EVALUATION OF BLOCKCHAIN IMPLEMENTATION EFFECTIVENESS

Abstract

This study focuses on the effectiveness of blockchain technology implementation. Blockchain technology is widely regarded as transformative due to its potential to enhance transparency, security, and operational efficiency. This has led to the widespread adoption of blockchain technology across various companies and industries. However, an increasing number of companies are facing challenges in developing qualitative and effective approaches to evaluating the efficiency of implementing this technology. Therefore, it is necessary to develop specialized approaches to assess the effectiveness of blockchain technology implementation. The research subject encompasses the approaches to evaluating the effectiveness of blockchain technology implementation, such as Return on Investment (ROI), Net Present Value (NPV), and Total Cost of Ownership (TCO). By examining case studies and real-world implementations, the study evaluates the application of traditional economic metrics, such as ROI and TCO, and expands the evaluation framework to include intangible benefits like transparency and customer trust. The study also addresses challenges such as scalability, privacy, and legislative impacts, offering solutions based on MCDA and a multi-dimensional assessment approach. The integration of these methods allows for a holistic evaluation of blockchain’s effectiveness. The primary aim of this study is to identify robust evaluation tools that organizations can utilize to determine the feasibility and benefits of blockchain adoption. By bridging gaps in existing assessment models, the research provides a comprehensive framework to streamline decision-making processes. The key findings demonstrate that while ROI remains a critical metric, it must be complemented by broader economic and non-economic indicators to achieve a thorough evaluation. The strategic alignment of blockchain technology with organizational goals is essential for maximizing its benefits. The research concludes that adopting a flexible and standardized evaluation methodology is vital for accurately assessing blockchain technology’s impact. This includes integrating financial, organizational, and technological indicators into a unified framework. Future research is recommended to explore industry-specific metrics and the inclusion of qualitative impacts such as transparency, trust, and customer satisfaction. The study highlights that blockchain’s effectiveness depends on addressing technical, operational, and external challenges while leveraging its transformative potential to drive innovation and efficiency. In conclusion, this research demonstrates that a holistic evaluation framework with integrating quantitative financial metrics with qualitative factors such as transparency, trust, and regulatory considerations is essential for accurately assessing blockchain implementation effectiveness and guiding strategic decision-making.