We examined the predictive capacity of the model using Stone-Geisser’s Q² value (Geisser, 1974). The value for BI in this study is 0.231, which exceeds zero. According to the rule of thumb, a Q² value greater than zero indicates that the model has predictive relevance87). Finally, the ten quality indices indicate that the model fits the data well, as they fall within the range of generally accepted benchmarks for model fit85). These indices align with the standardized root mean square residual (SRMR) criterion for approximate model fit. The SRMR value of 0.089 in this study indicates a good fit for the PLS path model.
The current study aims to explore the extended UTAUT model by incorporating new dimensions, such as perceived trust and regulatory support, as independent variables. This research develops an innovative modified conceptual framework of the extended UTAUT model to examine blockchain technology adoption in Libyan oil firms, utilizing an additional moderating variable. The model was built around ten hypotheses (H1-H10) and aimed to understand how various enablers, with the moderation of blockchain literacy, influence managers’ behavioral intention to adopt blockchain technology.
The results clearly illustrate how Libya’s unique cultural and regulatory context shapes blockchain technology adoption differently compared to other emerging economies. Libya’s relatively low digital maturity, combined with a conservative organizational culture and limited familiarity with blockchain technology among oil firm managers, contributes to the non-significance of performance expectancy (PE) as a predictor of behavioral intention (BI). Prior studies indicate that in cultures with high uncertainty avoidance and risk aversion, such as Libya), technological innovations often face resistance due to skepticism and a preference for traditional methods. Moreover, weak institutional support and fragmented regulatory frameworks exacerbate these challenges). Unlike countries like Nigeria or Vietnam, where PE strongly influences adoption decisions due to greater digital infrastructure and supportive policies), Libyan firms struggle with internal barriers, including a lack of knowledge, insufficient training, and inadequate organizational readiness).
However, as shown in Table 5, PE was found to be an insignificant predictor of BI in our sample, diverging from most previous research, which suggests that performance expectancy positively impacts users’ behavioral intention to adopt blockchain technology in management operations (e.g.,). Thus, Hypothesis H1, which posited a positive relationship between performance expectancy and behavioral intention, was not supported. According to, successful blockchain technology integration in developing countries requires a thorough understanding and careful planning, particularly due to internal barriers, such as a lack of knowledge in implementing advanced technologies. Our results reflect that the majority of respondents do not have sufficient knowledge of blockchain technology. Therefore, awareness of the benefits of blockchain technology may influence decision-makers’ ability to comprehend and value its usefulness).
Conversely, facilitating conditions (FC) were identified as a significant influencer of the intention to adopt blockchain technology. This finding supports recent research on blockchain technology adoption, which considered FC as an important strategic factor influencing behavioral intention in adopting blockchain technology). This supports Hypothesis H3. The model was further expanded to incorporate regulatory support (RS) and perceived trust (PT), which were also observed to have a significant impact. This aligns with prior studies that have found trust and regulatory support to be critical components of blockchain technology adoption in industrial contexts). Therefore, Hypotheses H2 and H5 were supported.
The significant roles of RS and PT highlight Libya’s urgent need for clear, stable policies and institutional backing to foster innovation adoption. Regulatory uncertainty and infrastructural constraints remain key hurdles, as blockchain technologies require robust legal frameworks to protect data privacy and ensure consumer protection). Given Libya’s nascent digital infrastructure and evolving regulatory landscape, these factors create barriers to widespread blockchain technology implementation.
Authors assert that the adoption and successful implementation of blockchain technologies necessitate a deep understanding of the blockchain technology system, owing to the presence of intra-organizational barriers such as a lack of expertise and knowledge, as well as insufficient tools for blockchain technology implementation). Among respondents in this survey, the majority reported limited knowledge about blockchain, underscoring the need for targeted educational efforts.
Despite its theoretical relevance, blockchain literacy (BL) was not found to be a significant direct predictor of behavioral intention to adopt blockchain technology. As a result, Hypothesis H6 was not supported. One plausible explanation is that while literacy enhances understanding and confidence, it may not be sufficient on its own to influence decision-making unless accompanied by enabling organizational or institutional support. In the context of Libya’s oil sector, where decision hierarchies are rigid and risk aversion is high, individual knowledge does not necessarily translate into action unless reinforced by external factors like peer pressure, trust, and supportive regulations. This finding aligns with research suggesting that in environments with weak digital ecosystems, individual awareness must be coupled with structural facilitators to convert intention into action).
