The key challenges and critical success factors of blockchain implementation: Policy implications for Singapore’s maritime industry

Abstract

Blockchain has the potential to improve the efficiency and transparency of maritime businesses and operations. Nevertheless, few studies have been conducted to identify the key challenges and critical success factors (CSFs) of blockchain implementation in the maritime industry. A case study approach based on Singapore’s maritime industry is adopted. Four interviews are conducted to establish the face validity of the survey questionnaire before data are collected from 30 maritime professionals from Singapore’s maritime industry. In addition to analytic hierarchical process (AHP), a fishbone diagram and PESTEL analysis are also adopted to organize and discuss the results. The results show that there are six key challenges and six CSFs for blockchain implementation. Using a fishbone diagram, the six identified challenges along with 13 personal concerns are categorized into five dimensions related to people, methods, organization, external environment, and technology. The CSFs are sufficient capital, staff training, ease of local legislation, support from the shipping community, support from the senior management, and professional consultation and assistance. This study implicates marine policy formulation in relation to subsidies and investments, blockchain talent and knowledge acquisition, and workforce training and education to accelerate blockchain implementation in the maritime industry.