Blockchain　technology　is　imperceptibly　changing　the　existing　business　model.　Recently,　in　addition　to　the　applications　of　blockchain　technology　in　medical　treatment,　government　administration,　and　food　traceability,　there　are　also　some　examples　in　the　shipping　domain.　For　example,　IBM　and　Maersk　have　jointly　established　a　blockchain　shipping　solution　(TradeLens)　for　digital　services;　Shanghai　Port　Group　and　COSCO　Shipping　Group　have　achieved　transparent　and　paperless　processes　by　using　blockchain　technology.　Therefore,　the　introduction　of　blockchain　technology　into　the　shipping　supply　chain　has　not　only　attracted　the　attention　of　shipping　enterprises　but　also　become　an　important　research　direction　of　double-chain　integration.　As　is　known　to　all,　blockchain　technology　has　the　characteristic　of　decentralization,　which　lies　in　the　innovation　of　business　model　and　transforms　the　original　centralized　decision-making　structure　into　a　relatively　non-centralized　supply　chain　network　structure.　However　what　impact　does　this　approach　have　on　the　operation　of　supply　chain　enterprises?　In　this　background,　considering　the　technical　characteristics　of　whether　the　blockchain　is　centralized　and　the　investment　choice　of　shipping　supply　chain　members,　this　paper　constructs　the　shipping　supply　chain　including　a　carrier　and　a　port.　Using　the　Stackelberg　game　model,　this　paper　discusses　the　combination　strategies　of　whether　to　centralize　and　whether　to　invest　from　the　aspects　of　price,　quantity,　and　economic　effect　of　shipping　market.　Specifically,　this　paper　explores　the　decentralization　and　investment　of　blockchain　technology　in　three　aspects.　Firstly,　by　constructing　the　game　players,　objective　function,　and　investment　strategy　sets　and　describing　the　calculation　rules,　solutions　of　the　corresponding　decision　variables　are　finally　obtained.　Secondly,　the　paper　analyzes　the　price,　quantity,　and　economic　effect　of　shipping　market　using　the　optimal　solutions　of　different　scenarios.　Among　them,　the　economic　effect　includes　the　marginal　and　total　profit　of　shipping　enterprises　so　that　the　optimal　strategies　and　equilibrium　strategies　are　obtained.　And　thirdly,　further　analysis　is　conducted　from　the　government　subsidy,　multiple　parameters,　investment　efficiency,　and　social　effect　to　detect　the　optimal　investment　and　operation　strategies　under　different　conditions　so　as　to　provide　a　rational　operation　plan.　Such　variations　are　designed　to　test　the　robustness　of　the　results　as　well　as　enriching　the　research.　The　results　show　that　the　shipping　price　is　influenced　by　the　centralized　structure　of　the　system　and　investment　strategy.　on　the　premise　that　the　system　is　centralized　and　the　blockchain　technology　is　invested,　the　terminal　market　demand　of　enterprises　reaches　the　highest;　for　a　decentralized　structure,　the　benefits　will　be　maximized　if　the　investment　conditions　of　the　carrier　are　met.　Further　discussions　reveal　that:　different　levels　of　government　subsidies　can　potentially　affect　the　investment　decisions　of　the　enterprises;　customers′　sensitivity　to　system　transparency　will　affect　the　choice　of　investment　strategies　and　the　potential　system　structure　of　enterprises;　as　far　as　the　investment　behavior　is　concerned,　the　investment　efficiency　is　the　highest　if　the　port　invests　in　the　blockchain　technology　with　a　centralized　structure;　from　the　perspective　of　social　and　economic　effects,　the　carrier′s　behaviors　of　investment　and　decentralization　or　non-investment　and　decentralization　can　achieve　the　optimization　under　certain　conditions.　The　management　implications　are　provided　as　follows.　On　the　one　hand,　the　centralized　and　decentralized　business　models　of　blockchain　technology　actually　mean　a　change　of　power　in　decision-making.　The　centralized　business　model　of　port　investment　helps　to　improve　the　investment　efficiency　and　realize　the　scenarios　suitable　for　port　blockchain　application.　As　a　key　node　in　the　shipping　supply　chain,　the　carrier′s　investment　in　the　blockchain　is　more　conducive　to　meeting　the　service　needs　of　consumers　and　fulfilling　the　carrier′s　service　functions.　Therefore,　the　choice　of　whether　to　adopt　a　centralized　system　structure　and　whether　to　choose　investment　(and　investment　subject)　should　take　the　purpose　into　consideration,　which　is　reflected　by　the　marginal　profit　or　total　profit.　In　addition,　when　investing　in　blockchain　technology,　the　investment　subject　of　the　optimal　strategy　should　first　consider　its　criticality,　that　is,　whether　it　is　in　a　core　position　or　a　key　link　node.　And　then,　considering　the　investment　of　blockchain　technology　will　be　more　beneficial　to　forming　a　reasonable　investment　plan,　increasing　the　transparency　of　the　supply　chain　system,　and　improving　the　overall　decision-making　efficiency　of　the　supply　chain.　On　the　other　hand,　both　carrier　and　port　investment　should　aim　at　enhancing　the　system　transparency　so　that　enterprises　can　have　a　reasonable　cost　when　investing.　©　2022　Journal　of　Industrial　Engineering　and　Engineering　Management