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To stabilise the financial flow and ensure the smooth operations of the micro, small and medium enterprises (MSMEs), supply chain finance (SCF) is one of the efficient alternative solutions suggested by various researchers and practitioners. The application of blockchain technology (BT) could maximize the capability and performance of the SCF throughout the supply chain. Therefore, this study aims to identify and analyse the factors of implementing BT-embedded SCF solutions for Indian MSMEs.

The total interpretative structural modeling (TISM) methodology is applied to explore the hierarchical as well as non-hierarchical relationships among the factors of implementing BT-embedded SCF solutions in Indian MSMEs. Thereafter, the fuzzy-cross-impact matrix-multiplication (F-MICMAC) approach is opted to classify all the factors into four groups depending upon their driving and dependence powers in the overall TISM hierarchy.

The result of this study revealed that “real-time exchange of information” and “transparent platform” are the most influential factors and play important role in the application of blockchain in SCF in Indian MSMEs. The real-time exchange of information ensures the easy and quick access to data by any partner across the supply chain and, also the data and information remain secure.

The findings of this study help the MSMEs and supply chain managers to implement the blockchain-embedded solutions to overcome the traditional SCF challenges and obstructions by setting up short-term as well as long-term policies and will open the door for future research work.

To the best of the author’s/authors’ knowledge, this study is the first of its kind, where the data is collected from field experts to identify the factors influencing the blockchain-embedded SCF adoption in Indian MSMEs’ perspectives, to tackle the flaws of SCF and strengthen the MSMEs.

The already scarce financial resources coupled with the current COVID-19 pandemic have created the worst scenario for Indian micro, small and medium enterprises (MSMEs). The application of supply chain finance (SCF) solutions to MSMEs can enhance the performance and growth of the sector. But, the implementation of SCF solutions faces various obstacles which restrict the MSMEs' ability to meet their financial requirements. The purpose of this paper is to explore and prioritize the various important barriers hindering SCF application in Indian MSMEs.

Literature on SCF and MSMEs are critically reviewed and barriers affecting the SCF application in Indian MSMEs are scrutinized with the consultation of the experts. The present study applies intuitionistic fuzzy-analytic hierarchy process (IF-AHP) methodology to prioritize the identified barriers and thereafter, the sensitivity analysis is also done to observe the identified barriers under different situations.

The results of the study have revealed that poor cash flow management and working capital management disruption are acting as the most prioritized barriers of SCF. The external factor of cultural challenges has been prioritized as the minimum-influence factor that has least negative influence on the operations of SCF in MSMEs.

The present study bears an important practical and managerial implication to solve real world problems of financial constraints of MSMEs. The managers should emphasize upon the importance smooth flow of cash and working capital management across the supply chains by which better SCF solution can be implemented in MSMEs.

The study conducted is an effort to address the barriers of SCF in Indian MSMEs during the COVID-19 pandemic. The implementation of IF-AHP and sensitivity analysis would help managers and policymakers to comprehend and resolve the prioritized barriers and sub-barriers of SCF in the MSMEs.

Supply chain finance (SCF) is an advanced financing solution for medium and small organizations. However, due to its nascent stage, SCF is still struggling with its application in the supply chain. The blockchain application in SCF can bring lots of opportunities and smart techniques to deal with financing to organizations. However, some factors restrict the proper adoption of blockchain in SCF. Therefore, this study aims to identify and analyze the factors obstructing blockchain adoption in SCF.

The present study applied a hybrid fuzzy DELPHI-AHP-DEMATEL to validate and analyze the factors. The fuzzy Delphi techniques were adopted to validate the identified factors. Thereafter, the analytic hierarchy process (AHP) has been used to prioritize the validated factors. Further, the decision-making trial and evaluation laboratory (DEMATEL) method has opted to classify the factors into cause-and-effect groups.

The result of the study revealed that lack of technological competence and confidentiality leaking are the most prioritized factors and act as the prime factors for the obstacles in the blockchain application in the SCF. The application of the DEMATEL method revealed that the highest causing factor is authenticity, and the highest effecting factor is high cost.

The current study enhances the knowledge and information of managers and policymakers about the challenges associated with the blockchain application in SCF as well as provides better insight to deal with various factors obstructing blockchain adoption in SCF.

The current study is the first of its kind, where factors obstructing blockchain adoption in SCF are identified and validated with the help of experts and practitioners by incorporating the fuzzy Delphi method. Thereafter, the validated factors are prioritized by using fuzzy AHP and fuzzy DEMATEL techniques helps to identify the cause-and-effect group, which opens the door for future research work.