An interval multi-criteria decision-making model for evaluating blockchain-IoT technology in supply chain networks

Abstract

Supply Chain (SC) networks benefit from the integration of Blockchain Technology (BT) and the Internet of Things (IoT) in many ways, from data protection and transparency to fraud prevention, traceability, and cost reduction. As the technology is new, there is a lack of knowledge and experience in selecting suitable platforms for SC networks. Choosing the right platform is a difficult and complex task involving multiple and conflicting criteria. This study presents a novel practical approach for evaluating and selecting a BT-IoT platform in SC networks using multi-criteria decision-making. First, an extensive literature review is conducted to determine the most suitable criteria for BT-IoT platform selection. Then, using the interval Weighted Influence Non-linear Gauge System (WINGS) method, the weights of the criteria are calculated, and finally an interval VIseKriterijumska Optimizacija I Kompromisno Resenje (VIKOR) technique is used to assess the suitability of the platforms. The proposed approach uses the experts’ preferences, considers the interdependencies among criteria in the weighting process, and enables implementation in a hierarchical and interconnected network. We present a case study in the food industry to demonstrate the applicability of the proposed model. Additional sensitivity analysis is conducted to exhibit the efficacy of the proposed model in selecting a suitable and robust platform in SC networks.