Evaluating Blockchain Platforms Using an Integrated Multi-Criteria Decision-Making Approach: AHP and TOPSIS Methods

Blockchain technology is gaining immense popularity in the past few years, and is extensively applied in various domains. The diversity of commercial blockchain platforms and their unique features poses a challenge in selecting optimal platform for meeting requirements of an organization. For successful implementation of block chain based application, selection of appropriate blockchain platform is very crucial. The present study proposes a methodology to select the best blockchain platform using a Multi-Criteria Decision-Making (MCDM) approach. An Integrated approach of Analytic Hierarchy Process (AHP) and TOPSIS method is adopted for ranking of blockchain platforms. Five blockchain platforms were evaluated on the basis of seven criteria namely: transaction fees, security, transaction speed, interoperability, scalability, energy requirements, and smart contracts as use case. The utility of the proposed approach has been established through an illustrative example for ranking blockchain platforms. The results demonstrate how and integration of AHP and TOPSIS methods can effectively prioritize Blockchain platforms based on specified criteria while reducing inconsistencies, ensuring the best possible decision in blockchain platform selection.