A study on Critical Factors for Blockchain Adoption in India: Analytic Hierarchy Process

Abstract

Blockchain technology (BCT) has attracted a lot of attention because of its technological characteristics that improve the security, transparency, and operational efficiency of organizations. However, several considerations should be taken into account while evaluating its adoption. The aim of this study is to define and prioritize the factors influencing the adoption of BCT by organizations in India using Analytic Hierarchy Process (AHP) methodology. Five dimensions and nineteen sub-factors were evaluated using a literature review and interviews with experts. The results indicate that technology factors have the greatest impact on the adoption of blockchain, followed by organizational factors and regulatory factors. The most significant sub-factors were: security and privacy, relative advantage, and top management support. The study provides valuable implications for organizations and policymakers to address the challenges of successful implementation of blockchain and digital transformation initiatives.