Journal
SUSTAINABILITY
Volume 13, Issue 11, Pages -Publisher
MDPI
DOI: 10.3390/su13115809
Keywords
blockchain; banking; financial technology (FinTech); multiple criteria decision-making (MCDM); best-worst-method (BWM); modified VIKOR; fuzzy set theory
Funding
- Ministry of Science and Technology of Taiwan [109-2410-H-034-037-MY2]
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Banks are investing in emerging financial technology, particularly blockchain, to improve competitiveness. This study proposes a hybrid decision model to evaluate blockchain-based business models for banks and finds that policies and regulations are the most crucial dimension.
Banks attempt to invest in emerging financial technology (FinTech), such as blockchain, to enhance competitiveness. There is a great deal of literature on the technical and legal aspects of blockchain. However, there is little specific guidance on how banks can apply a holistic model to evaluate the blockchain-based business. This study proposes a hybrid decision model with confidence-weighted fuzzy assessments to address this valuable research topic. Supported by a group of seasoned experts, five major blockchain-based business models are evaluated for a domestic bank in Taiwan. The key findings contribute to understanding the importance of the involved factors and identifying the ideal business strategy for the bank. The result suggests that the most crucial dimension is policies and regulations, not the technical capability of banks.
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