Journal Published Online: 19 November 2019
Volume 3, Issue 2

A Decision-Making Framework for Blockchain Technology Selection

CODEN: SSMSCY

Abstract

As the concept of the visible product lifecycle and product tracking becomes important to consumers, emerging technologies such as Internet of Things (IoT)-based networks and Blockchain platforms are considered promising solutions by Original Equipment Manufacturers (OEMs) to increase their brand reputation, improve their consumers’ experiences, and reduce their operational costs. However, costly implementation, data verification issues, and the risk of uploading inaccurate information on those platforms have limited the adoption rate and capabilities offered by the aforementioned technologies. Companies often face the question of what type of distributed ledger technology and verification protocol is more efficient in terms of operational costs as well as security. The purpose of this study is to develop an optimization framework to make a trade-off between the cost of implementation of the technology and the security level. The framework is developed based on utility theory principles. The main focus is to discuss the cost associated with various aspects of technology implementation. Finally, this general cost framework is shown as a demo for an example of the food supply chain.

Author Information

Gopalakrishnan, Praveen Kumare
Mechanical and Aerospace Engineering, University at Buffalo – The State University of New York, Buffalo, NY, USA
Ananth, Varsha
Industrial and Systems Engineering, Binghamton University, Binghamton, NY, USA
Lewis, Kemper
Mechanical and Aerospace Engineering, University at Buffalo – The State University of New York, Buffalo, NY, USA
Behdad, Sara
Mechanical and Aerospace Engineering, Industrial and Systems Engineering, University at Buffalo – The State University of New York, Buffalo, NY, USA
Pages: 21
Price: Free
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Details
Stock #: SSMS20190021
ISSN: 2520-6478
DOI: 10.1520/SSMS20190021