Financial Performance Analysis of Firms Using Blockchain Technology: Based Entropy-TOPSIS

Abstract

This study aims to compare the financial performance of 13 companies from the 2021 Forbes blockchain 50, all of which are also featured in the Brand Finance Global 500 for their high brand value, excluding firms in the banking and insurance sectors. The Forbes blockchain 50 list was chosen because it identifies leading firms actively leveraging blockchain technology (BT), making it a relevant source for examining the relationship between blockchain use and financial performance. The financial performance of these companies was assessed using the TOPSIS multi-criteria decision-making method, with performance scores derived from profitability ratios. Results showed that companies in the technology, logistics and commercial services sectors achieved higher performance index scores compared to others. The findings demonstrate that technology companies utilising BT and possessing high brand values showed elevated performance index scores. These results suggest that the adoption of BT has a favourable impact on the financial performance and brand value of companies. This study highlights the strategic importance of BT and its role in shaping the future of financial performance and brand value across various sectors.