Exploring the critical drivers of blockchain technology adoption in Indian industries using the best-worst method

Srikant Gupta, Pooja Singh Kushwaha
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Abstract

Purpose

The purpose of our research on blockchain technology is to unveil its immense potential, understand its applications and implications and identify opportunities to revolutionize existing systems and processes. This research aims to inspire the creation of new innovative solutions for industries. By harnessing blockchain technology, organizations can pinpoint key areas that could significantly benefit from its use, such as streamlining operations, providing secure and transparent digital solutions and fortifying data security.

Design/methodology/approach

This study presents a robust multi-criteria decision-making framework for assessing blockchain drivers in selected Indian industries. We initiated with an extensive literature review to identify potential drivers. We then sought the opinions of experts in the field to validate and refine our list. This meticulous process led us to identify 26 drivers, which we categorized into five main categories. Finally, we employed the Best-Worst Method to determine the relative importance of each criterion, ensuring a comprehensive and reliable assessment.

Findings

The authors have ranked the blockchain drivers based on their degree of importance using the Best-Worst Method. This study reveals the priority of BC implementation, with the retail industry identified as the most in need, followed by the Banking and Healthcare industries. Various critical factors are identified where blockchain technology could help reduce costs, increase efficiency and enable new innovative business models.

Research limitations/implications

While this study acknowledges potential bias in driver assessment relying on literature and expert opinions, its findings carry significant practical implications. We have identified key areas where blockchain technology could be transformative by focusing on select industries. Future research should encompass other industries and real-world case studies for practical insights that could delve into the adoption challenges and benefits of blockchain technology in many other industries, thereby amplifying the relevance of our findings.

Originality/value

Blockchain is a groundbreaking, innovative technology with immense potential to revolutionize industries. Past research has explored the benefits and challenges of blockchain implementation in specific industries or sectors. This creates a gap in research regarding systematically classifying and ranking the importance of blockchain across different Indian industries. Our research seeks to address this gap by using advanced multi-criteria decision-making techniques. We aim to provide a comprehensive understanding of the significance of blockchain technology in critical Indian industries, offering valuable insights that can inform strategic decision-making and drive innovation in the country’s business landscape.

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使用最佳-最差法探索印度各行业采用区块链技术的关键驱动因素
目的我们对区块链技术的研究旨在揭示其巨大潜力,了解其应用和影响,并找出彻底改变现有系统和流程的机会。这项研究旨在激发各行业创造新的创新解决方案。通过利用区块链技术,企业可以准确定位可从其使用中显著受益的关键领域,如简化运营、提供安全透明的数字解决方案和加强数据安全。我们首先进行了广泛的文献综述,以确定潜在的驱动因素。然后,我们征求了该领域专家的意见,以验证和完善我们的清单。通过这一细致的过程,我们确定了 26 个驱动因素,并将其分为五大类。最后,我们采用了 "最佳-最差法"(Best-Worst Method)来确定每个标准的相对重要性,从而确保评估的全面性和可靠性。这项研究揭示了区块链技术实施的优先次序,零售业被认为是最需要的行业,其次是银行业和医疗保健业。研究局限性/影响虽然本研究承认在依赖文献和专家意见进行驱动力评估时可能存在偏差,但其研究结果具有重要的实际意义。我们通过对选定行业的关注,确定了区块链技术可带来变革的关键领域。未来的研究应包括其他行业和真实世界的案例研究,以获得实用的见解,深入探讨区块链技术在许多其他行业的应用挑战和益处,从而扩大我们研究结果的相关性。过去的研究探讨了区块链在特定行业或部门实施的益处和挑战。这就造成了印度不同行业在对区块链的重要性进行系统分类和排序方面的研究空白。我们的研究试图通过使用先进的多标准决策技术来弥补这一空白。我们的目标是全面了解区块链技术在印度关键行业中的重要性,提供有价值的见解,为战略决策提供依据,推动印度商业领域的创新。
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来源期刊
CiteScore
7.90
自引率
9.70%
发文量
87
期刊介绍: ■Organisational design and methods ■Performance management ■Performance measurement tools and techniques ■Process analysis, engineering and re-engineering ■Quality and business excellence management Articles can address these topics theoretically or empirically through either a descriptive or critical approach. The co-Editors support articles that significantly bring new knowledge to the area both for academics and practitioners. The material for publication in IJPPM should be written in a manner which makes it accessible to its entire wide-ranging readership. Submissions of highly technical or mathematically-oriented papers are discouraged.
期刊最新文献
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