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Measuring the perceived benefits of implementing blockchain technology in the banking sector

Author

Listed:
  • Poonam Garg

    (IMT Ghaziabad - Institute of Management Technology)

  • Bhumika Gupta

    (IMT-BS - MMS - Département Management, Marketing et Stratégie - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris])

  • Ajay Kumar Chauhan

    (IMT Ghaziabad - Institute of Management Technology)

  • Uthayasankar Sivarajah

    (School of Management [Bradford] - University of Bradford)

  • Shivam Gupta

    (NEOMA - Neoma Business School)

  • Sachin Modgil

    (IMI Kolkata - International Management Institute)

Abstract

This study aims to measure the perceived business benefits of blockchain technology implementation in the banking sector and establish factors to measure these benefits. Concerns regarding security, values, and standards are essential to banking operations. Data was collected from 291 respondents who are either blockchain consultants, blockchain marketing experts, or CEOs/business heads of banks that are in the process of advising, consulting, or implementing blockchain technology. Confirmatory factor analysis (CFA) was carried out to assess the reliability and validity of the proposed instrument. The results support the proposed instrument and its five constructs. The scale emerging from this study indicates a good degree of reliability, validity and unidimensionality in each of its constructs. Technologies like blockchain are in their initial stages, and recent advances in blockchain technology may impact our findings. The developed instrument could help give decision makers a foundational view to measure the benefits of implementing blockchain technology before they choose to integrate it in their existing system. The scientific and societal significance of the study based on its practical and theoretical applications is presented at the end.

Suggested Citation

  • Poonam Garg & Bhumika Gupta & Ajay Kumar Chauhan & Uthayasankar Sivarajah & Shivam Gupta & Sachin Modgil, 2021. "Measuring the perceived benefits of implementing blockchain technology in the banking sector," Post-Print hal-03145195, HAL.
    • Handle: RePEc:hal:journl:hal-03145195
    DOI: 10.1016/j.techfore.2020.120407
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    Citations

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    Cited by:

    1. Jana, Rabin K. & Ghosh, Indranil & Wallin, Martin W., 2022. "Taming energy and electronic waste generation in bitcoin mining: Insights from Facebook prophet and deep neural network," Technological Forecasting and Social Change, Elsevier, vol. 178(C).
    2. Chiarello, Filippo & Fantoni, Gualtiero & Hogarth, Terence & Giordano, Vito & Baltina, Liga & Spada, Irene, 2021. "Towards ESCO 4.0 – Is the European classification of skills in line with Industry 4.0? A text mining approach," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    3. Nguyen, Loan T.Q. & Hoang, Thinh G. & Do, Linh H. & Ngo, Xuan T. & Nguyen, Phuong H.T. & Nguyen, Giang D.L. & Nguyen, Giang N.T., 2021. "The role of blockchain technology-based social crowdfunding in advancing social value creation," Technological Forecasting and Social Change, Elsevier, vol. 170(C).
    4. Jovanovic, Marin & Kostić, Nikola & Sebastian, Ina M. & Sedej, Tomaz, 2022. "Managing a blockchain-based platform ecosystem for industry-wide adoption: The case of TradeLens," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    5. Saif, Mashaal A.M. & Hussin, Nazimah & Husin, Maizaitulaidawati Md & Muneer, Amgad & Alwadain, Ayed, 2024. "Beyond conventions: Unravelling perceived value's role in shaping digital-only banks' adoption," Technological Forecasting and Social Change, Elsevier, vol. 203(C).
    6. Darehshiri, Mahsa & Ghaemi Asl, Mahdi & Babatunde Adekoya, Oluwasegun & Shahzad, Umer, 2022. "Cross-spectral coherence and dynamic connectedness among contactless digital payments and digital communities, enterprise collaboration, and virtual reality firms," Technological Forecasting and Social Change, Elsevier, vol. 181(C).
    7. Simarjeet Singh & Sanjay Gupta & Sandeepa Kaur & Sakshi Sapra & Vishal Kumar & Manika Sharma, 2023. "The quest for CBDC: indentifying and prioritising the motivations for launching central bank digital currencies in emerging countries," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(5), pages 4493-4508, October.
    8. Umara Noreen & Attayah Shafique & Zaheer Ahmed & Muhammad Ashfaq, 2023. "Banking 4.0: Artificial Intelligence (AI) in Banking Industry & Consumer’s Perspective," Sustainability, MDPI, vol. 15(4), pages 1-16, February.
    9. Mahmoona Khalil & Kausar Fiaz Khawaja & Muddassar Sarfraz, 2022. "The adoption of blockchain technology in the financial sector during the era of fourth industrial revolution: a moderated mediated model," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(4), pages 2435-2452, August.
    10. Sánchez, Marisa A., 2022. "A multi-level perspective on financial technology transitions," Technological Forecasting and Social Change, Elsevier, vol. 181(C).
    11. Patel, Ritesh & Migliavacca, Milena & Oriani, Marco E., 2022. "Blockchain in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 62(C).
    12. Chakraborty, Debarun & Polisetty, Aruna & G, Sowmya & Rana, Nripendra P. & Khorana, Sangeeta, 2024. "Unlocking the potential of AI: Enhancing consumer engagement in the beauty and cosmetic product purchases," Journal of Retailing and Consumer Services, Elsevier, vol. 79(C).
    13. Massimo Preziuso & Franziska Koefer & Michel Ehrenhard, 2023. "Open banking and inclusive finance in the European Union: perspectives from the Dutch stakeholder ecosystem," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-27, December.
    14. Pandey, Dharen Kumar & Hassan, M.Kabir & Kumari, Vineeta & Zaied, Younes Ben & Rai, Varun Kumar, 2024. "Mapping the landscape of FinTech in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 67(PA).
    15. Hiran, Kamal Kant & Dadhich, Manish, 2024. "Predicting the core determinants of cloud-edge computing adoption (CECA) for sustainable development in the higher education institutions of Africa: A high order SEM-ANN analytical approach," Technological Forecasting and Social Change, Elsevier, vol. 199(C).

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