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

Yıl 2022, Cilt: 7 Sayı: 19, 448 - 467, 29.10.2022
https://doi.org/10.25204/iktisad.1144309

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.

Kaynakça

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

Yıl 2022, Cilt: 7 Sayı: 19, 448 - 467, 29.10.2022
https://doi.org/10.25204/iktisad.1144309

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.

Kaynakça

  • Accenture (2021). Minna Bank: Japan’s first digital bank, 10.07.2022. https://www.accenture.com/ us-en/case-studies/banking/minna-bank
  • Alawi, B., Al Mubarak, M. M. S., ve Hamdan, A. (2022, February). Blockchain evaluation framework for supply chain management: a decision-making approach. In Supply Chain Forum: An International Journal (1-15). Taylor & Francis. https://doi.org/10.1080/16258312. 2021.1996862
  • Albeshr, S. and Nobanee, H. (2020). Blockchain applications in banking industry: a mini-review (February 16, 2020). http://dx.doi.org/10.2139/ssrn.3539152
  • Almeshal, T. A., ve Alhogail, A. A. (2021). Blockchain for businesses: a scoping review of suitability evaluations frameworks. in IEEE Access, vol. 9, pp. 155425-155442, 2021 doi: 10.1109/ACCESS.2021.3128608.
  • Angraal, S., Krumholz, H. M., ve Schulz, W. L. (2017). Blockchain technology: applications in health care. Circulation: cardiovascular quality and outcomes, 10(9), e003800. https://doi. org/10.1161/CIRCOUTCOMES.117.003800
  • Angrish, A., Craver, B., Hasan, M., ve Starly, B. (2018). A case study for blockchain in manufacturing: “fabRec”: A prototype for peer-to-peer network of manufacturing nodes. Procedia Manufacturing, 26, 1180–1192. https://doi.org/10.1016/j. promfg.2018.07.154.
  • Arman, K. ve Kundakcı, N. (2022). Bulanık PIPRECIA yöntemi ile bankacılık endüstrisinde blokzincir teknolojisinin benimsenmesini etkileyen kritik faktörlerin değerlendirilmesi. Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 25(47), 79-92. DOI: 10.31795/baunsobed.975891
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  • Balci, G., ve Surucu-Balci, E. (2021). Blockchain adoption in the maritime supply chain: examining barriers and salient stakeholders in containerized international trade. Transportation Research Part E: Logistics and Transportation Review, 156, 102539. https://doi.org/10.1016/j.tre. 2021.102539
  • Benzidia, S., Makaoui, N., ve Bentahar, O. (2021). The impact of big data analytics and artificial intelligence on green supply chain process integration and hospital environmental performance. Technological Forecasting and Social Change, 165, 120557. https://doi.org/ 10.1016/j.techfore.2020.120557
  • Chen, S., Shi, R., Ren, Z., Yan, J., Shi, Y., ve Zhang, J. (2017, November). A Blockchain-Based Supply Chain Quality Management Framework, 2017 IEEE 14th International Conference on e-Business Engineering (ICEBE), 2017, pp. 172-176, doi: 10.1109/ICEBE.2017.34.
  • Chod, J., Trichakis, N., Tsoukalas, G., Aspegren, H., ve Weber, M. (2020). On the financing benefits of supply chain transparency and blockchain adoption. Management Science, 66, 4378–4396. https://doi.org/10.1287/mnsc.2019.3434
  • Chowdhury, M. J. M., Colman, A., Kabir, M. A., Han, J., ve Sarda, P. (2018, August). Blockchain versus database: a critical analysis. In 2018 17th IEEE International conference on trust, security and privacy in computing and communications/12th IEEE international conference on big data science and engineering (TrustCom/BigDataSE) (pp. 1348-1353). doi: 10.1109/TrustCom/BigDataSE.2018.00186.
  • Ciğerci, İ., ve Eğmir, R. T. (2019). Kamu mali denetiminde olası blok zincir teknolojisinin denetim etkinliği açısından değerlendirilmesi. Maliye Dergisi, 177, 203-217.
  • Cocco, L. Pinna, A. ve Marchesi. M. (2017). Banking on: costs savings thanks to the technology. Future Internet. 9(3). 25. https://doi.org/10.3390/fi9030025
