Blockchain implementation in the maritime industry: critical success factors and strategy formulation

It is critical to identify ways to successfully implement blockchain which can transform the operations of shipping companies in the coming years. In this light, this study aims to explore the critical success factors (CSFs) of blockchain implementation using a comprehensive theory-driven approach,...

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Main Authors: Li, Xue, Zhou, Yusheng, Yuen, Kum Fai
Other Authors: School of Civil and Environmental Engineering
Format: Article
Language:English
Published: 2023
Subjects:
Online Access:https://hdl.handle.net/10356/170386
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Institution: Nanyang Technological University
Language: English
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spelling sg-ntu-dr.10356-1703862023-09-11T03:31:22Z Blockchain implementation in the maritime industry: critical success factors and strategy formulation Li, Xue Zhou, Yusheng Yuen, Kum Fai School of Civil and Environmental Engineering Engineering::Civil engineering Blockchain Maritime Industry It is critical to identify ways to successfully implement blockchain which can transform the operations of shipping companies in the coming years. In this light, this study aims to explore the critical success factors (CSFs) of blockchain implementation using a comprehensive theory-driven approach, which is largely ignored by previous studies. The theoretical model is grounded on the synthesis of diffusion of innovation, resource-based view, institutional theory, stakeholder theory and technology-organization-environment framework. Correspondingly, five main-criteria and seventeen sub-criteria are identified. Fuzzy analytic hierarchy process is applied to rank the CSFs based on the feedback from experienced managers and directors working in maritime shipping companies. The findings show that in descending order of importance, the top five sub-criteria of blockchain implementation are relative advantage, internal leadership, human resources capability, scalability and ease of use. This study has provided a novel theoretical framework for blockchain CSFs research, offered strategy formulation in relation to marketing, technological skills upgrade, investments and subsidization, and knowledge cluster sharing to support blockchain implementation in the maritime industry. 2023-09-11T03:31:22Z 2023-09-11T03:31:22Z 2022 Journal Article Li, X., Zhou, Y. & Yuen, K. F. (2022). Blockchain implementation in the maritime industry: critical success factors and strategy formulation. Maritime Policy and Management. https://dx.doi.org/10.1080/03088839.2022.2119614 0308-8839 https://hdl.handle.net/10356/170386 10.1080/03088839.2022.2119614 2-s2.0-85139248264 en Maritime Policy and Management © 2022 Informa UK Limited, trading as Taylor & Francis Group. All rights reserved.
institution Nanyang Technological University
building NTU Library
continent Asia
country Singapore
Singapore
content_provider NTU Library
collection DR-NTU
language English
topic Engineering::Civil engineering
Blockchain
Maritime Industry
spellingShingle Engineering::Civil engineering
Blockchain
Maritime Industry
Li, Xue
Zhou, Yusheng
Yuen, Kum Fai
Blockchain implementation in the maritime industry: critical success factors and strategy formulation
description It is critical to identify ways to successfully implement blockchain which can transform the operations of shipping companies in the coming years. In this light, this study aims to explore the critical success factors (CSFs) of blockchain implementation using a comprehensive theory-driven approach, which is largely ignored by previous studies. The theoretical model is grounded on the synthesis of diffusion of innovation, resource-based view, institutional theory, stakeholder theory and technology-organization-environment framework. Correspondingly, five main-criteria and seventeen sub-criteria are identified. Fuzzy analytic hierarchy process is applied to rank the CSFs based on the feedback from experienced managers and directors working in maritime shipping companies. The findings show that in descending order of importance, the top five sub-criteria of blockchain implementation are relative advantage, internal leadership, human resources capability, scalability and ease of use. This study has provided a novel theoretical framework for blockchain CSFs research, offered strategy formulation in relation to marketing, technological skills upgrade, investments and subsidization, and knowledge cluster sharing to support blockchain implementation in the maritime industry.
author2 School of Civil and Environmental Engineering
author_facet School of Civil and Environmental Engineering
Li, Xue
Zhou, Yusheng
Yuen, Kum Fai
format Article
author Li, Xue
Zhou, Yusheng
Yuen, Kum Fai
author_sort Li, Xue
title Blockchain implementation in the maritime industry: critical success factors and strategy formulation
title_short Blockchain implementation in the maritime industry: critical success factors and strategy formulation
title_full Blockchain implementation in the maritime industry: critical success factors and strategy formulation
title_fullStr Blockchain implementation in the maritime industry: critical success factors and strategy formulation
title_full_unstemmed Blockchain implementation in the maritime industry: critical success factors and strategy formulation
title_sort blockchain implementation in the maritime industry: critical success factors and strategy formulation
publishDate 2023
url https://hdl.handle.net/10356/170386
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