Blockchain Adoption in Product Lifecycle Management: Challenges and Potential Directions

Abstract

Blockchain is a leading-edge technology that has received great public attention in the past few years. Due to its eccentric features i.e. transparency, immutability and decentralization, blockchain intends to targets any domain that deals with transactional data. In production sectors, significant efforts are in progress to make use of this disruptive technology for efficient collaboration among stakeholders and management of their products lifecycles. However, despite positive feedback and great aspiration, certain challenges still exist over which the executive level management has great concern. In this regard, this study tries to highlight and focus on what are the potential challenges in blockchain technology adoption? and provide recommendations for how organization can address those challenges? Initially, we elaborate and classify the potential challenges into two categories i.e. key challenges specific to blockchain adoption in PLM and some further challenges that are generic in nature and applicable to most of the applications of blockchain. The study then scientifically argues for potential directions and solutions to address the key challenges. Afterward, the general-purpose challenges are explored and broken down into four different aspects i.e. technical, organizational, environmental & social, and financial challenges. It is emphasized that both internal and external level decisions are need of the day to address these challenges. Finally, the evolution of a new era i.e. blockchain 5.0, its aims and capabilities to overcome the existing technical concerns has been discussed. Multiple Industrial sectors can follow the recommendation presented in this paper to setup their own secure and full-fledged blockchain-based PLM systems.