Developing a Strategic Model for the Use of Blockchain Technology: A Qualitative Study

Abstract

This study aimed to develop a strategic model for the use of blockchain technology by identifying and explaining the causal, contextual, and intervening conditions, strategies, and consequences associated with its strategic organizational adoption. This applied, exploratory qualitative study was conducted using the grounded theory approach. Participants comprised experts, managers, specialists, and professionals with knowledge and practical experience in blockchain technology, digital banking, information technology, and strategic management. Participants were recruited through purposive sampling, and data collection continued until theoretical saturation was achieved. Data were primarily collected through in-depth semi-structured interviews. Analysis was conducted through open, axial, and selective coding. During axial coding, concepts and categories were systematically organized according to causal conditions, contextual conditions, intervening conditions, strategies, and consequences. Selective coding was subsequently employed to integrate the categories around the core phenomenon and construct the final strategic model. Constant comparison, data review, and expert confirmation of selected findings were used to enhance the credibility of the analysis. The analysis indicated that strategic blockchain adoption is a multidimensional phenomenon shaped by interdependent technological, organizational, economic, regulatory, and sociocultural factors. Inadequate technological and data-security infrastructure, poor data integration and intelligent analytics, operational inefficiencies, resource constraints, weak data-driven culture, insufficient digital transformation leadership, and governance deficiencies emerged as major causal conditions. Digital-market dynamics, data-driven policymaking, organizational capacity, and social trust constituted important contextual conditions, whereas technological maturity, development and cybersecurity costs, regulatory frameworks, and public trust functioned as intervening conditions. The principal strategies included developing secure and integrated blockchain and data infrastructures, establishing blockchain-oriented digital transformation roadmaps, redesigning organizational processes, creating data-driven revenue models, strengthening regulatory frameworks, enhancing digital literacy and technology acceptance, supporting blockchain startups, and implementing pilot projects. Successful blockchain implementation extends beyond technological deployment and requires an integrated strategic framework aligning technology with organizational structure, business processes, human resources, regulatory requirements, digital leadership, organizational culture, and public trust. A gradual progression from awareness and capacity building to pilot implementation, infrastructure development, and institutionalization may therefore facilitate sustainable and strategically aligned blockchain adoption.