<jats:sec> <jats:title>Purpose</jats:title> <jats:p>Blockchain technology (BCT) has attracted considerable attention for its many potential advantages, but has not yet been widely adopted. Iran is a representative case illustrating issues in an emerging economy, where applications are in the early stages of development. This study aims to position current managerial considerations within a framework of technology hype cycles.</jats:p> </jats:sec> <jats:sec> <jats:title>Design/methodology/approach</jats:title> <jats:p>BCT is quite new in emerging economies, so the most important issues are identified using a fuzzy Delphi method (FDM) among a panel of experts. The Bayesian best–worst method (BWM) assigns weights to these issues, organized in the technology, organization and environment framework: technology (characteristics of BCT), organization (ability to use BCT) and environment (public policy and competitive situation).</jats:p> </jats:sec> <jats:sec> <jats:title>Findings</jats:title> <jats:p>Consideration of BCT is beyond early inflated expectations in the technology hype cycle, and Iranian banks seem focused on adapting BCT to their capabilities and the regulatory and competitive environment. This corresponds to the disillusionment phase of the hype cycle. Banks realize that early inflated expectations were rarely realistic, but nevertheless, see BCT potential after working out how to use it well.</jats:p> </jats:sec> <jats:sec> <jats:title>Originality/value</jats:title> <jats:p>This study expands knowledge about BCT adoption in emerging economy banks, where the competitive and technological environment is different from advanced developed countries. FDM/BWM work well to identify key factors under current consideration.</jats:p> </jats:sec>