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Comprehensive Risk Assessment and Analysis of Blockchain Technology Implementation Using Fuzzy Cognitive Mapping

Somayeh Samsamian¹, Aliakbar Hasani², Saqib Hakak³, Fatemeh Esmaeilnezhad Tanha¹ and Muhammad Khurran Khan⁵

1. Master of Bussiness Administration, Department of Industrial Engineering and Management, Shahrood University of Technology
2. Associate professor, Department of Industrial Engineering and Management, Shahrood University of Technology
3. Canadian Institute for Cybersecurity, Faculty of Computer Science, University of New Brunswick
   Fredericton, Canada
4. Ph.D. student, Department of Economics, Marche Polytechnic University
   Ancona, Italy
5. Center of Excellence in Information Assurance, King Saud University
   Riyadh, Saudi Arabia

Abstract

Identifying and assessing potential risks of implementing new technologies is critical for organizations to respond to them efficiently during the technology life cycle. Blockchain has been introduced as one of the emerging and disruptive technology in the field of information technology in recent years, which system developers have noted. In this study, a comprehensive set of risks have been identified and categorized based on the literature findings to identify the risks of blockchain implementation. Critical risks are defined by performing a two-stage fuzzy Delphi method based on the experts' opinions. Then, possible causal relationships between considered risks are identified and analyzed using the fuzzy cognitive mapping method. Finally, the most important risks are ranked based on the degree of prominence and the relationships between them. Industry enterprise resource planning system based on blockchain technology has been studied as a case study. The obtained results indicate that the technology's immaturity has the most impact, the high investment cost is the most impressive risk, and privacy has a critical role in risks relationships. In addition, the high investment cost has the highest priority among other risks and the privacy and issues with contract law are ranked second and third, respectively.

Key words

Risk Assessment, Blockchain, Fuzzy Cognitive Mapping, Fuzzy Delphi, Enterprise Resource planning

Digital Object Identifier (DOI)

https://doi.org/10.2298/CSIS220308039S

Publication information

Volume 20, Issue 3 (June 2023)
Year of Publication: 2023
ISSN: 2406-1018 (Online)
Publisher: ComSIS Consortium

Full text

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How to cite

Samsamian, S., Hasani, A., Hakak, S., Tanha, F. E., Khan, M. K.: Comprehensive Risk Assessment and Analysis of Blockchain Technology Implementation Using Fuzzy Cognitive Mapping. Computer Science and Information Systems, Vol. 20, No. 3, 977–996. (2023), https://doi.org/10.2298/CSIS220308039S