Modeling the blockchain readiness challenges for product recovery system

Abstract

Product Recovery System (PRS) transfers products from their typical final place to their source to arrest some value on the product. There are obstructions, such as costs, associated with the modification of accounts and assessment of products and refunds associated with the implementation of PRS. Blockchain Technology (BCT) emerged as an innovative approach to constructing trust in a trust less environment and assures the availability, traceability, and security in data management. It also presents a valuable solution to PRS. This study aims to analyze the Blockchain Readiness Challenges (BRCs) to PRS in the context of manufacturing industries. The study observes 20 readiness challenges linked with the implementation of BCT in PRS. The BRCs are identified from the literature survey and confirmed after consequent examinations with industry experts and researchers. The study employed a Multi-Criteria Decision-Making (MCDM) i.e., the Decision-Making Trial And Evaluation Laboratory (Fuzzy DEMATEL) approach to find the cause-and-effect interactions to prioritize BRCs. The Maximum Mean De-Entropy (MMDE) algorithm was adopted to establish the threshold value based on the information entropy of the interactions among the BRCs for PRS. The fuzzy set theory was adopted to tackle the uncertainty and vagueness of personnel biases and data deficiency problems. The findings from this study reveal that inadequate financing for PRS exercises, lack of governance and standards, and security challenges to BCT implementation are the most influential readiness challenges for the adoption of blockchain in PRS. The study is useful to manufacturing organizations for identifying the potential BRCs to implement PRS among all existing readiness challenges so that they can take suitable measures before proceeding to adopt blockchain in PRS. The managers are suggested to eliminate the readiness challenges and widen the blockchain technology adoption in PRS.