Analysis of the Barriers and Priorities for Implementing Blockchain Technology in Iran's Financial Securities Market

This research aims to identify and prioritize the legal-jurisprudential, infrastructural, and regulatory barriers to implementing blockchain technology in Iran's Islamic financial securities (sukuk) market, and to provide an operational process model for its adoption. A sequential exploratory mixed-methods design was employed. In the qualitative phase, semi-structured interviews were conducted with 14 experts and analyzed using thematic analysis in MAXQDA. A combined ijtihad-interview method was used for jurisprudential analysis. In the quantitative phase, a questionnaire (α = 0.91) was administered to 384 professionals and analyzed using SPSS and SmartPLS. Findings revealed that jurisprudential challenges (47 references), legal challenges (38 references), and infrastructural barriers (32 references) are the main obstacles. Jurisprudential analysis based on seven Sharia indicators revealed that blockchain is not inherently forbidden, but without Sharia-compliant mechanisms (guarantee fund, open-source code, continuous monitoring), its use is religiously impermissible. The highest-ranked barriers were shortage of dual-skilled human resources (mean 4.7/5), lack of a comprehensive legal framework (4.62/5), and cybersecurity concerns (4.6/5). A seven-step process model with Sharia control points was developed. The key conclusion is that blockchain use is not permissible without transparent mechanisms approved by the Sharia Council. Practical implications include establishing joint Sharia-technical regulatory sandboxes, investing in dual-skilled human resources, and developing specific Islamic fintech standards.