Identifying key indicators for developing the use of blockchain technology in financial systems

Abstract

Internet-based financial systems and communications have entered a new phase with the advent of blockchain technology and cryptocurrencies. The new economic system with its transparency, privacy, and peer-to-peer networking, has attracted the attention of economists. The advent of cryptocurrencies has brought new blood into the veins of blockchain technology and accelerated its growth. After a decade of cryptocurrency lifetime, it is necessary to identify key components to develop the use of this technology. The aim of this study is to identify the indicators needed to develop the use of blockchain technology and cryptocurrencies in financial systems. A total of six indicator groups were identified including technology, legislation, cybersecurity, regulatory methods, public acceptance, and investment. For this purpose, the three-round Delphi study is used to elicit expert opinions. Calculation of Kendall’s W coefficient shows a high degree of concordance of experts' opinions in determining the indicators. The indicators presented in this research can be a helpful guide for governments and economic sections to develop the use of blockchain technology in financial systems.

Keywords

• international financial system
• blockchain
• cryptocurrency
• delphi method