Critical Factors in The Adoption of Blockchain Technology in Financial Markets: An Assessment with Best-Worst Method (BWM)

Öz

Financial markets are environments where competition is most intense and digitalization continues rapidly. Blockchain is presented as a technology that can enable major changes to be made in existing systems. In this study, the critical factors that stand out in the adoption of Blockchain Technology were examined with the Best-Worst Method (BWM), which is one of the Multi-Criteria Decision-Making (MCDM) Methods. The BWM has been preferred for reasons of making fewer binary comparisons, its practical application, and providing the opportunity to make consistent comparisons. In the implementation phase, firstly, nine criteria that were effective in the process of adaptation to technology were determined, and the determined criteria were evaluated by experts consisting of industry professionals. Expert evaluations were analyzed using the BWM. According to the results of the analysis, "Accessibility and Usability" and "Legislation and Legal Regulation Competence” were the first two criteria with the highest importance among the nine criteria, respectively. The criterion with the lowest importance among the criteria is the "Transaction Costs" criterion. As a result, the most important criteria in the adoption of technology are the ease of access and use of the technology, and then the compatibility of the technology used with the current legislation and legal regulations. The criteria related to technology and technical issues, and finally the criteria related to efficiency, were found to be less important. However, the importance weights of the criteria are very close to each other, and it should be taken into account that the criteria are related to each other.

Anahtar Kelimeler

• Financial Market and Institutions
• Banking
• Blockchain Technology
• Multi-Criteria Decision Making
• Best-Worst Method

Finansal Piyasalarda Blockchain Teknolojisinin Benimsenmesinde Kritik Faktörler: Best-Worst Yöntemi (BWM) ile Bir Değerlendirme

Öz

Finansal piyasalar rekabetin en yoğun yaşandığı ve dijitalleşmenin hızla devam ettiği ortamlardır. Blockchain, mevcut sistemlerde büyük değişimlerin yapılmasına olanak sunabilecek bir teknoloji olarak gösterilmektedir. Bu çalışmada Blockchain Teknolojisinin benimsenmesinde öne çıkan kritik faktörler Çok Kriterli Karar Verme (ÇKKV) yöntemlerinden Best-Worst Yöntemi (BWM) ile incelenmiştir. BWM daha az ikili karşılaştırma yapılması, pratik şekilde uygulanabilmesi ve tutarlı karşılaştırma yapmaya imkân sağlaması nedenleri ile tercih edilmiştir. Uygulama aşamasında öncelikle teknolojiye uyum sürecinde etkili olan dokuz kriter belirlenmiş ve belirlenen kriterler sektör profesyonellerinden oluşan uzmanlar tarafından değerlendirilmiştir. Uzman değerlendirmeleri BWM ile analiz edilmiştir. Analiz sonuçlarına göre dokuz kriterden sırasıyla önem ağırlığı en yüksek ilk iki kriter “Erişebilirlik ve Kullanılabilirlik” ile “Mevzuat ve Yasal Düzenleme Yeterliliği” olmuştur. Kriterler içinde önem ağırlığı en düşük kriter ise “İşlem Maliyetleri” kriteridir. Sonuç olarak teknolojinin benimsenmesinde en önemli kriterler sırasıyla teknolojiye kolayca ulaşılabilmesi ve kullanılabilmesi, ardından kullanılan teknolojinin yürürlükteki mevzuat ve yasal düzenlemelerle uyumlu olması kriterleridir. Teknoloji ve teknik konularla ilgili kriterler ve son olarak verimlilikle ilgili kriterler ise daha az önemli bulunmuştur. Bununla birlikte kriterlerin önem ağırlıkları birbirine oldukça yakındır ve bu kapsamda kriterlerin birbirleriyle ilişkili oldukları dikkate alınmalıdır.

Anahtar Kelimeler

• Finansal Piyasa ve Kurumlar
• Bankacılık
• Blokchain Teknolojisi
• Çok Kriterli Karar Verme
• Best-Worst Yöntemi

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