Critical Factors in The Adoption of Blockchain Technology in Financial Markets: An Assessment with Best-Worst Method (BWM)

Abstract

In the study, the critical factors that stand out in the adoption of Blockchain Technology were examined with the Best-Worth (BMW) Method, which is one of the multi-criteria decision-making (MCDM) methods. MCDM methods have been preferred because they can be used in for solving problems where many conflicting criteria are effective. In the implementation phase, firstly, 9 criteria that were effective in the process of adaptation to technology were determined and the determined criteria were evaluated by 10 experts consisting of industry professionals. Expert evaluations were analyzed using the BMW Method. According to the results of the analysis, "Accessibility and Usability" and "Technological Infrastructure Adequacy and Integration in the Countries" were the first two criteria with the highest importance among the nine criteria, respectively. Among the criteria, the criteria with the lowest importance is "Legislation and Legislation Adequacy of Countries". However, the weights of importance of the eight criteria, except for the "regulatory and legal regulation adequacy of the countries", are very close. According to the findings, the most important criteria groups in the adoption of technology for the sector experts are the criteria related to technology and technical issues, criteria related to efficiency, and regulation and supervision criteria, respectively.