Smart Contract Risk Management

This assignment focuses on assessing the risks inherent in smart contract technology. It evaluates the effectiveness of different risk management approaches, such as encrypted data policies, firewall implementation, centralized database systems, strong passwords, and public awareness campaigns. Participants are asked to indicate their level of agreement with statements regarding these strategies' potential impact on mitigating smart contract risks.

The impact of human and risk factors on the performance of smart contract
Name of the Student
Name of the University
Author’s Note

Abstract
This research study have focused on the basic concept of the smart contract. Smart contract is a digital contract that
helps in facilitating performance of contract. A protocol helps in digital transaction between parties.
The aim of research is to understand the concept of smart concept and its risk management. Various objectives and
research questions have been discussed in the research. The primary objective of the study is to identify the risks
involved in the implementation of the smart contract. Smart contract is a dependent variable and risk management is
an independent variable.
The literature review have discussed regarding the basic concept of smart contract and block chain technology. The
benefits of the smart contract have been discussed in the study. The limitations and risks involved in the smart
contract have been focused. Security of the data and information have been a major risk of smart contract. The
research has used positivism philosophy with deductive approach. Data has been collected from primary sources.
Online survey has been conducted with 55 customers using smart contract and 40 close-ended questions have been
included in the survey questionnaire. Data has been properly analyzed using quantitative analysis. The results have
been able to fulfil the objectives.

Table of Contents
Chapter 1: Introduction....................................................................................................................5
1.0 Background of the study........................................................................................................5
1.1 Rationale...........................................................................................................................5
1.2 Problem Statement............................................................................................................7
1.3 Research Aim, Objectives and Questions..............................................................................7
1.4 Hypothesis.........................................................................................................................8
1.5 Summary................................................................................................................................8
Chapter 2: Literature Review...........................................................................................................9
2.0 Introduction............................................................................................................................9
2.1 Concept of Smart Contract....................................................................................................9
Characteristics of blockchain technology..................................................................................11
Impact of Smart Contract on Service Systems..........................................................................12
Risks in Smart Contract.............................................................................................................13
Summary....................................................................................................................................15
Chapter 3: Methodology................................................................................................................16
3.0 Introduction..........................................................................................................................16
3.1 Research philosophy............................................................................................................16
3.2 Research Approach..............................................................................................................16
3.3 Research Design..................................................................................................................16
3.4 Data Collection....................................................................................................................17
3.5 Sampling technique.............................................................................................................17
3.6 Data Collection instruments................................................................................................18
3.7 Data Analysis.......................................................................................................................18

3.8 Ethical consideration...........................................................................................................18
3.9 Limitations...........................................................................................................................18
3.10 Summary............................................................................................................................19
Chapter 4: Data Findings...............................................................................................................20
4.0 Quantitative Analysis...........................................................................................................20
Chapter 5: Discussion....................................................................................................................45
Chapter 6: Conclusion and Recommendation...............................................................................47
6.0 Conclusion...........................................................................................................................47
6.1 Recommendations................................................................................................................47
6.2 Future Work.........................................................................................................................48
References......................................................................................................................................50
Appendix 1.................................................................................................................................57
Appendix 2.................................................................................................................................58
Appendix 3.................................................................................................................................75
Chapter 1: Introduction
1.0 Background of the study
Bitcoin was started in 2008 recommended as the first blockchain technology. However, blockchain started
an experiment for developing a platform for digital transaction of money and other financial assets ( Kosba et al.
2016). Blockchain has received much attention in the market due to the hike in bitcoin value. Along with this, Smart
Contract has been in light for different transaction of digital assets and contracts (Christidis and Devetsikiotis 2016).
Smart contract requires attention in transparency during transaction among parties involved in a contract.

Digital assets have been used by various companies all over the world. Therefore, smart contracts have been
able to gain its importance in the world market. However, blockchain contains cryptographic decentralized database
set up (Luu et al. 2016). Therefore, all users of blockchain are able to access all the data and information stored in
the database. This might create some limitations for this technology. Private and important information related to
the individuals can be intruded by third party. This have created issues in the security of the financial documents
and money for the company (Peters and Panayi 2016). The security of these data and information is a major risk in
this context.
Therefore, this research has focused in the benefits and challenges of the smart contract in the market. This
study focuses on identifying different risks included in the implementation of the blockchain digital technology in
the company. The risk management strategies have been discussed for mitigating risks involved in the
implementation of the blockchain technology in the market.