In the same vein, subjective norms appeared to significantly affect the prediction of behavioral intention to adopt blockchain technology in Libyan firms, supporting prior research conducted in developing countries (e.g.,). This confirms Hypothesis H4. Our findings suggest that blockchain technology users in African countries influence behavior toward blockchain adoption in the Libyan context, reinforcing the role of cultural and peer influences in technology adoption decisions.
Furthermore, organizational policies play a crucial role in the usage of blockchain technologies, which are still in their early stages. Proper regulations and policies remain hurdles to the adoption of advanced technologies). Libyan regulators need to address the differences between regulatory regimes and the advancement of technologies, particularly regarding data protection and consumer protection). BC technology is still immature in supporting large transaction volumes), and since it typically involves a large number of diverse stakeholders, there is a need for appropriate standards for the successful integration of these technologies into management operations.
Conversely, companies that successfully build on their understanding of blockchain technology will be able to leverage its capabilities to complement and augment their analytics capabilities. The absence of proper regulations and policies presents a significant obstacle to the widespread adoption of advanced technologies). In Libya, regulators face the challenge of reconciling regulatory frameworks with the rapid advancement of technologies, particularly concerning areas such as data protection). Additionally, blockchain technology is currently underdeveloped in handling large operations and transactions). Given that BC implementations typically involve numerous stakeholders with diverse interests, establishing appropriate standards is essential for seamless integration into existing management operations. Constraints on technology access pose a significant barrier to blockchain technology implementation in management operations.
Importantly, when drawing comparisons with other oil-rich or MENA countries, it becomes clear that Libya lags in blockchain readiness. For example, the UAE’s “Blockchain Strategy 2021” and Saudi Arabia’s partnerships with firms like IBM have fostered a proactive environment for blockchain adoption. These countries have not only invested in digital infrastructure but have also introduced forward-thinking regulatory frameworks that inspire industry confidence. Similarly, Iraq and Algeria, despite facing structural constraints, have initiated pilot projects to explore blockchain applications in their public and energy sectors. In contrast, Libya’s limited institutional coordination and policy vision present major bottlenecks. These comparisons reinforce the policy implication that national strategies, cross-sector partnerships, and regulatory clarity are foundational pillars for successful blockchain adoption. Libya can learn from its regional peers by adopting similar top-down approaches that integrate blockchain literacy programs, regulatory reforms, and stakeholder engagement platforms to build a viable adoption ecosystem.
Finally, our results confirmed the moderating influence of blockchain literacy (BL) on the relationships between facilitating conditions (β = 0.115, t = 1.962), perceived trust (β = 0.162, t = 2.553), subjective norms (β = 0.120, t = 1.972), and regulatory support (β = 0.001, t = 1.995) in adopting blockchain technology. This supports Hypotheses H7, H8, H9, and H10. The results imply that the more individuals become blockchain literate, the better they comprehend the security of its operations and become motivated by their colleagues regarding blockchain technology, ultimately enhancing their behavioral intention to use this technology. This outcome broadens existing knowledge on the effect of blockchain literacy and the influential factors of behavioral intention to use blockchain, emphasizing the critical need for capacity-building and awareness programs tailored to Libya’s cultural and educational context.
The moderating effect of blockchain literacy underscores its pivotal role in enhancing the impact of facilitating conditions, perceived trust, subjective norms, and regulatory support on blockchain technology adoption intentions. As individuals gain deeper literacy, they not only understand blockchain’s technical security features better but also become more receptive to peer influences and institutional support, which collectively strengthen their willingness to adopt the technology. This dynamic indicates that blockchain literacy acts as a catalyst that transforms external factors into actionable motivation, especially in contexts like Libya, where organizational hierarchies and risk-averse cultures might otherwise dampen technology acceptance.
From a practical standpoint, these findings highlight the need for targeted educational programs and capacity-building initiatives within firms and across the broader industry. Enhancing blockchain literacy can empower employees and decision-makers to better evaluate blockchain’s benefits and risks, thereby fostering a more favorable environment for adoption. Moreover, literacy serves as a critical link that can mitigate the inertia caused by regulatory uncertainties and infrastructural weaknesses by equipping users with the knowledge required to navigate and advocate for supportive policies.
