Designing a Strategic Model for Blockchain Technology in the Iranian Banking System

Subject Areas : International Journal of Finance, Accounting and Economics Studies

Farhad Rezaei ¹ , Amir Mohammadzadeh ^{2 *} , Mohammadreza Sanaei ³ , Mohsen Torabian ⁴

1 - Department of Entrepreneurship, Faculty of Management, Qazvin Branch, Islamic Azad University, Qazvin, Iran
2 - Department of Management, Faculty of Management, Qazvin Branch, Islamic Azad University, Qazvin, Iran
3 - Department of Information Technology Management, Faculty of Management, Qazvin Branch, Islamic Azad University, Qazvin, Iran
4 - Department of Mathematics, Qazvin Branch, Islamic Azad University, Qazvin, Iran

Received: 2025-03-07 Accepted : 2025-04-18 Published : 2025-02-02

Keywords: Technology, Blockchain, Banking System, Digital Transactions,

Abstract :

This study aims to develop a strategic model for the implementation of blockchain technology within the Iranian banking system. Employing a mixed-methods approach, the research is developmental in purpose, utilizing both qualitative and quantitative data. The qualitative component involved content analysis, while the quantitative component utilized a survey. Participants in the qualitative phase were purposefully selected and consisted of 12 managers, senior employees (with at least 10 years of work experience and a master's degree or higher), and management professors (with at least 10 years of work experience and a doctoral degree or higher). This sample size was determined upon reaching theoretical saturation. In the quantitative phase, the statistical population comprised information technology employees from Sepah Bank in Tehran. A sample size of 127 was determined using the Cochran sampling formula. Data collection for the qualitative phase was conducted through semi-structured interviews, and for the quantitative phase, through a questionnaire derived from the qualitative findings. Data analysis in the qualitative phase employed thematic analysis using MAXQDA software, while the quantitative phase utilized confirmatory factor analysis and structural equation modeling via SmartPLS software. The validity and reliability of the data were confirmed through various methods. Qualitative data analysis yielded 255 codes during open coding, which were subsequently refined to 100 initial codes after removing redundancies. These codes were then categorized into 30 sub-themes and 6 main themes: security and trust, efficiency and cost, transactions and payments, transparency and analysis, innovation and development, and cooperation and interactions.

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