Designing a Strategic Model for Blockchain Technology in the Iranian Banking System
محورهای موضوعی : International Journal of Finance, Accounting and Economics StudiesFarhad 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
کلید واژه: Technology, Blockchain, Banking System, Digital Transactions,
چکیده مقاله :
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.
Adrian, T., Etula, E., & Muir, T. (2014). Financial intermediaries and the cross‐section of asset returns. The Journal of Finance, 69(6), 2557-2596.
Ahram, T., Sargolzaei, A., Sargolzaei, S., Daniels, J., &Amaba, B. (2017, June). Blockchain technology innovations. In 2017 IEEE technology & engineering management conference (TEMSCON) (pp. 137-141). IEEE.
Ali, O., Ally, M., & Dwivedi, Y. (2020). The state of play of blockchain technology in the financial services sector: A systematic literature review. International Journal of Information Management, 54, 102199.
Alvseike, R., & Iversen, G. A. G. (2017). Blockchain and the future of money and finance: a qualitative exploratory study of blockchain technology and implications for the monetary and financial system (Master's thesis).
Andoni, M., Robu, V., Flynn, D., Abram, S., Geach, D., Jenkins, D., ... & Peacock, A. (2019). Blockchain technology in the energy sector: A systematic review of challenges and opportunities. Renewable and Sustainable Energy Reviews, 100, 143-174.
Arjun, R., & Suprabha, K. R. (2020). Innovation and Challenges of Blockchain in Banking: A Scientometric View. International Journal of Interactive Multimedia & Artificial Intelligence, 6(3).
Arjun, R., & Suprabha, K. R. (2020). Innovation and Challenges of Blockchain in Banking: A Scientometric View. International Journal of Interactive Multimedia & Artificial Intelligence, 6(3).
Clark, G. L. (2017). Financial intermediation, infrastructure investment, and regional growth. Area Development and Policy, 2(3), 217-236.
DeVries, P. D. (2016). An analysis of cryptocurrency, bitcoin, and the future. International Journal of Business Management and Commerce, 1(2), 1-9.
Dujak, D., &Sajter, D. (2019). Blockchain applications in the supply chain. In SMART supply network (pp. 21-46). Springer, Cham.
Frizzo-Barker, J., Chow-White, P. A., Adams, P. R., Mentanko, J., Ha, D., & Green, S. (2020). Blockchain as a disruptive technology for business: A systematic review. International Journal of Information Management, 51, 102029.
Garg, P., Gupta, B., Chauhan, A. K., Sivarajah, U., Gupta, S., & Modgil, S. (2020). Measuring the perceived benefits of implementing blockchain technology in the banking sector. Technological Forecasting and Social Change, 120407.
Ghosh, S. (2016). Changing Role of Financial Intermediaries due to Electronic Technologies. International Journal of Engineering Science, 6671.
Girchenko, T., Semeniuk, I., &Girchenko, L. (2020). BLOCKCHAIN TECHNOLOGY: FEATURES, PROSPECTS. European Cooperation, 3(47), 17-32.
Golosova, J., & Romanovs, A. (2018, November). The advantages and disadvantages of the blockchain technology. In 2018 IEEE 6th workshop on advances in information, electronic and electrical engineering (AIEEE) (pp. 1-6). IEEE.
Golosova, J., & Romanovs, A. (2018, November). The advantages and disadvantages of the blockchain technology. In 2018 IEEE 6th workshop on advances in information, electronic and electrical engineering (AIEEE) (pp. 1-6). IEEE.
Grover, P., Kar, A. K., & Ilavarasan, P. V. (2018, October). Blockchain for businesses: A systematic literature review. In Conference on e-Business, e-Services and e-Society (pp. 325-336). Springer, Cham.
Iansiti, M., & Lakhani, K. R. (2017). The truth about blockchain. Harvard Business Review, 95(1), 118–127.
Janssen, M., Weerakkody, V., Ismagilova, E., Sivarajah, U., & Irani, Z. (2020). A framework for analyzing blockchain technology adoption: Integrating institutional, market and technical factors. International Journal of Information Management, 50, 302-309.
Joshi, A. P., Han, M., & Wang, Y. (2018). A survey on security and privacy issues of blockchain technology. Mathematical foundations of computing, 1(2), 121.
Kakavand, H., Kost De Sevres, N., & Chilton, B. (2017). The blockchain revolution: an analysis of regulation and technology related to distributed ledger technologies. Available at SSRN 2849251.
Kallugudde, M. D., Bhardwaj, S., &Venugopalan, V. (2020). U.S. Patent Application No. 16/507,755.
Karame, G. (2016, October). On the security and scalability of bitcoin's blockchain. In Proceedings of the 2016 ACM SIGSAC conference on computer and communications security (pp. 1861-1862).
Kshetri, N. (2018). Blockchain’s roles in meeting key supply chain management objectives. International Journal of Information Management, 39, 80–89.
Lewis, A. (2018). The basics of bitcoins and blockchains: an introduction to cryptocurrencies and the technology that powers them. Mango Media, Inc.
Min, H. (2019). Blockchain technology for enhancing supply chain resilience. Business Horizons, 62(1), 35-45.
Nowiński, W., & Kozma, M. (2017). How can blockchain technology disrupt the existing business models? Entrepreneurial Business and Economics Review, 5(3), 173–188.
Queiroz, M. M., Telles, R., & Bonilla, S. H. (2019). Blockchain and supply chain management integration: a systematic review of the literature. Supply Chain Management: An International Journal.
Short, C. (2018). Blockchain applications. Modern Trader, 1(539), 21.
Till, B. M., Peters, A. W., Afshar, S., & Meara, J. G. (2017). From blockchain technology to global health equity: can cryptocurrencies finance universal health coverage?. BMJ global health, 2(4).
Treiblmaier, H., &Sillaber, C. (2020). A Case Study of Blockchain-Induced Digital Transformation in the Public Sector. In Blockchain and Distributed Ledger Technology Use Cases (pp. 227-244). Springer, Cham.
Wang, Y., Singgih, M., Wang, J., &Rit, M. (2019). Making sense of blockchain technology: How will it transform supply chains?. International Journal of Production Economics, 211, 221-236.
