Adaptive Innovation Diffusion : Two-way Spillover Effect of Cryptocurrency and Blockchain Diffusion

Two emerging technologies, blockchain and cryptocurrency, are widely used worldwide. The diffusionprocess of the two technologies has attracted a lot of interest from scholars. However, previous studies have notexplored the mutual influence of the diffusion process of both. This paper investigates how blockchain technology andcryptocurrency technology affect each other's spread to fill this gap. Based on the innovation diffusion theory, thispaper finds a two-way spillover effect in the diffusion process of blockchain technology and cryptocurrency technologythrough the Granger-causality test. The two technologies are mutually responsible for each other's diffusion, whichcontributes a new perspective to innovation diffusion research and introduces related technology diffusion to thediffusion process of a single innovation in innovation diffusion theory.

Two emerging technologies, blockchain and cryptocurrency, are widely used worldwide. The diffusion process of the two technologies has attracted a lot of interest from scholars. However, previous studies have not explored the mutual influence of the diffusion process of both. This paper investigates how blockchain technology and cryptocurrency technology affect each other's spread to fill this gap. Based on the innovation diffusion theory, this paper finds a two-way spillover effect in the diffusion process of blockchain technology and cryptocurrency technology through the Granger-causality test. The two technologies are mutually responsible for each other's diffusion, which contributes a new perspective to innovation diffusion research and introduces related technology diffusion to the diffusion process of a single innovation in innovation diffusion theory.