  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.
