An ISM Modelling of Success Factors for Blockchain Adoption in a Cyber Secure Supply Chain

Abstract

The main purpose of this paper is to identify and rank the factors affecting the implementation of blockchain technology as a key component of cyber supply chain risk management (CSCRM). This paper adopted a comprehensive literature review and the opinion of experts with knowledge of blockchain to identify success factors for blockchain adoption in a CSCRM. The seven factors identified were modeled using an “Interpretive Structural Modelling (ISM)” in the structure of a hierarchical model to envision the contextual relationship amongst identified success factors (SFs) for blockchain adoption in a cyber-secure supply chain. Using the MICMAC approach, the influential factors were clustered according to their driving and dependence powers. Findings from the study suggest, “Supporting platforms and tools” and “Interoperability & Standardization” are the two factors at the top level of the hierarchy, implying weak driving power but strongly dependent on the other factors. It is also observed that “Clarity regulatory provisions” and “Organizational culture and top management support” are significant adoption success factors of blockchain in cyber supply chain risk management and were placed at the bottom level of the hierarchy with higher driving power.