Critical Factors for Blockchain Technology Implementation: A Supply Chain Perspective

Abstract

Blockchain is an emerging technology in the digitalization age which has the potential to transform the shape of various business and their related activities. Blockchain is known as the transformative technology capable of reforming the modern supply chain network by offering greater transparency in the information and physical products transformations. There are numerous benefits to implementing blockchain technology (BT) within the supply chain. However, the BT implementation in the supply chain domain is relatively low, because it depends on several factors. Hence, the primary objective of this research is to identify and investigate the critical factor in the supply chain to adopt the BT. To achieve this goal, this study identified the ten critical factors for implementing BT through the literature survey and finalized them with expert feedback. Further, an MCDM method TOPSIS is applied to prioritize these critical factors. The finding of this study shows that “develop the framework for blockchain”, “knowledge and expertise”, “communication among supply chain partners” are high priority critical factors. Therefore, this research recommends that organizations should develop the framework for blockchain and create knowledge and expertise in this domain. Further, they also maintain the effective communication SC partners as we as supply chain stakeholder for collaboration and coordination to implement the blockchain at supply chain level. This study analyses the critical factors associated with BT implementation in the context of the supply chain that will assist the managers for effective execution.