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As the concept of the visible product lifecycle and product tracking becomes important to consumers, emerging technologies such as Internet of Things (IoT)-based networks and Blockchain platforms are considered promising solutions by Original Equipment Manufacturers (OEMs) to increase their brand reputation, improve their consumers’ experiences, and reduce their operational costs. However, costly implementation, data verification issues, and the risk of uploading inaccurate information on those platforms have limited the adoption rate and capabilities offered by the aforementioned technologies. Companies often face the question of what type of distributed ledger technology and verification protocol is more efficient in terms of operational costs as well as security. The purpose of this study is to develop an optimization framework to make a trade-off between the cost of implementation of the technology and the security level. The framework is developed based on utility theory principles. The main focus is to discuss the cost associated with various aspects of technology implementation. Finally, this general cost framework is shown as a demo for an example of the food supply chain.