Public Ledger Research Articles

Interval-valued q-rung orthopair fuzzy complex proportional assessment-based approach and its application for evaluating the factors of Blockchain Technology in various domains

Blockchain technology (BT) is a digitally decentralized, distributed and public ledger, which considers a secure and viable solution for storing and accessing the record transactions in a public or private peer-to-peer network and assures a smart world of automation of complex services. This paper aims to evaluate the factors persuading the BT adoption and also to assess the possible application areas for the adoption of BT. Implementation of the BT process considers multiple criteria and alternatives with uncertain information; therefore, it can be considered as an uncertain multi-criteria decision-making problem. In this context, a hybrid approach is proposed based on the criteria interaction through inter-criteria correlation (CRITIC) and the complex proportional assessment (COPRAS) methods with interval-valued q-rung orthopair fuzzy set (IVq-ROFS) named as the “IVq-ROF-CRITIC-COPRAS” framework. In this approach, the significance values of the factors are computed through novel score function-based CRITIC model, whereas the CRITIC-based COPRAS model is employed to rank different domains/application areas for the adoption of BT under IVq-ROFSs environment. In this regard, a novel score function is introduced with its desirable characteristics. Further, the developed model is executed on a case study of BT adoption considering 14 factors, which confirms the efficiency and applicability of introduced approach. Based on the results, the healthcare BT alternative is most appropriate among the others. To evaluate its permanence, sensitivity analysis with regard to various ratings of decision strategic coefficient is presented under IVq-ROFS context. The strength of the developed approach is emphasized by comparing it with some of the former models under the context of IVq-ROFSs. The proposed extension of the COPRAS approach can be utilized to solve other complex group decision-making problems with uncertainties.

A behaviouristic semantic approach to blockchain-based e-commerce

Electronic commerce and finance are progressively supporting and including decentralized, shared and public ledgers such as the blockchain. This is reshaping traditional commercial activities by advancing them towards Decentralized Finance (DeFi) and Commerce 3.0, thereby supporting the latter’s potential to outpace the hurdles of central authority controllers and lawgivers. The quantity and entropy of the information that must be sought and managed to become active participants in such a relentlessly evolving scenario are increasing at a steady pace. For example, that information comprises asset or service description, general rules of the game, and specific technologies involved for decentralization. Moreover, the relevant information ought to be shared among innumerable and heterogeneous stakeholders, such as producers, buyers, digital identity providers, valuation services, and shipment services, to just name a few. A clear semantic representation of such a complex and multifaceted blockchain-based e-Commerce ecosystem would contribute dramatically to make it more usable, namely more automatically accessible to virtually anyone wanting to play the role of a stakeholder, thereby reducing programmers’ effort. However, we feel that reaching that goal still requires substantial effort in the tailoring of Semantic Web technologies, hence this article sets out on such a route and advances a stack of OWL 2 ontologies for the semantic description of decentralized e-commerce. The stack includes a number of relevant features, ranging from the applicable stakeholders through the supply chain of the offerings for an asset, up to the Ethereum blockchain, its tokens and smart contracts. Ontologies are defined by taking a behaviouristic approach to represent the various participants as agents in terms of their actions, inspired by the Theory of Agents and the related mentalistic notions. The stack is validated through appropriate metrics and SPARQL queries implementing suitable competency questions, then demonstrated through the representation of a real world use case, namely, the iExec marketplace.

Proposing a Model to Enhance Security in Online Blockchain-Based Banking Transactions

In the banking industry, technologies are changing rapidly. The banking industry is the first target to implement the new technology to provide better customer services. In the past, banking systems used the manual ledger system, which has many drawbacks. To overcome this, the banking industry implemented the computerised mechanism to implement the centralised system, in which data is stored in one place, like a data warehouse. However, this centralised, automated system has also led to increased threats and cybercrimes. There are various malicious software (ransomware, phishing) through which hackers can hack customers' private data and use it illegally. The urgency to address these challenges has led to the adoption of blockchain, a leading technology based on decentralised, distributed behaviour and its public ledger system. Implementing blockchain in the banking sector is not just a choice, but a necessity. It can increase security, immutability, faster transactions, a decentralised system, consensus manner, transparency, etc. We will be discussing blockchain and its functionality. Furthermore, we will present a theoretical framework that uses consortium blockchain to reduce security threats in online transactions. Our model, IVSMOT, is a crucial step in this direction, as it divides the private key into two shares, thereby addressing the urgent need to enhance security in online banking transactions.