  • Cole, R., Stevenson, M., ve Aitken, J. (2019). Technology: implications for operations and supply chain management. Supply Chain Management: An International Journal, 24(4), 469–483. https://doi.org/10.1108/SCM-09-2018-0309.
  • Cucari, N., Lagasio, V., Lia, G., ve Torriero, C. (2022). The impact of blockchain in banking processes: the interbank spunta case study. Technology Analysis & Strategic Management, 34(2), 138-150. https://doi.org/10.1080/09537325.2021.1891217
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  • Ho, T. C., ve Hsu, C. L. (2020). An analysis of key factors influencing integration of blockchain into shipping companies in taiwan. Journal of Marine Science and Technology, 28(4), 229-236. DOI: 10.6119/JMST.202008_28(4).0001
  • Hosseini Dehshiri, S. J., Emamat, M. S. M. M., ve Amiri, M. (2022). A novel group BWM approach to evaluate the implementation criteria of blockchain technology in the automotive industry supply chain. Expert Systems with Applications, 198, 116826. https://doi.org/10.1016/ j.eswa.2022.116826
  • Huang, L., Zhen, L., Wang, J., ve Zhang, X. (2022). Blockchain implementation for circular supply chain management: evaluating critical success factors. Industrial Marketing Management, 102, 451-464. https://doi.org/10.1016/j.indmarman.2022.02.009
  • Hunhevicz, J. J., ve Hall, D. M. (2020). Do you need a blockchain in construction? use case categories and decision framework for DLT design options. Advanced Engineering Informatics, 45, 101094. https://doi.org/10.1016/j.aei.2020.101094
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  • Jović, M., Tijan, E., Žgaljić, D., ve Aksentijević, S. (2020). Improving maritime transport sustainability using blockchain-based information exchange. Sustainability, 12(21), 8866. https://doi.org/10.3390/su12218866
  • Kar, A. K., ve Navin, L. (2021). Diffusion of blockchain in insurance industry: an analysis through the review of academic and trade literature. Telematics and Informatics, 58, 101532. https://doi.org/10.1016/j.tele.2020.101532
  • Karakış, E. (2022). IDOCRIW tabanlı WASPAS yöntemi ile ev tipi su arıtma cihazı seçimi, İrfan Özen (Ed.), İktisadi ve İdari Bilimlerde Teori ve Araştırmalar içinde, (s.203-223). Serüven Yayınevi, İzmir.
  • Khan, S., Kaushik, M. K., Kumar, R., ve Khan, W. (2022). Investigating the barriers of blockchain technology integrated food supply chain: a BWM approach. Benchmarking: An International Journal. https://doi.org/10.1108/BIJ-08-2021-0489
  • Ko, T., Lee, J., ve Ryu, D. (2018). Blockchain technology and manufacturing industry: real-time transparency and cost savings. Sustainability, 10(11), 4274. https://doi.org/10.3390/su 10114274
  • Kouhizadeh, M., Saberi, S., ve Sarkis, J. (2021). Blockchain technology and the sustainable supply chain: Theoretically exploring adoption barriers. International Journal of Production Economics, 231, 107831. https://doi.org/10.1016/j.ijpe.2020.107831
  • Kshetri, N. (2018). 1 Blockchain’s roles in meeting key supply chain management objectives. International Journal of Information Management, 39, 80-89. https://doi.org/10.1016/j. ijinfomgt.2017.12.005
  • Lo, S. K., Xu, X., Chiam, Y. K., ve Lu, Q. (2017, November). Evaluating suitability of applying blockchain. In 2017 22nd International Conference on Engineering of Complex Computer Systems (ICECCS) (158-161). IEEE. doi: 10.1109/ICECCS.2017.26.
  • Lohmer, J., ve Lasch, R. (2020). Blockchain in operations management and manufacturing: potential and barriers. Computers & Industrial Engineering, 149, 106789. https://doi.org/ 10.1016/j.cie.2020.106789
  • Makhdoom, I., Abolhasan, M., Abbas, H., ve Ni, W. (2019). Blockchain's adoption in IoT: the challenges, and a way forward. Journal of Network and Computer Applications, 125, 251-279. https://doi.org/10.1016/j.jnca.2018.10.019
  • Malhotra, A., O’Neill, H., ve Stowell, P. (2022). Thinking strategically about blockchain adoption and risk mitigation. Business Horizons, 65(2), 159-171. https://doi.org/10.1016/j.bushor.2021. 02.033