1.1 Rationale
Omohundro (2014) commented that block chain is a new technology that has become successful over the time.
Block chain is an interconnected network architecture that deals with the transaction of digital assets. Blockchain
has been integrated with the smart contract in order to provide transaction between parties involved in the contract.
Atzei, Bartoletti and Cimoli (2017) mentioned that public block chains are easy to hack as all the data and
information are accessed by the users of the blockchain and under a smart contract. Therefore, the security of data
and money has been a serious issue related to the smart contract and blockchain.
The blockchain technology has been facing decentralized transparency problem in the market. This have created
a major risk on the security of the data and information stored in the database. The risks have been creating
obstacles in the use of the blockchain technology in the market. Bhargavan et al. (2016) commented that the hackers
have been continuously nurturing databases of various companies. Block chain technology has been facing a major
security problem in the market. There are various applications of the blockchain technology in the market including
crypto currencies, real time money, settlement of boundaries, information on credit status and know your customer
(KYC).
Figure 1: Blockchain growth
(Source: Research-doc.credit-suisse.com, 2018)
Digital platforms are beneficial as they used to transfer digital currencies among the contract. Block chain
technology has not able to penetrate in the individuals for investing. Generally, business organization are using this
technology. This reflects that it has not able to gain trust of common citizens of any country. Watanabe et al. (2016)

suggested that security has been a major discomfort for the block chain technology. Decentralized database have
been edging different assets of organizations.
This research focuses on concept of smart contract and its benefits. Different risks involved in the
implementation of the smart contract and block chain technology have been discussed. The use of the block chain
technology by organization in the market has been explained. Various risks involved in this technology have been
identified.
1.2 Problem Statement
The primary problem of the research is to maintain the risks involved in the smart contracts. The risk
management procedure has been applied in this research for mitigating risks in the smart contract. The use of smart
contract has been varying with different companies that has been creating problems in the transferring currencies
through block chain. Block chain are decentralized transparent that allows all other users to access data and
information.
1.3 Research Aim, Objectives and Questions
The aim of the research is to understand the concept of smart contract and risks management process for
mitigating risks involved in it,
The objectives of the research are as follows:
 To understand the concept of smart contract and block chain digital technology
 To identify risks involved in implementation of the smart contract
 To recommend risk management process in order to mitigate risks in the smart contract
The research questions are mentioned below:
 What is the concept of smart contract and block chain digital technology?
 What are the risk involved in the implementation of smart contract?
 How risk management process can be implemented for mitigating risks in the smart contracts?
1.4 Hypothesis
H1: There is significant impact of smart contract usage in enhancing transaction performance

H2: There is a significant statistical relationship between age group, experience and the use of smart
contract.
H3: There is a significant relationship between Risk management and trust in use of the smart contract
1.5 Summary
This chapter introduces the research topic and basic knowledge about it. The background of the study of
focuses on the existing scenario of the smart contract in the market. The aim, objectives and research questions have
been initiated in this chapter.

Chapter 2: Literature Review
2.0 Introduction
The literature review chapter deals with the basic concept of the research topic. This chapter has focused on
the basic concept of smart contracts and its benefits. The implementation of the blockchain technology in the smart
contract has been mentioned in the chapter. The benefits and risks involved in the blockchain and smart contract
technology have been critically analyzed in the chapter. Different theories and models related to the smart contract
and risk management have been discussed in the chapter that helps in gaining knowledge about the smart contract
and risks involved in it.
2.1 Concept of Smart Contract
A smart contract is a special type of account that helps in storing executable code associated with the
currency of individuals and account balance in blockchain. As commented by Kosba et al. (2016), smart contract
have an address that helps in identifying the contract among others. These addresses acts as public keys. Different
transactions are allowed to be made through this smart contracts based in the block chain technology. The use of the
smart contract helps in maintaining the crypto currency transfer from one place to other. Various codes are included
in the smart contract that are executable by the receiver. The function name of the code helped in maintaining the
address of the data and information. The contract can send money from its balance to other accounts and access
their functions legally.
Figure 2: Execution of smart contract on blockchain
(Source: Christidis and Devetsikiotis 2016, pp. 2297)