NFTs for 3D Models: Sustaining Ownership in Industry 4.0

Digital manufacturing (DM) is actively adopted to the production lifecycles of a variety of critical industries, and this rapid growth has resulted in exponential increase of 3D computer-aided design (CAD) models. Unfortunately, counterfeiting of intellectual property becomes a prominent threat as many 3D designs are accessible online, combined with the proliferation of cheap consumer 3D printers that enable malicious actors to produce non-authentic parts. State-of-the-art techniques to secure manufacturing processes mostly rely on watermarking, which embeds hidden information inside CAD models to prove ownership and authenticity. Nevertheless, such techniques tamper with the model itself, while existing attacks allow removing such watermarks altogether. To address these shortcomings, we integrate signal processing and cryptographic techniques and describe a tailored solution for CAD model ownership and supply chain management. Our approach generates unique identifiers for 3D designs using frequency-domain transforms and employs non-fungible tokens (NFTs) that persist on public distributed ledgers. Our NFTs are implemented on the Ethereum blockchain using smart contracts and their functionality is twofold: (a) authenticate the owner of a CAD model, and (b) enable ownership transfer. To validate our technique, we deployed our smart contract on Ethereum's proof-of-work Ropsten network and demonstrated the applicability of our methodology.

A Stealthy Communication Model with Blockchain Smart Contract for Bidding Systems

With the widespread adoption of blockchain technology, its public ledger characteristic enhances transaction transparency but also amplifies the risk of privacy breaches. Attackers can infer users’ real identities and behaviors by analyzing public transaction patterns and address relationships, posing a severe threat to users’ privacy and security, and thus hindering further advancements in blockchain applications. To address this challenge, covert communication has emerged as an effective strategy for safeguarding the privacy of blockchain users and preventing information leakage. But existing blockchain-based covert communication schemes rely solely on the immutability of blockchain itself for robustness and suffer from low transmission efficiency. To tackle these issues, this paper proposes a stealthy communication model with blockchain smart contract for bidding systems. The model initiates by preprocessing sensitive information using a secret-sharing algorithm-the Shamir (t, n) threshold scheme-and subsequently embeds this information into bidding amounts, facilitating the covert transfer of sensitive data. We implemented and deployed this model on the Ethereum platform and conducted comprehensive performance evaluations. To assess the stealthiness of our approach, we employed a suite of statistical tests including the CDF, the Kolmogorov–Smirnov test, Welch’s t-test and K–L divergence. These analyses confirmed that amounts carrying concealed information were statistically indistinguishable from regular transactions, thus validating the effectiveness of our solution in maintaining the anonymity and confidentiality of information transmission within the blockchain ecosystem.

Эвристические методы кластеризации адресов в распределенных реестрах

The paper surveys heuristic methods of clusterization in address space of public distributed ledgers. The techniques mentioned rely on collecting behavioral patterns of typical actors and some common sense. Formally heuristics are degenerate clusterization rule-based algorithms, which do not tune their parameters via learning on curated datasets. They can be treated also as persistent motifs in transaction networks. Despite its seeming sim-plicity and inability to assess correctness of the results such approach demonstrates a reasonable effectiveness and often is used as a preliminary step before applying much more sophisticated tools based on machine learning algorithms and AI. Heuristics for Bitcoin, Ethereum, Ripple, Monero and Zcash are discussed. Heuristic clusteri-zation in cross-chain setting is briefly mentioned. Cases when heuristic approach leads to incorrect results are discussed.

Transparent Charity Application and Crowdfunding Using Blockchain

Crowdfunding and other forms of digitalized philanthropy have created new channels of communication between donors and fundraisers. Nevertheless, new issues about privacy and security have arisen due to these advancements. Donors may lose trust in conventional techniques due to a lack of transparency on the allocation of their funds, increasing the risk of potential misuse or exploitation. This study suggests a new use of blockchain technology as a viable solution for difficulties in the crowdfunding and charity sectors. By leveraging the inherent immutability, security, and openness of blockchain technology, all transactions and fund allocations are documented on a public ledger accessible to all stakeholders. As a result, our system will operate smoothly. This solution offers real-time donation tracking from the moment of contribution to final expenditure and automates payment distribution using smart contracts. This is done to ensure that contributions are used appropriately. The initiative includes a feedback mechanism for recipients to report on the impact of contributions, setting it apart from other similar schemes. This terminates the relationship between the donors and the beneficiaries. The prototype showcases how blockchain technology may enhance trust and transparency, namely in the realms of crowdfunding and charitable donations. Blockchain-based solutions have the ability to greatly improve the efficiency of fund distribution and the transparency of financial transactions, based on user input and trial results. This can motivate more people to participate in acts of generosity and charity initiatives.

