Empirical insights into the benefit from implementing smart contracts

Abstract

Smart contracts are highly relevant due to their support for new decentralized business models and processes. We empirically investigate the benefit of implementing smart contracts. Our approach measures the benefit by capturing the impact of implementing smart contracts on processes directly. Thus, our research supersedes previous research that uses deductive approaches for deriving beneficial effects from technical and architectural properties of smart contracts and blockchains. We conduct a systematic approach using the aspects cost, quality, time and flexibility, and their impact on the four process phases interest, agreement, fulfillment, and assessment. Our research enables decision-makers to make decisions on implementing smart contracts more precisely. Furthermore, decision-makers become able to develop more target-oriented initiatives.