Execution of codes happens in the mining codes of the network connectivity. Variables included in the
contract are stored in the storage with the help of key value store included in the contract. Christidis and
Devetsikiotis (2016) commented that smart contracts are the legal agreements creation that is made with the help of
computers. It is deployed on the blockchain platform that helps in hosting the smart contract.
The block chain is a digital technology that helps in combining cryptography, networking and data
management together. This technology helps in [providing digital currency transfer among various networks.
However, these digital currencies are trusted by third parties including government agencies, legal firm, banks and
accounting firms. Block chains provide several way for supporting these transactions. Therefore, this has created a
lot of customers and individuals accessing this technology for money transfer. However, many researchers have
argued that the use of the block chain has created loss too many companies. Luu et al. (2016) argued that the
security of financial assets and documents are weak in this technology. The hacking of financial documents during
transfer is possible that makes it less trustable. Therefore, it has faced several limitations in its methodology.
However, Zhang et al. (2016) mentioned that blockchain digital technology has been used by several startups for
fast transfers and functioning of the financial documents and money. This have created a balance in the use of the
digital technology. Blockchain technologies uses public key encryption infrastructure. Therefore, smart contract
between parties are easy and trustable. The block chain also generate private key for the initiator’s address. The
initiator triggers the smart contract transaction by sending an initiating message using the address encrypted with a
private key.
Figure 3: Working of Blockchain Cryptography
(Source: (Bloq.com, 2018))

Characteristics of blockchain technology
Blockchain digital technology is an emerging technology that has various areas to be improved (Koulu
2016). The technical use of this technology is done for transferring various financial document and money. Peters
and Panayi (2016) commented that a blockchain technology is totally based on peer-to-peer network. That helps in
combining the ability of technology for securing different interaction with two individuals. Reliability with the
system has been established with the help of maintaining a peer connection with several networks. This technology
is depended on the data and code that create automated measures in a fascinated way. Trust is an important factor in
the growth of the blockchain technology. The public key encryption has provided security to the data stored in the
database server. As commented by Andersen et al. (2017), the use of this server in the network helps in maintaining
and transferring financial data and money between individuals. In case of unfinished transaction, all many and data
are revered back to the data server. This has created a reliable source of money transfer technology. The blockchain
digital technology in smart contract is a decentralized network. Omohundro (2014) argued that the use of
blockchain network might be harmful for both parties involved in the smart contracts.
Factors Source
Security (Cachin 2016)
Testing (Atzei, Bartoletti and Cimoli 2017)
Blockchain Technologies (Levy 2017)
Decentralized databases (Nugent, Upton and Cimpoesu 2016)
Cryptography (Frantz and Nowostawski 2016)
Cyber-attacks (Idelberger et al. 2016)
Service-level Agreements (Sergey and Hobor 2017)
Table 1: Factors affecting Smart Contracts
(Source: Created by author)
Impact of Smart Contract on Service Systems
Smart Contracts have helped in providing digital edge to the transfer of money and documents ( Cachin
2016). The block chain technology have helped in providing distributed technology in order to capture various
tasks. The information shared among the parties are kept securely stored. Therefore, the use of this digital

technology have helped in maintaining financial databases of any organization. As commented by Atzei, Bartoletti
and Cimoli (2017), smart contracts are the simplest form of digital contract that are signed between two parties.
These contracts helps in accessing various business deals and successfully complete it. However, Smart Contracts
have a potential and can transform business model of any organization (Levy 2017). The industry have helped in
testing the functionality of service systems can be available during distribution of information. The collaboration of
both parties have helped in maintaining the transparency in smart contract terms and condition. Various laws and
rules ate included in the smart contract that have helped in maintaining a proper aspect in the contract. Service
systems are characterized in various factors including adaptive nature, complexity and dynamic composition of
operant (Nugent, Upton and Cimpoesu 2016). The resources involved in the smart contract have maintained the
impact on the service systems sin order to provide enhanced services to the customers. Kothapalli, Miller and
Borisov (2017) mentioned that the introduction of a blockchain renders use of third party genuinely that helps in
involving the trust in environment. This blockchain digital technology helps in facilitating exchange of data and
information for involving both parties in order to provide transparent and shared database. The involved parties in
the smart contract gain direct access to the documents and information. Therefore, this helps in getting all the
information involved in the smart contracts. The blockchain platform Ethereum acts as an example for delivering
toolset to design coded contracts. Therefore, this might provide impact on the data of formal service system ( Frantz
and Nowostawski 2016).
Risks in Smart Contract
As commented by Al-Bassam et al. (2017), smart Contracts have different limitations in many cases. The
use of the blockchain digital technology have decentralized database. Therefore, this creates problem for the users
as all the information can be accessed by a user of smart contract. This degrades the security of the data and
information stored in the database server. The public block chains can be accessed by anyone in the database
(Idelberger et al. 2016). Therefore, the security of the public block chain is minimum. Block chain can be used by
different bans for fast transfer of money digitally. Therefore, it creates a high-level risk during the transfer of money
to other account. The loss of money and financial documents can be a major risks involved in the blockchain
technology.