Use of Non-Fungible Tokens for proof of ownership and originality of simulation model in logistics

A Non-Fungible Token (NFT) is a digital asset that is proof of ownership and originality in the digital world. It is generally a unique data unit that can be created from a digital file. But it is not just any digital file; it must be audio, video, image, or photo. This fact is mainly limiting. However, there are many other digital files for which the connection with NFT and blockchain technology would make sense. Such digital files include, among other things, various simulation models. With the development of the use of simulation models for the needs of managing multiple types of logistics processes daily, the questions of how to prevent the unauthorised copying of any simulation model and protect the copyright of its authors are coming to the fore. NFT and blockchain represent a robust technology whose possibilities of use are gradually expanding, while simulation models could be one area of their application. The paper presents the result of research that will enable the implementation of NFT and blockchain technology in simulation models. The research outcome confirmed the possibility of creating an NFT through the decentralised public blockchain XRP Ledger (XRPL) and the marketplace xrp. cafe, which can be used to verify the ownership and originality of the simulation model.

Blockchain Technology: Transforming IoT and Finance with Privacy and Security Considerations

A Block chain, is a growing list of information, called blocks, which are linked using cryptography. A Block chain is a decentralized, distributed and a public digital ledger that is used to record transactions across many devices so that any involved record cannot be changed easily, without modifying all subsequent blocks, because of this, Block chain has found its use in wide-ranging fields. This system, therefore, describes the role of Block chain in IoT and financial applications, two fields which will be benefitted the most by it. Furthermore, this paper examines the privacy and security concerns related to it and shares some insights on how these problems can be tackled. In this paper, we have reviewed multiple such papers in which similar issues were addressed. Lastly, the public perception of block chain technology is taken to addresses how block chain is perceived in different segments of society Keywords—framework; block chain; Scalable paymentVerification; Cryptographic hash function; Serial Communication; Transaction data.

The Bitcoin Backbone Protocol: Analysis and Applications

Bitcoin is the first and most popular decentralized cryptocurrency to date. In this work, we extract and analyze the core of the Bitcoin protocol, which we term the Bitcoin backbone , and prove three of its fundamental properties which we call Common Prefix , Chain Quality and Chain Growth in the static setting where the number of players remains fixed. Our proofs hinge on appropriate and novel assumptions on the “hashing power” of the protocol participants and their interplay with the protocol parameters and the time needed for reliable message passing between honest parties in terms of computational steps. A takeaway from our analysis is that, all else being equal, the protocol’s provable tolerance in terms of the number of adversarial parties (or, equivalently, their “hashing power” in our model) decreases as the duration of a message passing round increases. Next, we propose and analyze applications that can be built “on top” of the backbone protocol, specifically focusing on Byzantine agreement (BA) and on the notion of a public transaction ledger. Regarding BA, we observe that a proposal due to Nakamoto falls short of solving it, and present a simple alternative which works assuming that the adversary’s hashing power is bounded by 1/3. The public transaction ledger captures the essence of Bitcoin’s operation as a cryptocurrency, in the sense that it guarantees the liveness and persistence of committed transactions. Based on this notion we describe and analyze the Bitcoin system as well as a more elaborate BA protocol and we prove them secure assuming the adversary’s hashing power is strictly less than 1/2. Instrumental to this latter result is a technique we call 2-for-1 proof-of-work (PoW) that has proven to be useful in the design of other PoW-based protocols.

