The appropriation of blockchain implementation in the supply chain of SMES based on fuzzy LMAW

Abstract

This study investigates the adoption of blockchain technology in small and medium-sized enterprises’ (SMEs) supply chains. Blockchain has been deemed a “Game Changer” for its potential benefits but also has several limitations due to its properties and SMEs’ limited resources. Small and medium-sized companies (SMEs) have more problems employing Industry 4.0 Technologies in practice than larger companies. So, the employment of BC in SMEs’ supply chains, as the economy's backbone, deserves a full investigation which has been addressed in this paper. We use the Technology–Organization–Environment framework to examine both positive and negative factors affecting blockchain adoption in SMEs. A Delphi method was used to refine a list of 42 factors down to the 22 most essential ones. These factors were then prioritized using the Fuzzy Logarithmic Additive Weights Methodology based on expert preferences. The findings indicate that while financial factors play a crucial role in adoption, transparency, and traceability are significant benefits that motivate organizations to adopt blockchain. The organizational dimension also has a substantial impact on decision-making. In this study, we conclude that SMEs must carefully consider their circumstances before adopting blockchain technology, given its infancy state. The barriers to adoption are just as significant as incentives, and SMEs must weigh the financial and organizational factors before making the decision. This study extends the literature by comprehensively looking at all possible factors influencing BC adoption by SMEs. Furthermore, we have highlighted valuable insights for policymakers and SME owners to make the best decision.