Ahmed Abdallah Abaker, Imam Muhammad ibn Saud University, Saudi Arabia

Blockchain technology holds immense transformative potential; however, its adoption is accompanied by significant challenges. This research explores the opportunities and obstacles associated with blockchain, with a particular focus on its application within STC Pay in Saudi Arabia. Based on user feedback collected from a questionnaire distributed to 100 participants, the study delves into critical areas such as participant demographics, potential benefits, challenges encountered, proposed solutions, and general feedback. The findings emphasize the significance of blockchain in enhancing security, transparency, and efficiency while also identifying key barriers that must be addressed for its successful adoption. Key challenges, including scalability, privacy concerns, regulatory compliance, and interoperability, are highlighted as major hurdles to integrating blockchain technology effectively. Addressing these issues requires clear communication, adaptable policies, and targeted strategies that consider the unique needs of different stakeholders. By fostering collaboration among regulatory authorities, management teams, and users, the research proposes actionable solutions to overcome these obstacles. The study also underscores the importance of user feedback in shaping the adoption process. Perspectives from diverse groups, including IT professionals, management, and end-users, are crucial for aligning technological advancements with practical needs. The comprehensive analysis offers a balanced understanding of both opportunities and challenges, providing a roadmap for effective blockchain integration. In conclusion, this research provides valuable insights into blockchain's potential to revolutionize digital payments, particularly within STC Pay. By addressing existing challenges through strategic approaches, the findings contribute to advancing the adoption of blockchain technology while emphasizing its role in fostering innovation and driving efficiency in modern financial systems.

Blockchain Technology, Digital Payments, STC Pay, Saudi Arabia, Scalability, Privacy Concerns, Regulatory Compliance, Interoperability Challenges, Security, Transparency, Operational Efficiency