Assessing Key Enablers for Blockchain Adoption in Banking in India: An ISM and MICMAC Analysis

DOI: https://doie.org/10.10399/APER.2025579501

Authors:

Dr. Parul Singh

Keywords:

Blockchain, Banking, Financial Institutions, India, Interpretive Structural Modeling, MICMAC

Abstract:

Purpose: The purpose of the study is to assess the key factors influencing blockchain adoption in banking and analyze their interrelationships. Its objective is to bridge the gap by identifying the most critical enablers and dependencies, and providing insights into how blockchain can be effectively integrated into banking operations.

Design/Methodology/Approach: The study uses a mix of methods, combining qualitative and quantitative data. Interviews with experts and group discussions determine key factors while surveys measure how essential these factors are. By using ISM and MICMAC, the study helps to establish a structured hierarchy of factors influencing blockchain adoption.

Findings: The study identifies regulatory environment, economic viability, and technology readiness as key drivers of blockchain adoption. Customer demand and organizational readiness support adoption, while competition is an outcome of successful implementation. Regulatory support and financial sustainability are crucial for accelerating integration.

Research Limitations/Implications: This study focuses on India specifically, so its findings may not apply universally to other places.

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