Blockchain‐Based Smart Contracts to Revolutionize the Information Technology Business

ABSTRACT

In the rapidly evolving field of information technology (IT), blockchain‐based smart contracts have emerged as a transformative force, redefining the mechanisms of digital agreements and transactions. These self‐executing contracts, with terms directly written into code on a blockchain, promise to enhance the automation, transparency and security of business processes. The integration of smart contracts into IT businesses stands as a critical innovation, aiming to streamline operations and foster trust in digital interactions. This paper aims to identify and prioritize the key variables influencing the adoption of blockchain‐based smart contracts within IT businesses. To achieve the stated objective, initially, a systematic literature review (SLR) was conducted to identify the variables of blockchain‐based smart contracts in IT businesses. Secondly, questionnaire‐based survey was conducted with IT professionals and experts, to get the experts perceptions on identified variables. The study further applied the fuzzy analytic hierarchy process (AHP) to evaluate and prioritize the identified variables based on their significance and impact on the adoption process. The research successfully identified 16 critical variables that significantly influence the adoption of blockchain‐based smart contracts in IT businesses. These variables were categorized and analyzed to understand their roles and interdependencies in the adoption process. The fuzzy AHP results revealed a hierarchical ranking of these variables, highlighting those with the most substantial impact on successful adoption, such as “security and privacy concerns,” “technical complexity,” and “regulatory and legal challenges.” The integration of blockchain‐based smart contracts presents both opportunities and challenges for IT businesses. The identified variables and their prioritization offer a roadmap for organizations to navigate the complexities of adopting this technology.