Empowering Farmers and Consumers Blockchain Innovations in Agricultural Supply Chains

In recent times, numerous instances have come to light concerning farmer suicides attributed to mounting debts and meager agricultural yields. This poses a significant predicament for countries like India, which are grappling with burgeoning populations and an escalating reliance on land for residential and industrial expansion. The diminishing availability of fertile land for farming necessitates heightened agricultural output to meet the nation's demands. Despite this increasing demand, farmers continue to grapple with formidable challenges. Concurrently, consumers are also grappling with concerns over escalating commodity prices and the quality of produce available in the market. They often find themselves compelled to purchase available goods at prices dictated by sellers. Unscrupulous practices such as black market activities, hoarding, and adulteration, perpetuated by intermediaries, serve to further inflate the costs of agricultural products. Although the desire for organic products is on the rise, the absence of a robust system to trace the various stages of organic cultivation and guarantee authenticity poses a significant hurdle. Perhaps the most glaring issue in the agricultural markets is the palpable disconnect that exists between farmers and consumers. We have introduced an innovative marketplace built upon blockchain technology, designed to foster collaborative farming practices between farmers and consumers. This platform allows farmers to showcase their potential crops and projected yields on a decentralized public ledger. Consumers, in turn, gain access to this information and can assess the credibility of farmers based on their past cultivation and supply records. This pioneering approach establishes a transparent and tamper-proof digital marketplace exclusively for agricultural products. Within this framework, a consensus is established through mutual agreement between farmers and consumers. This consensus enables consumers to financially support individual crops or entire fields, in exchange for a share of the farm's yield or a percentage of the market value profit. A rating system has been implemented to enhance the credibility of both farmers and consumers, drawing from their prior interactions and experiences within the agro-market domain.

Assessment of Web3 Technology in Land Ownership Transactions

The advantages of publicly distributed, transparent, accountable, traceable, safe, and well organized database ledger has made the blockchain technology gained popularity and acceptance. As the world keeps growing in the knowledge and the adoption of the technology, it is very important to practically harness the opportunities in this technology in land administration system to combat the insecurity, poor database and copyright challenges facing land ownership transactions in the Cadastre System in developing countries. The aim of this paper is to examine the practicability of harnessing the Web3 Technology in Land Ownership Transactions with an objective to mint and transact a Registrable Instrument on a cryptographic blockchain. To achieve this, two Non- Fungible Token (NFT) accounts were created on Core blockchain, two templates of survey plans were also minted into an Art NFT on the same blockchain. The Minted NFTs were transacted (transferred and sold) between the two accounts on the YoungParrot NFT marketplace. These two transactions (sales and transfer) were completed, recorded and stored on the blockchain public ledger, with evidence that can be traced and viewed on the blockchain using the transaction hash/ID. The blockchain transaction was found to be fast, effortless, secured and organized on the blockchain transaction ledger, hence presenting the Web3 blockchain Technology as a possible solution to the challenges facing the Cadastre System. However, the acceptance of the technology in land administration, land ownership and transactions still face some other administrative challenges which this paper further addressed.

Is decentralization sustainable in the bitcoin system?

The Bitcoin system is a decentralized monetary system in that any participant can potentially verify and record transactions onto a public ledger. Using a simple model, we show that the number of miners could be negatively (positively) related to the expected rewards if miners with low-operating costs also have less (more) severe financing constraints. We characterize the possibility of miners with low-operating (high-operating) costs facing less (more) severe financing constraints as large-size (small-size) miners. The empirical evidence supports the model's large- and small-size miner characterization prediction. The negative association between the number of miners and expected rewards is attributable to Bitcoin's exchange rate. Collectively, our evidence suggests that even though the Bitcoin system is designed as an egalitarian system, it is likely to evolve into a near-centralized system because of economic forces.

Unveiling Blockchain Technology in Construction Supply Chain Management: The What, When, Who, Where, and How Towards Digitalization

Digitalization and technology disruptions have ushered in the Fourth Industrial Revolution (IR 4.0), which is now required for many sectors. On the other hand, the building sector is seen to be among those that is resistant to change. The possibility of implementing blockchain technology in the building sector has not received much attention. The cryptocurrency space is not new to blockchain technology. In essence, it is a public ledger or distributed database that contains all the executed and shared digital events or transactions between all involved parties. Herein lies the utility of blockchain technology, particularly in the highly transactional construction sector.Blockchain technology records every transaction and arranges all the “blocks” into a “chain,” acting as a middleman in every transaction we make to foster trust. In the construction business, supply chain management spans a range of stakeholders, including contractors, manufacturers, consultants, and clients. It also covers numerous construction organization activities, starting with planning, design, construction, and maintenance. Numerous activities lead to a large volume of transactions that impede communication and cooperation between these parties and result in expensive arbitration or lawsuit cases. It has been acknowledged that blockchain technology is one of the cutting-edge innovations that have the potential to revolutionize several sectors.Using blockchain technology has several benefits, such as lower transaction costs, protection against data tampering and falsification, and more flexibility. Because it involves so many transactions between many parties, the construction sector is typically seen as having a lot of potential for using blockchain technology. There aren’t many examples of blockchain uses in the construction sector, despite its apparent benefits.

