Presenting a Framework for the Application of Blockchain Technology in the Financial Services Industry of Iran Using a Foresight Approach
Keywords:
application of blockchain technology, financial services industry of the country, future research.Abstract
This study aims to develop scenarios for the future application of blockchain technology in the financial services industry of Iran. A mixed-methods approach was employed. In the first phase, through a literature review and interviews with 23 experts, 19 key factors influencing the adoption of blockchain technology in the financial services industry were identified. In the second phase, the MICMAC analysis was applied to examine the interactions among the identified factors. In the third phase, based on expert opinions and using the Scenario Wizard software, three future scenarios were developed. Nineteen final factors influencing the application of blockchain technology in the financial services industry were identified, among which seven were recognized as the most influential. Three scenarios were formulated for the future application of blockchain in the financial sector. The use of international platforms instead of domestic ones; training of bank human resources; growth of banking startups; the cost of blockchain technology transfer; changing preferences of new generations regarding banking services; data-driven decision-making culture; and the perceived benefits of blockchain from the viewpoint of banking managers were identified as the most fundamental drivers. Based on these seven drivers, four scenarios for the future adoption of blockchain technology in the financial services industry were identified.
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Copyright (c) 2025 Fatemeh Hashemi Ardakani (Author); Ali Lalbar; Mahmoud Kohansal Kafshgari (Author)
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