Assessment of Blockchain Technology in Supply Chain Management Using a Hybrid MCDM Approach

As supply chain managers adopt more blockchain technology (BT), there is a growing demand for finding the first-rate platforms that balance effectiveness, climate, sustainability and transparency. In the context of supply chain management (SCM), this research analyzes 12 blockchain technologies using a hybrid multi-criteria decision-making (MCDM) approach. Sixteen performance, technological and market-based variables were identified, and their unpredictability, correlation and uncertainty, as embedded within expert opinion, were considered when weighting using the fuzzy entropy-criteria importance through intercriteria correlation (CRITIC) technique. A detailed comparison of blockchain technologies was conducted using the weighted sum method (WSM), the fuzzy technique for order preference by similarity to ideal solution (TOPSIS), and the ranking method of the fuzzy ViseKriterijumska Optimizacija I Kompromisno Resenje (VIKOR). As the ranking by different MCDMs may differ, we have used the Borda count method and Spearman’s rank correlation coefficient to check the stability of the ranks. Sensitivity analysis is performed to check the robustness of the rankings at various fuzzification levels. The outcomes of the proposed framework will provide valuable insights for practitioners and policymakers to implement blockchain-enabled SCM solutions.