TOWARDS STANDARDIZED REGULATIONS FOR BLOCK CHAIN SMART CONTRACTS: INSIGHTS FROM DELPHI AND SWARA ANALYSIS

The rise of digital currency and the public ledger Block Chain has led to the development of a new type of electronic contract known as "smart contracts." For these contracts to be considered valid, they must adhere to traditional contract rules and be concluded without any impediments. Once written, encrypted, and signed, smart contracts are recorded in the Block Chain Ledger, providing transparent and secure record-keeping. Smart contracts offer several benefits, including their ability to execute automatically without requiring human intervention, their provision of public visibility of contract provisions on the Block Chain, their avoidance of financial crimes like Money Laundering, and their prevention of contract abuses. However, disputes arising from smart contracts still require human intervention, presenting unique challenges in enforcing these contracts, such as evidentiary issues, enforceability of waivers of defenses, and jurisdictional and choice-of-law considerations. Due to the novel nature of smart contracts, there are currently no standardized regulations that apply to them. Countries that have approved them have turned to customary law to legitimize their use. The Delphi method was used to identify critical success factors for applying blockchain transactions in a manufacturing company. Stepwise Weight Assessment Ratio Analysis (SWARA) was then utilized to determine the most influential factors. The proposed methodology was implemented, and results show that the most influential factors for the successful application of blockchain transactions as smart contracts in a manufacturing company are: turnover, the counter argument, vision, components for building, and system outcome quality. Conversely, connections with government entities and subcontractors, and the guarantee of quality have the least influence on successful implementation. These findings can contribute to the development of a legal framework for smart contracts in a manufacturing company.

Privacy-preserving Crime Reporting and Rewarding in the Presence of Active Insider and Outsider Adversaries

Security agencies collect evidence from whistleblowers to take action against criminals. Moreover, security agencies provide rewards to encourage whistleblowers for their services. However, sometimes, security agencies may have individuals who are not trustworthy. Such insider adversaries disclose the identities of whistleblowers and modify the order of evidence submission to provide rewards to specific whistleblowers. In this paper, we present the crime-reporting and rewarding mechanism to protect the identities of whistleblowers and reward genuine and first whistleblowers. The proposed mechanism not only protects in the presence of outsider adversaries but also in the presence of active insider adversaries. To the best of our knowledge, the proposed mechanism is reliable in identifying and rewarding genuine and first whistleblowers. We use the public ledger to timestamp and record submissions and smart contracts to automatically transfer rewards to genuine and first whistleblowers. To show the feasibility, we implemented the proposed mechanism. Security and performance analysis show that the proposed mechanism is secure against active insider and outsider adversaries, reliable, and transparent.

Challenges of the Use of Virtual Assets in Money Laundering

Cryptocurrencies have vast potential, but they also present significant risks related to money laundering and terrorist financing due to their technical characteristics. Crypto-assets are essentially applications of blockchain technology, which entails a public, encrypted, and secure ledger distributed across a network of validated computers. Each computer operates with common software that fosters consensus on new entries and prevents unauthorized alterations to the agreed-upon register. The Financial Action Task Force (FATF) has issued numerous guidelines on virtual assets, and in September 2020, the European Commission embraced the Digital Finance Package to bring the EU in line with the digital age. A pivotal component of this package is Regulation (EU) 2023/1114 of the European Parliament and of the Council, dated May 31, 2023, on markets in crypto-assets, known as MiCA Regulation. This regulation signifies the EU’s endeavor to standardize the legal framework for crypto assets while actively contributing to the prevention of money laundering and terrorist financing. The challenge for regulatory authorities lies in the seizure, confiscation, and forfeiture of crypto-assets as proceeds of crime, given their inherent characteristics that impede traceability. Court decisions outlined in this article underscore the difficulties faced by law enforcement authorities when handling crypto-assets as proceeds of crime. The article examines how European legal authorities and the FATF utilize various legal tools, such as Directives, Regulations, and Guidelines, to adapt to the evolving landscape of virtual assets. To mitigate the risk of forum shopping, where individuals seek the most favorable legal regime, alignment of the legal frameworks of Member States is crucial. The ongoing evolution of the legal framework reflects the persistent challenges posed by virtual assets in the context of criminal activities, prompting a continuous adaptation of regulations by European legal authorities and the FATF.

