An MCDM Approach to Smart Contract Adoption in Indian Electronic Industry

Abstract

Remember internet boom of 1990s and how its usage changed the way we look at world? Blockchain technology (BT) is the Internet of present time. Studies highlighting ways to leverage the benefits of BT are being carried out aggressively and it's of keen interest for major industries and industrialists. Every new research in the area indicate various benefits of BT related to performance improvements. Therefore, to evaluate the enablers of blockchain adoption in smart contracts becomes essential and of great importance. For consumer driven economy like India, where implementation and adoption of BT has been sluggish, BT implementation can give strategic advantage to any industry, making it relevant to evaluate the feasibility and the importance of blockchain smart contracts in the electronic industry, which occupy a large share of the market. There are different enablers for BT adoption in different industries, and this study focuses on identifying and establishing the relationships between the enabler in the electronic supply chain. Eight enablers were considered after conducting a survey of the literature before applying the Interpretive Structural Modelling (ISM) technique to understand the complex relationships between the identified enablers. The result of the detailed analysis, highlighted traceability as the most significant enabler among others for BT-related smart contract adoption for the electronic industry. This result is of immense importance for managers in identifying and developing policies and strategies related to BT implementation for the firm.