Conceptual Framework for Blockchain Business Success Factors with Fuzzy Analytic Hierarchy Process Model

Abstract

Blockchain technology is gaining popularity globally, and adoption is on the rise in Malaysia. The success of blockchain business in Malaysia depends on many key factors. By identifying the most influential factors, businesses can make informed strategic decisions that improve their chances of success in the market. Policymakers can also benefit from this research as it can guide them in creating an enabling environment for the growth and advancement of the blockchain industry in Malaysia. As a result, critical success factors are needed to be determined in order to accelerate the implementation of blockchain in organizations. Thus, a conceptual framework to identify the business success factors by using the Fuzzy Analytic Hierarchy Process model is proposed in this study. This research study is significant as the business success factors can be determined by the conceptual framework based on the Fuzzy Analytic Hierarchy Process model. The identification of business success factors for implementing blockchain is very crucial as it can guide policymakers and practitioners in comprehending the significance and importance of business success factors. Hence, viable strategies can be developed to make blockchain technology adoption in various sectors becomes successful.

Malaysia’s National Blockchain Roadmap: A Critical Discourse Analysis of Focus, Goals, and Challenges

“…Additionally, Malaysia may establish industry-specific consortia or alliances to facilitate knowledge sharing, collaboration, and joint development of blockchain solutions in key sectors such as finance, supply chain, healthcare, and energy. Moreover, Malaysia could leverage emerging technologies such as artificial intelligence (AI), the Internet of Things (IoT), and big data analytics to complement blockchain technology and unlock new use cases and opportunities for innovation (Lam et al, 2023).…”