Evaluation of blockchain business success factors using ahp

Abstract

Blockchain is a distributed digital ledger technology that is used in various business fields to record and store transaction information. Additionally, blockchain provides its own method of verification. There is a need to establish a business model based on identified success factors for blockchain technology so this technology can thrive as a business tool. However, many companies have difficulty identifying the business success factors of blockchain technology. In this paper, we intend to provide a means of motivating blockchain technology development and user growth by analyzing the factors required for blockchain to be successful in business. Blockchain success factors for businesses were extracted from literature reviews and a survey of experts, professionals, and general users in related fields. We verified the survey results based on the consistency of responses using the analytic hierarchy process. The analysis results for the success factors of blockchain revealed that cryptography (0.2828), transparency (0.1244), and key management (0.1228) were selected as the main success factors. The analysis results for the critical success factors of blockchain identified in this study are expected to enable decision-makers to support sustainable business models and investment strategies. © 2020, Engg Journals Publications. All rights reserved.