Barriers to blockchain adoption in intellectual property right pledge financing: an integrated approach

Intellectual property rights (IPR) pledge financing is a crucial external financing source for technology enterprises. Blockchain technology has considerable potential to bring a paradigm shift to this field. However, research on its integration with IPR financing is scarce. This study addresses this gap by conducting a comprehensive analysis to identify and prioritise barriers to blockchain adoption in IPR financing. First, barriers were identified from the literature and finalised with expert opinion using the fuzzy Delphi method (FDM). Then, the importance and causal relationship of these barriers were evaluated by the fuzzy decision-making trial and evaluation laboratory (f-DEMATEL) technique. Findings reveal that technological barriers, such as technology immaturity and scalability constraints, are the most influential barriers. Organisational barriers, including trust issues and lack of skilled personnel, and environmental barriers, such as regulatory uncertainty and lack of success experience, are largely influenced by other barriers. However, resistance to change is identified as a significant causal factor. This study contributes to a balanced understanding of potential barriers to blockchain implementation. It offers insights for practitioners to strategise blockchain adoption in the IPR pledge financing, considering the interrelationship between barriers.