Analysis of Key Barriers in Blockchain in Banking

Abstract

In this chapter, the authors holistically study different barriers in the path of implementation of blockchain technology in the growth of the banking sector. Over the last decade, blockchain technology has received a lot of attention. This disruptive force of digital technology is becoming an imperative factor around the world by changing the business models. This chapter includes three different research phases. In the first stage, barriers were identified from the literature followed by interviews with experts of the industry. Finally, the authors design an ISM impact matrix cross-reference multiplication model. For the mass application of blockchain technology, policymakers tend to remove the barriers that have been shown in this chapter. On the basis of their importance, the blockchain technology application tends to ease by eliminating the highlighted barriers. This study is one of the preliminary attempts at the implementation of blockchain by identifying barriers and ranking them according to their importance.