This study aims to measure the perceived business benefits of blockchain technology implementation in the banking sector and establish factors to measure these benefits. Concerns regarding security, values, and standards are essential to banking operations. Data was collected from 291 respondents who are either blockchain consultants, blockchain marketing experts, or CEOs/business heads of banks that are in the process of advising, consulting, or implementing blockchain technology. Confirmatory factor analysis (CFA) was carried out to assess the reliability and validity of the proposed instrument. The results support the proposed instrument and its five constructs. The scale emerging from this study indicates a good degree of reliability, validity and unidimensionality in each of its constructs. Technologies like blockchain are in their initial stages, and recent advances in blockchain technology may impact our findings. The developed instrument could help give decision makers a foundational view to measure the benefits of implementing blockchain technology before they choose to integrate it in their existing system. The scientific and societal significance of the study based on its practical and theoretical applications is presented at the end.