Evaluating Blockchain Risks by Using a MCDM Methodology Based on Pythagorean Fuzzy Sets

Abstract

Using blockchain technology (BT) in companies has become more common nowadays. But implementing a new BT contains many risk factors from different perspectives. Some of these risks can be critical for companies’ processes. These risks should be carefully identified and analyzed to minimize the negative effects of them. Evaluation of the risks can be considered as a multi criteria decision making (MCDM) problem. In this study, the risks that can occur when implementing BT are evaluated by using a MCDM methodology based on Pythagorean fuzzy analytic hierarchy process (PF-AHP). By using Delphi method, the risks are determined and the problem is constructed as a hierarchical form. After that, the risks are prioritized by using PF-AHP and the most important risks are obtained. The main aim of this paper is to help companies to determine which risks are more critical and to which of them should be given more priority during BT implementation.