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Will adoption of blockchain technology be challenging: evidence from Indian banking industry

Preeti Khanna (Department of Operations and Data Sciences, School of Business Management, Narsee Monjee Institute of Management Studies (NMIMS), Mumbai, India)
Arunima Haldar (Department of Finance, SP Jain Institute of Management and Research, Mumbai, India)

Qualitative Research in Financial Markets

ISSN: 1755-4179

Article publication date: 28 November 2022

Issue publication date: 28 March 2023




Blockchain technology is predicted by many to be the most disruptive technology which might bring accessibility, efficiency and transparency in the financial industry. This study aims to understand the challenges likely to be faced by the Indian banking industry while adopting the technology.


The study adopted a qualitative approach to explore the challenges faced by the banking industry in India. Semi-structured in-depth interviews with senior executives and academicians in the finance and the information technology industries helped gain explorative insights about the challenges.


Thematic analysis suggested a framework comprising five challenges while adopting blockchain technology. These challenges relate to technology, organisation, operation, regulator and environmental context.


The paper contributes to the limited literature on the nascent blockchain technology adoption in banking industry in an emerging country context.



Khanna, P. and Haldar, A. (2023), "Will adoption of blockchain technology be challenging: evidence from Indian banking industry", Qualitative Research in Financial Markets, Vol. 15 No. 2, pp. 361-384.



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