As commented by Bartoletti and Pompianu (2017), block chains are not sufficient fir the big data concept.
Therefore, it cannot hold large volumes of data a time. Therefore, this creates inherent limitations for the blockchain
in order to create massive redundancy into large number of nodes. However, big data can be implemented in the
blockchain by the use of the meta-data. The smart contracts are immutable contracts that creates cryptographic
phenomenon in historical transaction. Block chain technologies shorten the duration of many businesses in order to
process various business continuity plans (Sergey and Hobor 2017). Therefore, these private plans can be accessed
but other parties, as they are included in the smart contract agreement. The blockchain technology create a seamless
legacy infrastructure that creates a holographic effect in the smart contract. The security of the data and information
stored in the smart contract is not safe and secure (Delmolino et al. 2016). It does not provide transactional security
and account wallet security to the users. The distributed database of the blockchain technology have created various
security risks involved in the databases.
However, service level agreements between parties involved in the smart contracts create a supplier network
for monitoring it. Therefore, the use of smart contracts create risks in providing secure and reliable services to the
individual. Therefore, exiting policies and laws need to be improved in order to maintain a business model within
the smart contracts.
Summary
This is summarized that use of the blockchain digital technology have helped in fast transfer of financial documents
and money. Smart contract focuses on the digital concept of agreement between two parties. The impact of the
smart contract in the services has been described in this chapter. Various benefits and limitations of the concept has
been described.

Chapter 3: Methodology
3.0 Introduction
This chapter focuses on the methodology used in the research. Research methodologies are esteem, logical
and impartial part of the research. It includes hypothetical issues, numerical and trial techniques of the research. The
researcher has selected positivism philosophy with deductive approach. Data has been collected from primary
sources by descriptive design.
3.1 Research philosophy
According to Flick (2015), rresearch philosophy are of three types including Positivism, Interpretivism and
Realism. The positivism philosophy deals with the knowledge included in the objectives and collects data and
information in a scientific way. Therefore, the researcher has used positivism philosophy in this research. This has
helped in developing hypothesis of the research. Data is collected through quantitative and qualitative methods.
Positivism philosophy deals with the quantifiable data leading to statistical analysis.
3.2 Research Approach
Research approach are two types including Deductive and Inductive approach. As mentioned by Neuman
and Robson (2014), deductive approach deals with specific level of research. Therefore, the researcher has selected
deductive approach for this research. It helps in focusing on the objectives of the research neglecting all other
contents in the research. It also depends on quantitative approach in the research. The deductive approach deals with
the introduction of theories and principles and its application.
3.3 Research Design
According to Flick (2015), research Design is a strategy that helps in collecting data and information related
to the research. Three types of research design are descriptive, explanatory and exploratory. Descriptive design
helps in providing observational study of the research elements. The researcher has used descriptive design min this
research. The use of this design helps in providing quantitative approach to analysis of gathered data and
information regarding the research topic. The smart contract concept has been descriptively using the block chain
digital technology for getting a platform to execute.

