLoS One, vol. 11, no. 10, pp. 1–27, 2016.

A. Pieroni, N. Scarpato, L. Di Nunzio, F. Fallucchi, and M. Raso,

“Smarter city: Smart energy grid based on Blockchain technologyâ€, International Journal on Advanced Science, Engineering and Information Technology, vol. 8, no. 1, pp. 298-306, 2018.

N. Kshetri. “Will Blockchain Emerge as A Tool to Break the Poverty Chain in The Global South?â€, Third World Quarterly, vol. 38 (8), pp. 1710-1732. 2017.

K. Biswas, and V. Muthukkumarasamy, “Securing Smart Cities Using Blockchain Technologyâ€, Proceedings of the 18th International Conference on High Performance Computing and Communications, pp. 1392-1393, 2016.

N. Bozic, G. Pujolle, and S. Secci, “A Tutorial On Blockchain and Applications to Secure Network Control-Planes.â€, Proceedings of the 3rd Smart Cloud Networks and Systems, pp. 1-8, 2016.

R. Beck, J.S. Czepluch, N. Lollike, and S. Malone, “Blockchain-The Gateway to Trust-Free Cryptographic Transactionsâ€, Proceedings of the 24th European Conference on Information Systems, pp. 1-14, 2016.

S. F. Sun, M. H. Au, J. K. Liu, and T. H. Yuen,. “RingCT 2.0: A Compact Accumulator-Based (Linkable Ring Signature) Protocol for Blockchain Cryptocurrency Moneroâ€, Proceedings of the European Symposium on Research in Computer Security, pp. 456-474. 2017.

J. Fry, and E. T. Cheah, “Negative Bubbles and Shocks in Cryptocurrency Marketsâ€, International Review of Financial Analysis, vol. 47, pp. 343-352, 2016.

J. Blocki and H. S., “Designing Proof of Human-Work Puzzles for Cryptocurrency and Beyondâ€, Proceedings of the Theory of Cryptography Conference, pp. 517-546, 2016.

J. W. Lim, “A Facilitative Model for Cryptocurrency Regulation in Singaporeâ€, Handbook of Digital Currency, pp. 361-381, 2015.

X. Li, and C. A. Wang, “The Technology and Economic Determinants of Cryptocurrency Exchange Rates: The Case of Bitcoinâ€, Decision Support Systems, vol. 95, pp. 49-60, 2017.

D. A. Wijaya, D. A., J. K. Liu, R. Steinfeld, S. F. Sun, and X. Huang, “Anonymizing Bitcoin Transactionâ€, Proceedings of the International Conference on Information Security Practice and Experience, pp. 271-283, 2016.

S. Chan, J. Chu, S. Nadarajah, and J. Osterrieder, J. “A Statistical Analysis of Cryptocurrenciesâ€, Journal of Risk and Financial Management, vol. 10(2), p. 12, 2017.

A. F. Bariviera, M. J. Basgall, W. Hasperue, and M. Naiouf, “Some Stylized Facts of the Bitcoin Marketâ€, Physica A: Statistical Mechanics and its Applications, vol. 484, pp. 82-90, 2017.

L. Kristoufek, and M. Vosvrda, “Gold, Currencies and Market Efficiencyâ€, Physica A: Statistical Mechanics and its Applications, vol. 449, pp. 27-34, 2016.

H. Okada, S. Yamasaki, and V. Bracamonte, “Proposed Classification of Blockchain Based On Authority and Incentive Dimensionsâ€, Proceedings of the 20th International Conference on Advanced Communication Technology, pp. 593-597, 2017.

B. J. Anthony, M, A., Majid, and A, Romli, “An empirical study on predictors of green sustainable software practices in Malaysian electronic industries,†Journal of Information and Communication Technology, vol. 17, no. 11, pp. 347-391, 2018.

S. Zulhuda, and A. Sayuti, “Whither Policing Cryptocurrency in Malaysia?†IIUM Law Journal, vol. 25 (2), pp. 179-196, 2017.

P. Gadkari, (2013) Bitcoins at Risk of Theft on Flawed Android Apps. [May 23, 2018] Available:

Colbert (2017). “List of Bitcoin Accepting Merchants in Malaysia,†Bitcoin Malaysia. [May 23, 2018] Available: acceptingmerchants-in-malaysia

L. A. Machi, and B. T. McEvoy, “The literature review: Six steps to successâ€, (3rd edition), California: Corwin Press. 2016.

C. Burger, A. Kuhlmann, P. Richard, J. Weinmann, J, “Blockchain in the energy transition. A survey among decision-makers in the German energy industryâ€, Available: 15 July 2017.

IBM. Building Trust in Government: Exploring the potentials of blockchain. [15 July 2017]

J.W. Creswell, “Research design: Qualitative, quantitative, and mixed methods approachesâ€. Sage publications: 2013.

U. Sekaran, and R. Bougie, “Research methods for business: A skill building approachâ€, (6th edition), Wiley. London; 2013.

N. K. Malhotra, “Marketing research: An applied orientationâ€, (5th edition), Pearson Education India. 2008.

J. Pallant, SPSS survival manual: A step by step guide to data analysis using SPSS (4th Ed.). Buckingham: Open University Press. 2010.

R. Hill, “What sample size is “enough†in Internet survey researchâ€, Interpersonal Computing and Technology: An Electronic Journal for the 21st Century. vol. 6, (3-4), pp. 1–12. 1998.

D. R. Cooper, P. S. Schindler, Business research methods (11th edition), New York: McGraw-Hill/Irwin; 2011.



  • There are currently no refbacks.

Published by INSIGHT - Indonesian Society for Knowledge and Human Development