A STUDY ON THE APPLICATION OF BLOCKCHAIN TECHNOLOGY SUPPORTS CRYPTOCURRENCY

A Blockchain is essentially a distributed database of records, or public ledger, of all completed and shared transactions or digital events. Each transaction in the public ledger is validated by a majority of the system's members. Information can never be deleted after it has been submitted. The Blockchain includes a precise and verifiable record of every single transaction that has ever occurred. The most well-known application of Blockchain technology is Bitcoin, a decentralized peer-to-peer digital money. Although the digital currency bit coin is very contentious, the underlying Blockchain technology has performed perfectly and has found a wide range of uses in both the financial and non- financial worlds. The basic idea is that the Blockchain creates a means for achieving distributed consensus in the digital online world. By producing an unquestionable record in a public ledger, involved entities may be assured that a digital event occurred. It paves the way for the transition from a centralized to a democratic, open, and scalable digital economy. This innovative technology offers huge possibilities, and the change in this field has just begun. This research paper describes Blockchain technology supports crypto currency and some specific applications in both the financial and non- financial sector and also this research paper will examine the difficulties that lie ahead and the business opportunities for this fundamental technology that is going to transform our digital world. Keywords: Blockchain, Bitcoin, Financial and non-financial sector, Technology

Leveraging a novel NFT-enabled blockchain architecture for the authentication of IoT assets in smart cities

The concept of smart city architecture requires a comprehensive solution that can combine real-time response applications for cyber-physical systems. However, the architecture faces challenges that can obstruct the operations in terms of systems, processes, and data flow as far as the breach risk is concerned. Though the field has been researched with the existence of centralized and distributed architectures to support smart cities. Research gaps regarding security concerns, platform assistance, and resource management continue to persist. This research article presents a novel blockchain-based architecture that proposes expansion in the non-fungible tokens (NFTs) to cater to the expansion of IoT-enabled smart assets. It enables NFTs to employ fog computing for all users and smart devices connected to a fog node in a cyber-physical system. The proposed expansion suggested in Non-Fungible Tokens (NFTs) for IoT assets representation in a cyber-physical system, provides devices and user identification and authentication functionality. The proposed NFT architecture has been designed to provide a smart city solution for cyber-physical systems that ensures robust security features (such as CIA) by introducing new attributes and functions for Owner, User, Fog, and IoT device/s authentication. The validation and rigor of the security services, efficiency, and latency have been achieved by deployments on private and public ledgers. The efficiency, and cost-effectiveness of the suggested functions and components have been evaluated in terms of evaluation cost and time complexity which resulted in promising results, obtained and validated on a testnet. The evaluation cost for the devised mint component was approximately 81%, and devised approve() was approximately 23% more efficient than other solutions.

TOWARDS STANDARDIZED REGULATIONS FOR BLOCK CHAIN SMART CONTRACTS: INSIGHTS FROM DELPHI AND SWARA ANALYSIS

The rise of digital currency and the public ledger Block Chain has led to the development of a new type of electronic contract known as "smart contracts." For these contracts to be considered valid, they must adhere to traditional contract rules and be concluded without any impediments. Once written, encrypted, and signed, smart contracts are recorded in the Block Chain Ledger, providing transparent and secure record-keeping. Smart contracts offer several benefits, including their ability to execute automatically without requiring human intervention, their provision of public visibility of contract provisions on the Block Chain, their avoidance of financial crimes like Money Laundering, and their prevention of contract abuses. However, disputes arising from smart contracts still require human intervention, presenting unique challenges in enforcing these contracts, such as evidentiary issues, enforceability of waivers of defenses, and jurisdictional and choice-of-law considerations. Due to the novel nature of smart contracts, there are currently no standardized regulations that apply to them. Countries that have approved them have turned to customary law to legitimize their use. The Delphi method was used to identify critical success factors for applying blockchain transactions in a manufacturing company. Stepwise Weight Assessment Ratio Analysis (SWARA) was then utilized to determine the most influential factors. The proposed methodology was implemented, and results show that the most influential factors for the successful application of blockchain transactions as smart contracts in a manufacturing company are: turnover, the counter argument, vision, components for building, and system outcome quality. Conversely, connections with government entities and subcontractors, and the guarantee of quality have the least influence on successful implementation. These findings can contribute to the development of a legal framework for smart contracts in a manufacturing company.