3.4 Data Collection
Data collection is an important part of the research that helps in collecting day and information rated to the
research topic. The use of the data collection technique help in maintaining a practical approach towards the
research. Two types of data collection processes are primary sources and secondary sources. The primary data
collection method focuses on collecting data and information from primary data sources including survey.
Secondary data collection method collects data from secondary sources including online journals, articles, reports,
books and government databases.
3.5 Sampling technique
The two types of sampling technique are probability and non-probability techniques. However, the probability
technique has been used in this research for collecting data. Probability technique helps in providing equal chances
to all the samples included in the research. Random pr0babaility samples has been dine that helps in providing
chances for selecting anyone from the population. However, in this research, 55 users of smart contract and block
chain have been selected for online survey. There are 5 close-ended questions are included in the survey
questionnaires.
3.6 Data Collection instruments
The researcher has conducted online survey in order to collect primary data and information related to the
smart contracts and block chain. The researcher has organized online survey with 55 users of smart contract and
block chain. There have been 40 close-ended questions in the survey questionnaire. These questions have been
related to the research objectives that have helped in proper analysis of related data.
3.7 Data Analysis
Two types of data analysis method are qualitative and quantitative analysis method. The qualitative analysis
method is used during the secondary data collection method. However, in this case data has been collected from
primary data sources. Therefore, the researcher has selected quantitative data analysis. Results and outcomes of the
survey have been shown on a Likert scale range 1 to 5. The results have been displayed using tables, charts and
graphs.
3.8 Ethical consideration

The research has been conducted with proper ethical consideration. The data and information have been
properly analyzed and not shared with any other individual. The survey participants have not been forced to remain
in the research and they can leave the research at any point of time. According to Eisenhardt et al. (2016), under the
Data Protection Act 1998, any personal information of the participants are not shared with anyone without their
permission. Therefore, ethical behavior of the researcher towards participants have been correct in order to conduct
the study.
3.9 Limitations
The research have based some limitations in the data collection process. Not all the participants have answered the
questions properly. Therefore, answers were not taken as reliable data. Some of the participants were influenced by
some personality and current services provided by the company. Therefore, there answers might vary time. This
creates problems for the researchers to analyze properly. Budget has been another problem for the research.
Researcher does not have enough budget for conducting the research by using proper technology and tools.
3.10 Summary
This chapter deals with the methodology o the research. This research has used positivism philosophy,
deductive approach and descriptive design. Data and information has been collected from primary sources. There
has been online questionnaire developed for conducting survey. The research has been conducted ethically.

Chapter 4: Data Findings
4.0 Quantitative Analysis
The quantitative data analysis deals with the analysis of the primary data collected from primary sources.
The researcher has organized online survey for collecting primary data. 55 customers accessing smart contract and
block chain have been taken as participants for the online survey. There have been 40 close ended questions
included in the survey questionnaire.
4.1 Demographic Analysis
What is your Age group
Frequency Percent Valid Percent
Cumulative
Percent
Valid 18 - 21 years 10 18.2 18.2 18.2
22 - 25 years 22 40.0 40.0 58.2
26 - 29 years 16 29.1 29.1 87.3
30+ 7 12.7 12.7 100.0
Total 55 100.0 100.0
Table 2: Age group
Figure 4: Age Group

What is your gender?
Frequency Percent Valid Percent
Cumulative
Percent
Valid Male 25 45.5 45.5 45.5
Female 30 54.5 54.5 100.0
Total 55 100.0 100.0
Table 3: Gender

Figure 5: Gender
What is your Experience
Frequency Percent Valid Percent
Cumulative
Percent
Valid 1 year 19 34.5 34.5 34.5
2 years 22 40.0 40.0 74.5
3 years 11 20.0 20.0 94.5
More than 3 years 3 5.5 5.5 100.0
Total 55 100.0 100.0

Figure 6: Experience
Voluntariness of use
Frequency Percent Valid Percent
Cumulative
Percent
Valid Yes 29 52.7 52.7 52.7
No 25 45.5 45.5 98.2
4.00 1 1.8 1.8 100.0
Total 55 100.0 100.0
Table 5: Voluntariness use

Figure7: Voluntariness use
You are using smart contract and block chain for how many years?
Frequency Percent Valid Percent
Cumulative
Percent
Valid Less than 1 year 21 38.2 38.2 38.2
1 - 2 years 11 20.0 20.0 58.2
2 - 3 years 5 9.1 9.1 67.3
4 - 5 years 14 25.5 25.5 92.7
More than 5 years 4 7.3 7.3 100.0
Total 55 100.0 100.0
Table 8: Smart contract usage

