An Analytic Hierarchy Process for Selection of Blockchain-Based Platform for Product Lifecycle Management

Abstract

Blockchain technology has disrupted traditional business processes and hence gained significant attention and popularity in recent years. Consequently, a number of blockchain-based platforms are available today that offer vast applications across multiple sectors and industries. Implementing these blockchain-based platforms as an alternative to traditional product lifecycle management systems (PLMs) is one of the applications. However, before any platform is adopted, its nature, functionalities, and adaptability need to be clearly defined, evaluated, and verified. In this context, the proposed work explores the available blockchain-based platforms that can be used for the purpose of product lifecycle management. We then apply one of the multi-criteria decision-making techniques, i.e., the analytic hierarchy process (AHP), to select the best possible blockchain-based platform for PLM. As transaction speed, data privacy, and scalability are our prime concerns in PLM, we only considered the permissioned (private) blockchain platforms as available alternatives in the final selection process. Results achieved on the basis of considered criteria show that Hyperledger Fabric is the top-ranked among available alternatives to be used for PLM. Furthermore, as blockchain is a new technology, a clear comparison of the available platforms based on the performance-based metrics and key performance indicators is not completely matured and is still in the development stage. However, our proposed approach can be considered an attempt to create a procedure for evaluating blockchain-based platform implementation in any sector.