Will adoption of blockchain technology be challenging: evidence from Indian banking industry

Abstract

Purpose Blockchain technology is predicted by many to be the most disruptive technology which might bring accessibility, efficiency and transparency in the financial industry. This study aims to understand the challenges likely to be faced by the Indian banking industry while adopting the technology. Design/methodology/approach The study adopted a qualitative approach to explore the challenges faced by the banking industry in India. Semi-structured in-depth interviews with senior executives and academicians in the finance and the information technology industries helped gain explorative insights about the challenges. Findings Thematic analysis suggested a framework comprising five challenges while adopting blockchain technology. These challenges relate to technology, organisation, operation, regulator and environmental context. Originality/value The paper contributes to the limited literature on the nascent blockchain technology adoption in banking industry in an emerging country context.