  • Marsal-Llacuna, M. L. (2018). Future living framework: Is blockchain the next enabling network?. Technological Forecasting and Social Change, 128, 226-234.
  • Martino, P. (2019). Blockchain technology: challenges and opportunities for banks. International Journal of Financial Innovation in Banking, 2(4), 314–333. https://dx.doi.org/10.1504/IJFIB. 2019.104535. Inderscience Enterprises Ltd. retains the copyright of the original article.
  • Martino, P. (2021). Blockchain and banking: how technological innovations are shaping the banking industry. Springer Nature.
  • Mehdiabadi, A., Tabatabeinasab, M., Spulbar, C., Karbassi Yazdi, A., ve Birau, R. (2020). Are we ready for the challenge of banks 4.0? Designing a roadmap for banking systems in industry 4.0. International Journal of Financial Studies, 8(2), 32.
  • Munim, Z. H., Duru, O., ve Hirata, E. (2021). Rise, fall, and recovery of blockchains in the maritime technology space. Journal of Marine Science and Engineering, 9(3), 266.
  • Nakamoto, S. (2008). Bitcoin: a peer-to-peer electronic cash system. Decentralized Business Review, 21260.
  • Özdağoğlu, A., Keleş, M. K., ve Işıldak, B. (2020). Isparta süleyman demirel havalimanını kullanan havayolu firmaları performanslarının bwm, mairca ve mabac ile değerlendirilme-si. Uluslararası İktisadi ve İdari İncelemeler Dergisi, (29), 175-194.
  • Papathanasiou, A., Cole, R., ve Murray, P. (2020). The (non-) application of blockchain technology in the greek shipping industry. European Management Journal, 38(6), 927-938.
  • Peck, M. E. (2017). Blockchain World - do you need a blockchain? This chart will tell you if the technology can solve your problem. IEEE Spectrum, 54(10), 38-60.
  • Pedersen, A. B., Risius, M., ve Beck, R. (2019). A ten-step decision path to determine when to use Blockchain technologies. MIS Quarterly Executive, 18(2), 99-115.
  • Rajnak, V., ve Puschmann, T. (2021). The impact of blockchain on business models in banking. Information Systems and e-Business Management, 19(3), 809-861.
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  • TÜBİTAK (2019). BİLGEM UEKAE Blokzincir Araştırma Laboratuvarı, Blokzincir Teknolojisinin Geleceği, 10.07.2022, https://blokzincir.bilgem.tubitak.gov.tr/bz-calistay/blok-zincir.html
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  • Wüst, K., ve Gervais, A. (2018, June). Do you need a blockchain? In 2018 Crypto Valley Conference on Blockchain Technology (CVCBT) (45-54). IEEE.
  • Yadav, S., ve Singh, S. P. (2020). An integrated fuzzy-ANP and fuzzy-ISM approach using blockchain for sustainable supply chain. Journal of Enterprise Information Management, 34(1), 54-78.
  • Yavuz, M. S. (2019). Ekonomide dijital dönüşüm: blockchain teknolojisi ve uygulama alanlari üzerine bir inceleme. Finans Ekonomi ve Sosyal Araştırmalar Dergisi. 4(1). 15-29
  • Yıldız, R. Ö., ve Baştuğ, S. (2018, 7-8 Eylül). Blok zincir teknolojisi kapsamında elektronik konşimento. (ss. 7-12). IV. Uluslararası Kafkasya–Orta Asya Dış Ticaret ve Lojistik Kongresi, Düzenleyen Adnan Menderes Üniversitesi. Aydın, 7(8). https://ulk.ist/media/kitap/IV-UKOD TLK/blok-zincir-teknolojisi-kapsaminda-elektronik-konsimento.pdf
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  • Zheng, X. X., Li, D. F., Liu, Z., Jia, F., ve Lev, B. (2021). Willingness-to-cede behaviour in sustainable supply chain coordination. International Journal of Production Economics, 240, 108207.
  • Zheng, Z., Xie, S., Dai, H. N., Chen, X., ve Wang, H. (2018). Blockchain challenges and opportunities: a survey. International Journal of Web and Grid Services, 14(4), 352. https://doi.org/10.1504/IJWGS.2018.095647.
  • Zheng, Z., Xie, S., Dai, H., Chen, X., ve Wang, H. (2017, June). An overview of blockchain technology: architecture, consensus, and future trends. In 2017 IEEE international congress on big data (BigData congress) (557-564).
Toplam 76 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Yöneylem, Finans
Bölüm Araştırma Makaleleri
Yazarlar

