Journal of Information Technology Services (한국IT서비스학회지)

Korea Society of IT Services (한국IT서비스학회)
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Estimating the Security Investors' Willingness to Pay for Blockchain

증권투자자의 블록체인 기술에 대한 지불의사액 추정

  • 남승오 (순천향대학교 IT금융경영학과)
  • Received : 2018.10.10
  • Accepted : 2018.10.30
  • Published : 2018.12.31
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Abstract

Blockchain can be highly secured by design and efficient for huge data so that many researchers and practitioners have been interested in blockchain in nature. The principles and applications of blockchain have been investigated by numerous studies and projects, however little is coincident regarding estimating about security investors' additional willingness to pay (WTP) and analyzing relationship with socio-economic characteristics of the investor for blockchain in the securities industry. This study surveyed on 1,000 heads of the household or homemakers that represents population well and estimated additional WTP using one-and-one-half-bounded (OOHB) dichotomous choice (DC) contingent valuation (CV) method. About 63% of respondents had additional WTP for blockchain. The mean WTP was KRW 48,206.92 and the median WTP was KRW 30,967.76. In addition to, the people who are high-income, highly-educated and having more financial asset were more likely to pay extra for their utility from using blockchain. The aggregated additional WTP was about 13% of the 2017 fiscal net income of the security industry. Consequently using blockchain, the strategic developing of securities targeting high-income, highly educated investors having more financial assets can increase commission income, which in turn can increase the company's revenues.

Keywords

Descriptive Statistics of Respondents

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Responses for BId Ranges

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Estimation Results without Covariate

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WTP Confidence Intervals

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Estimation Results with Covariate

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