Modeling blockchain implementation Costs using MICMAC Analysis

Blockchain implementation is associated with high development, design, maintenance, and energy consumption costs. Efficient management of blockchain implementation costs must consider the factors involved in implementation. This paper attempts to investigate the power of influence and the relationships between the identified criteria shaping blockchain implementation costs using the structural (Cross-Impact Matrix Multiplication Applied to Classification) MICMAC analysis method. This study considers the issue of environmental pollution generated by transaction operation and creating the blocks in blockchain, which has not been thoroughly investigated in the existing literature. Based on interviews with experts and previous research, the technical criteria that had a real impact on blockchain implementation costs are identified. These criteria are categorized by structural analysis, i.e., the MICMAC method. Specific effects and relationships between criteria are investigated. Finally, four groups of criteria affecting the costs of blockchain implementation are examined, including those that do not have much impact on the costs but present a strong correlation with other criteria. Also, a group of external criteria presents the most negligible effect on blockchain cost prediction. Using the research results, it is possible to estimate the implementation cost of blockchain.