Esengül Salihoğlu 0000-0002-2005-1986

Engin Karakış 0000-0003-1271-1742

Yayımlanma Tarihi 29 Ekim 2022
Gönderilme Tarihi 16 Temmuz 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 7 Sayı: 19

Kaynak Göster

APA Salihoğlu, E., & Karakış, E. (2022). Finansal Piyasalarda Blockchain Teknolojisinin Benimsenmesinde Kritik Faktörler: Best-Worst Yöntemi (BWM) ile Bir Değerlendirme. İktisadi İdari Ve Siyasal Araştırmalar Dergisi, 7(19), 448-467. https://doi.org/10.25204/iktisad.1144309
AMA Salihoğlu E, Karakış E. Finansal Piyasalarda Blockchain Teknolojisinin Benimsenmesinde Kritik Faktörler: Best-Worst Yöntemi (BWM) ile Bir Değerlendirme. İKTİSAD. Ekim 2022;7(19):448-467. doi:10.25204/iktisad.1144309
Chicago Salihoğlu, Esengül, ve Engin Karakış. “Finansal Piyasalarda Blockchain Teknolojisinin Benimsenmesinde Kritik Faktörler: Best-Worst Yöntemi (BWM) Ile Bir Değerlendirme”. İktisadi İdari Ve Siyasal Araştırmalar Dergisi 7, sy. 19 (Ekim 2022): 448-67. https://doi.org/10.25204/iktisad.1144309.
EndNote Salihoğlu E, Karakış E (01 Ekim 2022) Finansal Piyasalarda Blockchain Teknolojisinin Benimsenmesinde Kritik Faktörler: Best-Worst Yöntemi (BWM) ile Bir Değerlendirme. İktisadi İdari ve Siyasal Araştırmalar Dergisi 7 19 448–467.
IEEE E. Salihoğlu ve E. Karakış, “Finansal Piyasalarda Blockchain Teknolojisinin Benimsenmesinde Kritik Faktörler: Best-Worst Yöntemi (BWM) ile Bir Değerlendirme”, İKTİSAD, c. 7, sy. 19, ss. 448–467, 2022, doi: 10.25204/iktisad.1144309.
ISNAD Salihoğlu, Esengül - Karakış, Engin. “Finansal Piyasalarda Blockchain Teknolojisinin Benimsenmesinde Kritik Faktörler: Best-Worst Yöntemi (BWM) Ile Bir Değerlendirme”. İktisadi İdari ve Siyasal Araştırmalar Dergisi 7/19 (Ekim 2022), 448-467. https://doi.org/10.25204/iktisad.1144309.
JAMA Salihoğlu E, Karakış E. Finansal Piyasalarda Blockchain Teknolojisinin Benimsenmesinde Kritik Faktörler: Best-Worst Yöntemi (BWM) ile Bir Değerlendirme. İKTİSAD. 2022;7:448–467.
MLA Salihoğlu, Esengül ve Engin Karakış. “Finansal Piyasalarda Blockchain Teknolojisinin Benimsenmesinde Kritik Faktörler: Best-Worst Yöntemi (BWM) Ile Bir Değerlendirme”. İktisadi İdari Ve Siyasal Araştırmalar Dergisi, c. 7, sy. 19, 2022, ss. 448-67, doi:10.25204/iktisad.1144309.
Vancouver Salihoğlu E, Karakış E. Finansal Piyasalarda Blockchain Teknolojisinin Benimsenmesinde Kritik Faktörler: Best-Worst Yöntemi (BWM) ile Bir Değerlendirme. İKTİSAD. 2022;7(19):448-67.


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