This study aims to determine indicators and constructs of blockchain adoption in supply chain finance by identifying factors from the challenges of blockchain technology adoption through its characteristics. These dominant factors were taken from a technological perspective (scalability, throughput issues, framework identification, data governance, and cross-chain interoperability) and an operational perspective (trust, information asymmetry, regulation, and new finance process). This study used small and medium enterprises (SMEs) in Central Java, Indonesia, as population. Furthermore, purposive sampling was used to obtain 351 SMEs as a sample. The data was analyzed using factor analysis to determine and build the right indicators for blockchain adoption in supply chain finance. The factor analysis results selected three indicators from an operational perspective (trust, information asymmetry, and new finance process) and four indicators from a technological perspective (scalability, governance, throughput issues, and cross-chain interoperability).