Figure8: Smart contract usage
The above graphs and tables expresses that there are 40 percent if the people have age between 22-25 years.
However, 18 percent people are aging between 18-21 years of age. This demographics of the participants expresses
that most of the people, are interested in the survey related to the smart contract. The percentage of female
participants are more than that of male participants. Female participants possess more interest in the block chain
technology than male participants do. However, 40 percent people have an experience of two years in this field.
34.5 percent people have one-year of experience. However, 38.2 % people are using this technology from less than
one year. Therefore, there is an improvement in the number of customers in the market.
Facilating condition:
I have the resources necessary to use the system
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 14 25.5 25.5 25.5

Disagree 11 20.0 20.0 45.5
Neutral 14 25.5 25.5 70.9
Agree 12 21.8 21.8 92.7
Strongly Agree 4 7.3 7.3 100.0
Total 55 100.0 100.0
Table 9: resources necessary to use the system
I have the knowledge necessary to use the system
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 14 25.5 25.5 25.5
Disagree 12 21.8 21.8 47.3
Neutral 15 27.3 27.3 74.5
Agree 10 18.2 18.2 92.7
Strongly Agree 4 7.3 7.3 100.0
Total 55 100.0 100.0
Table 10: knowledge necessary to use the system
Block-chain is not compatible with other system
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 13 23.6 23.6 23.6
Disagree 10 18.2 18.2 41.8
Neutral 14 25.5 25.5 67.3
Agree 12 21.8 21.8 89.1
Strongly Agree 6 10.9 10.9 100.0
Total 55 100.0 100.0

Table 11: Compatibility
People with technical know-how are available for assistance with the system
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 13 23.6 23.6 23.6
Disagree 13 23.6 23.6 47.3
Neutral 7 12.7 12.7 60.0
Agree 12 21.8 21.8 81.8
Strongly Agree 10 18.2 18.2 100.0
Total 55 100.0 100.0
Table 12: available for assistance with the system
Given the resources, opportunities and knowledge it takes to use the system, it would
be easy for me to use the system
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 10 18.2 18.2 18.2
Disagree 10 18.2 18.2 36.4
Neutral 6 10.9 10.9 47.3
Agree 16 29.1 29.1 76.4
Strongly Agree 13 23.6 23.6 100.0
Total 55 100.0 100.0
Table 13: Opportunities and knowledge it takes to use the system, it would be easy for me to use the system
People who know the technology should use the technology
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 11 20.0 20.0 20.0
Disagree 9 16.4 16.4 36.4

Neutral 7 12.7 12.7 49.1
Agree 20 36.4 36.4 85.5
Strongly Agree 8 14.5 14.5 100.0
Total 55 100.0 100.0
Table 14: People who know the technology should use the technology
The above graphs and tables describes that the 25.5 percent people are confused by various terms and condition of
the technology Therefore, they are not able to access the benefits in the technology. However, 20 percent people are
agreed with the concept of the blockchain technology in the market. 25.5 percent people are strongly agreed with
the necessary resources for the implementation of the technology.
Correlation:
Correlations
I have the
resources
necessary to
use the system
I have the
knowledge
necessary to
use the system
Block-chain is
not compatible
with other
system
I have the resources
necessary to use the system
Pearson Correlation 1 .442** .325*
Sig. (2-tailed) .001 .015
N 55 55 55
I have the knowledge
necessary to use the system
Pearson Correlation .442** 1 .379**
Sig. (2-tailed) .001 .004
N 55 55 55
Block-chain is not compatible
with other system
Pearson Correlation .325* .379** 1
Sig. (2-tailed) .015 .004
N 55 55 55
People with technical know
how are available for
assistance with the system
Pearson Correlation .489** .334* .347**
Sig. (2-tailed) .000 .013 .010

