Unlocking the Potential of Blockchain Through Multi-Criteria Decision Making in Platform Selection

Abstract

Purpose: The purpose of this paper is to introduce a methodology that can help organizations choose the best Blockchain platform for their specific business case. With numerous options available, it's important to carefully consider the capabilities of a Blockchain before selecting it. This methodology is intended to provide a structured approach to aid in the decision-making process, taking into account the various characteristics of Blockchain that are needed. Theoretical Framework: The theoretical framework for this paper is based on Multi Criteria Decision Making (MCDM) and ISO/IEC 25010. MCDM is a decision-making technique that considers multiple criteria when making a choice, which is useful for selecting the best Blockchain platform. ISO/IEC 25010 is a standard that provides a framework for evaluating software quality characteristics, which is relevant for evaluating the quality of the Blockchain platform. Design/Methodology/Approach: The methodology presented in this paper involves a structured approach to selecting the best Blockchain platform for a specific business case. The approach is based on a combination of MCDM and ISO/IEC 25010, and involves several steps. First, the relevant criteria for selecting the Blockchain platform are identified. Next, a weighting system is developed to determine the importance of each criterion. Then, each Blockchain platform is evaluated based on the criteria and weights, and a score is assigned. Finally, the scores are aggregated to determine the best Blockchain platform for the specific business case. Findings: The main finding of this paper is the methodology for selecting the best Blockchain platform for a specific business case. This methodology can aid organizations in making an informed decision when choosing a Blockchain platform, taking into account the various characteristics of Blockchain that are needed. The paper also highlights the importance of careful consideration when selecting a Blockchain platform, as the wrong choice could have negative consequences. Research, Practical & Social Implications: The research implications of this paper are significant, as it provides a structured approach for selecting the best Blockchain platform for a specific business case. This methodology can be used across industries and could have a significant impact on the adoption of Blockchain technology. From a practical perspective, this methodology can aid organizations in making informed decisions when selecting a Blockchain platform, which can save time and resources. From a social perspective, the adoption of Blockchain technology has the potential to revolutionize business operations and improve transparency and accountability. Originality/Value: The originality of this paper lies in the development of a methodology for selecting the best Blockchain platform for a specific business case. This methodology is based on a combination of MCDM and ISO/IEC 25010 and is not specific to any one industry. The value of this paper is in providing a structured approach to aid organizations in making an informed decision when selecting a Blockchain platform, taking into account the various characteristics of Blockchain that are needed.