Theoretically, this research contributes to the UTAUT model literature by validating blockchain literacy as a significant moderator, which enriches our understanding of technology adoption in emerging markets with low digital maturity. Future research could further explore how different dimensions of literacy, such as technical know-how, strategic understanding, and legal awareness, uniquely influence adoption behaviors.
Overall, recognizing and investing in blockchain literacy is essential for accelerating blockchain technology diffusion in Libya’s oil sector and similar contexts, transforming hesitant interest into confident and informed usage.
The outcomes of this study have contributed to the existing literature on new technology adoption, particularly in the context of blockchain technology usage in emerging nations, by expanding the understanding of the factors that affect the intention to adopt blockchain.
Existing literature on blockchain technology adoption has predominantly been conducted from the TAM perspective (e.g)., or the standard UTAUT model (e.g).,. The current study extends the UTAUT model by proposing and confirming regulatory support and perceived trust as reformulated influential factors in blockchain technology adoption behavior. The behavior of managers in oil firms regarding blockchain adoption is rational and requires regulatory support, facilitating conditions, subjective norms, and perceived trust.
Therefore, we propose that the intention of managers in Libyan firms to adopt blockchain technology is a planned behavior, influenced by factors such as perceived trust (PT), facilitating conditions (FC), subjective norms (SN), regulatory support (RS), and blockchain literacy (BL).
This study also enriches the literature by incorporating blockchain literacy as a moderating factor within the extended UTAUT model. This integration provides a deeper understanding of how various factors influence managers’ intentions to engage with blockchain, ultimately redefining the nature of management operations.
Our study validates the Unified Theory of Acceptance and Use of Technology (UTAUT) in explaining the behavioral intentions of managers in oil and gas firms. More specifically, our research introduces and validates a modified version of the UTAUT model in the Libyan context).
By highlighting the significance of blockchain literacy in technology adoption behaviors within the Libyan context, this addition strengthens the theoretical model.
Thus, blockchain literacy appears to be a crucial factor that could act as a moderator of blockchain adoption behavior in Libyan oil companies. Consequently, a high level of understanding and knowledge regarding the performance and role of blockchain technology could motivate decision-makers to adopt this technology in their management operations.
Indeed, Libya appears to be significantly behind in blockchain literacy compared to other developing countries such as Nigeria, Vietnam, India, and the UAE. Studies conducted in these countries have shown that performance expectancy is a key factor in the adoption of this technology).
In contrast to our findings, managers of petroleum firms in Libya are not yet aware of blockchain’s performance and strategic role. This highlights the technological lag in Libya. Our findings align with, who emphasizes that the lack of digital literacy in Libyan firms is a crucial barrier to adopting new technologies.
Consequently, our study provides valuable guidance for policymakers and blockchain technology developers to design effective strategies that foster blockchain adoption in the Libyan oil and gas industry, an area where empirical research is notably scarce and difficult to access due to the sensitivity of information.
The results of this research provide concrete, actionable insights for practitioners in Libyan oil and gas firms and policymakers aiming to foster blockchain technology adoption. By identifying the key drivers and barriers to adoption, including facilitating conditions (H3), perceived trust (H2), regulatory support (H5), and blockchain literacy (H6-H10), this study equips managers with targeted areas to focus on. For instance, firms can develop tailored training programs to enhance blockchain literacy, invest strategically in technological infrastructure, and collaborate with regulators to shape supportive policies. These managerial recommendations are grounded in the empirical validation of H2 through H5, reinforcing the critical role these factors play in shaping behavioral intention. Policymakers can also leverage these insights to design regulatory frameworks and awareness campaigns that remove obstacles and promote a trustworthy environment for blockchain integration. Thus, this study bridges theory and practice by offering clear guidance on how to translate behavioral intention drivers into effective managerial strategies and policy actions.
This research aims to clarify the intention to adopt blockchain technology in oil and gas companies, offering valuable insights to help managers make informed decisions about its implementation. Specifically, the study provides evidence on how decision-makers can effectively address the key factors that facilitate blockchain technology integration into operational management.
