A FRAMEWORK FOR SMART CONTRACT EVALUATION AND SELECTION USING MULTI-CRITERIA ANALYSIS

Abstract

Numerous smart contract frameworks have been proposed in academic literature and implemented in the industry, for a number pf blockchain platforms such as Ethereum, Corda, and Hyperledger Fabric. Choosing among these frameworks involves a multicriteria decision-making (MCDM) process with various evaluation and selection criteria, including security, financial aspects, and technical considerations. To address this complexity, this research aims to develop a comprehensive framework for standardizing the evaluation criteria and building a selection process for smart contracts. This framework will assist in evaluating critical criteria and selecting the most suitable smart contract framework from the available alternatives. Existing approaches for MCDM-based blockchain evaluation and selection are often not tailored specifically to smart contracts. These approaches are typically general and lack comprehensiveness, often designed for specific case studies. Multi-criteria analysis is employed in this research to determine the optimal option based on the decision-maker’s preferences. Among the available MCDM techniques, the Decision by Opinion Score Method (DOSM) was utilized, which has been applied across diverse fields, including financial institutions and operating businesses. However, this technique does not provide the functionality of explicit criteria for weight measurement. Therefore, a modified version of DOSM that incorporates explicit weight measurement is proposed in this research. The proposed framework consists of five phases. In the first phase, the final set of criteria is identified and examined through expert opinions and the Fuzzy-Delphi method. An improved version of the fuzzy DOSM technique with an explicit weight mechanism is employed in the second stage. The third phase involves identifying and evaluating smart contract alternatives using the criteria identified in phase one. In the iv fourth phase, developed and assessed the opinion score weighting algorithm (NS-WFDOSM), This algorithm modifies FDOSM and incorporates a Neutrosophic Fuzzy Sets (NFSs) environment to measure the weights explicitly and rank the alternatives. In the final phase, a sensitivity analysis module to study the behavior of the new weight technique and its impact on alternative ranking is developed. The inclusion of weight parameters in the proposed framework facilitates the identification of influential criteria in the ranking procedure. The research methodology adopts a quantitative approach to determine critical criteria for smart contracts. Different numerical samples obtained through a closed-ended questionnaire survey are applied in various scenarios to collect data regarding the essential criteria of the subject under investigation. Results indicated the following: (1) The FW-DOSM method efficiently weights the criteria for smart contract blockchain. (2) The NS-FW-DOSM method successfully ranks smart contract blockchain frameworks. (3) Given the binary nature of the selected data, the variation of the criteria, and an increase in the number of alternatives, no significant changes were observed in the final framework among different 𝛼 values. The validation of the framework results was confirmed using sensitivity analysis. The implications of this study can assist administrators in various organizations in selecting the most appropriate and confident smart contract framework and guide future directions for system developers. In conclusion, NS-WF-DOSM is extensively discussed and compared with different MCDM methods from ranking and weighting perspectives. The results demonstrate that NS-WF-WDOSM produces more logical outcomes than other MCDM methods.