Assessing the feasibility of blockchain technology in industries: evidence from Turkey

Abstract

Purpose The objective of this study is to assess quantitatively how feasible blockchain is for various industries, such as logistics and supply chain, health, energy, finance, automotive, pharmaceutical and agriculture and food using a comprehensive list of indicators. Design/methodology/approach A decision aid was applied to the problem of identifying the feasibility of blockchain in Turkish industries. To this end, first, a set of indicators was identified. Then, the fuzzy AHP and fuzzy TOPSIS were utilized to assess the feasibility comparatively using the data gathered from a group of experts. Finally, a scenario analysis was conducted to ensure the consistency of our evaluation. Findings The findings of this study suggest that comparatively, logistics and supply chain, finance and health industries are the most feasible industries for blockchain. This study further suggests that blockchain is the least feasible for the automotive industry compared to the rest of the identified industries. Research limitations/implications It is cumbersome to find out the respondents who have sufficient knowledge of both blockchain and the identified industries. Even if we took the utmost care in identifying the right respondents, we limited our search to the biggest industrial hubs of Turkey. Practical implications The findings of this research may help various decision-makers employed in governments, conglomerates, software and consulting firms and national research institutions make more informed decisions and allocate their resources more effectively. Originality/value To this date, the current studies have solely investigated possible research opportunities in blockchain and demonstrated several blockchain applications in stand-alone cases. To the best of our knowledge, however, no single study exists that evaluates the feasibility of blockchain comparatively and holistically among a group of industries using various indicators.