In our study, the impact of Performance Expectancy (PE) was found to be insignificant. Thus, the majority of respondents expressed uncertainty regarding the use of blockchain technology within their firms. This indicates that participants do not perceive blockchain technology as crucial for management operations. Consequently, when making decisions about adopting blockchain technology, managers should prioritize understanding users’ competencies with this new technology and its applications.
This lack of recognition may stem from limited knowledge and a reluctance among Libyan managers to adopt new, advanced systems). In fact, the organizational culture in Libya is characterized by resistance to change, particularly in relation to complex and advanced technologies. Organizations tend to favor established, traditional solutions over the adoption of emerging technologies such as blockchain, often due to perceived risks associated with innovation).
Given this, it is recommended that managers in the oil and gas industry focus on strategies such as training and education to improve the understanding and competencies of key personnel regarding blockchain applications). Furthermore, managers should facilitate the transfer of successful experiences from developing countries in the petroleum industry (e.g., Brazil, Nigeria, India) to key users of blockchain technology in Libyan firms to enhance their perception of its usefulness and strategic benefits. These initiatives will foster a greater appreciation of blockchain’s role in management operations.
These capacity-building initiatives directly address the empirical findings showing the moderating role of blockchain literacy (H6-H10), the significance of perceived trust (H2), and the impact of subjective norms (H4) on behavioral intention. Improving user competencies can empower managers to better understand and trust the technology.
These infrastructure-related recommendations are aligned with the significant roles of Facilitating Conditions (H3) and Perceived Trust (H2) identified in the study’s findings.
These recommendations reflect the importance of Regulatory Support (H5) and Subjective Norms (H4) as critical drivers of adoption identified through empirical testing.
Based on this, a key implication is that top management in Libyan oil firms must invest more effort to ensure that the necessary infrastructure is in place to support the implementation of blockchain technology in management operations. Our study identified that Facilitating Conditions (H3), Subjective Norms (H4), Perceived Trust (H2), and Regulatory Support (H5) influence the adoption of blockchain technology in management operations. Therefore, the behavioral intention of Libyan oil firms primarily depends on whether they possess the required infrastructure, receive positive influence from key personnel, and have regulatory support to explore these new technologies.
The hindrances caused by the absence of tools for blockchain technology implementation and the lack of awareness about its usefulness in management processes have been studied as barriers to blockchain technology adoption). Therefore, companies aiming to harness the benefits of blockchain technology in management operations must prioritize raising awareness about this system and developing the expertise and interest necessary for successful implementation.
However, when managers perceive blockchain technology operations as secure and efficient for digital financial dealings, they are inclined to trust its long-term utility). To enhance its adoption level, firms should improve the security of blockchain operations.
It is also important to provide legal certainty for those who wish to use blockchain technologies. Therefore, the Libyan government should implement policies that encourage the use of blockchain technology for tracking oil and gas resources from extraction to delivery and for expanding the supply chain in international markets. This can reduce fraud, improve accountability, and enhance transparency in operations. Furthermore, strategies should be established to encourage collaboration between government bodies, oil and gas firms, and technology providers. A regulatory framework that supports joint ventures, knowledge sharing, and cross-industry partnerships can also accelerate blockchain technology adoption in the Libyan context. This would not only enhance the positive perception that key users should have of the use of blockchain technology but also ensure security.
In summary, blockchain technology is widely discussed and holds the potential to revolutionize data management, potentially leading to the emergence of new management models. However, predicting its successful implementation remains challenging. Based on the findings of this study, there is still a low level of awareness among users, contributing to considerable doubt regarding blockchain technology. Furthermore, blockchain literacy seems to be a potential moderator of the associations between facilitating conditions, social influence, perceived trust, regulatory support, and behavioral intention to adopt blockchain.
Thus, developing blockchain literacy could empower managers to evaluate financial technologies and make informed decisions regarding blockchain technology adoption. Therefore, industrial firms in Libya should enhance their blockchain literacy to improve their ability to make better decisions regarding blockchain usage. The Libyan government and firms should introduce policies to provide training programs for employees in blockchain technology. This should include partnerships with universities, technology providers, and oil and gas industry experts to build a skilled workforce, enabling them to understand the strategic benefits of blockchain in petroleum operations and accelerate its adoption.
In this vein, the government also needs to develop national strategies to raise users’ awareness of the benefits of blockchain technology, improve their blockchain skills, and encourage the use of cryptocurrency as an alternative means of financial transactions.
