Endogenizing Blockchain Windows of Opportunity in Iran’s Banking Industry through Applying Technological Innovation System (TIS) Approach

Abstract

Endogenizing windows of opportunity in an industry can be analyzed and evaluated through using the Technological Innovation System (TIS) approach. In this regard, the purpose of this study is to identify and evaluate the functions and mechanisms needed to endogenize blockchain windows of opportunity in Iran’s banking industry. To this end, this paper employed a quantitative approach, survey research strategy, a questionnaire tool for data collection, and confirmatory factor analysis for data analysis. The sample is selected from experts who are proficient in the banking industry and blockchain technology. Findings of this study indicate that mechanisms such as internal project research by banks (knowledge creation function), increasing the diversity of actors and their interactions (knowledge diffusion function), using international platforms instead of local platforms (market orientation function), internal operational and research projects (technological entrepreneurship function), the need to determine the orientation of blockchain development by obtaining the views and needs of leading users by the Central Bank as a key player (search orientation function), removing business barriers (shaping market function), the entry of fintech companies into business development (legitimation function) are important for endogenizing blockchain windows of opportunity in Iran's banking industry.

Keywords

• blockchain technology
• windows of opportunity
• banking industry
• technological innovation system (tis)