N 55 55 55
Given the resources,
opportunities and knowledge
it takes to use the system, it
would be easy for me to use
the system
Pearson Correlation .467** .280* .301*
Sig. (2-tailed) .000 .038 .025
N 55 55 55
People who know the
technology should use the
technology
Pearson Correlation .247 .180 .482**
Sig. (2-tailed) .069 .188 .000
N 55 55 55
Correlations
People with
technical know
how are
available for
assistance with
the system
Given the
resources,
opportunities
and knowledge it
takes to use the
system, it would
be easy for me
to use the
system
People who
know the
technology
should use the
technology
I have the resources
necessary to use the system
Pearson Correlation .489** .467** .247
Sig. (2-tailed) .000 .000 .069
N 55 55 55
I have the knowledge
necessary to use the system
Pearson Correlation .334* .280* .180
Sig. (2-tailed) .013 .038 .188
N 55 55 55
Block-chain is not compatible
with other system
Pearson Correlation .347** .301* .482**
Sig. (2-tailed) .010 .025 .000
N 55 55 55
People with technical know
how are available for
assistance with the system
Pearson Correlation 1 .653** .351**
Sig. (2-tailed) .000 .009
N 55 55 55

Given the resources,
opportunities and knowledge
it takes to use the system, it
would be easy for me to use
the system
Pearson Correlation .653** 1 .500**
Sig. (2-tailed) .000 .000
N 55 55 55
People who know the
technology should use the
technology
Pearson Correlation .351** .500** 1
Sig. (2-tailed) .009 .000
N 55 55 55
The above table describes about the correlation among the questions included
in the survey questionnaires. The p value of the people with technical know
how are available for assistance with the system has been .489 that is the
highest value. This relates with the question that I have the resources necessary
to use the system. Therefore, the correlation among these questions has been
justified properly by the correlation table provided. From table 4.2 we find that
all the variables are positively correlated at 99% level of significance.
Reliability
Reliability Statistics
Cronbach's
Alpha N of Items
.791 6
Item Statistics
Mean Std. Deviation N
I have the resources
necessary to use the system 2.6545 1.27973 55
I have the knowledge
necessary to use the system 2.6000 1.25610 55

Block-chain is not compatible
with other system 2.7818 1.32903 55
People with technical know
how are available for
assistance with the system
2.8727 1.46635 55
Given the resources,
opportunities and knowledge
it takes to use the system, it
would be easy for me to use
the system
3.2182 1.46175 55
People who know the
technology should use the
technology
3.0909 1.39141 55
The above table describes about the reliability factor of various questions in the
survey questionnaires. The alpha value is .791 for 6 items in the table. The
reliability analysis of the blockchain technology in the market has been
discussed in the table. Therefore, gathering knowledge about the technology
helps in using the technology in an easier way. Therefore, awareness of this
tech ology is needed on the market.
People who do not know the technology should not use the technology
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 12 21.8 21.8 21.8
Disagree 12 21.8 21.8 43.6
Neutral 10 18.2 18.2 61.8
Agree 17 30.9 30.9 92.7
Strongly Agree 4 7.3 7.3 100.0
Total 55 100.0 100.0

Table 15: People who do not know the technology should not use the technology
What are the benefits of using these technologies?
Frequency Percent Valid Percent
Cumulative
Percent
Valid Agent Neutrality 7 12.7 12.7 12.7
Automation 15 27.3 27.3 40.0
Security 15 27.3 27.3 67.3
Precision 12 21.8 21.8 89.1
Decentralised database 6 10.9 10.9 100.0
Total 55 100.0 100.0
Table 16: Benefits of using these technologies
Correlations
People who do
not know the
technology
should not use
the technology
What are the
benefits of using
these
technologies?
In general
companies
supports the use
of the smart
contract
technology
People who do not know the
technology should not use
the technology
Pearson Correlation 1 .533** .088
Sig. (2-tailed) .000 .522
N 55 55 55
What are the benefits of
using these technologies?
Pearson Correlation .533** 1 .576**
Sig. (2-tailed) .000 .000
N 55 55 55
In general companies
supports the use of the
smart contract technology
Pearson Correlation .088 .576** 1
Sig. (2-tailed) .522 .000
N 55 55 55
Your seniors have assist in Pearson Correlation .414** .520** .376**

using the technology Sig. (2-tailed) .002 .000 .005
N 55 55 55
I find the system useful for
the transaction
Pearson Correlation .218 .308* .325*
Sig. (2-tailed) .110 .022 .016
N 55 55 55
Correlations
Your seniors have
assist in using the
technology
I find the system
useful for the
transaction
People who do not know the
technology should not use the
technology
Pearson Correlation .414** .218
Sig. (2-tailed) .002 .110
N 55 55
What are the benefits of using
these technologies?
Pearson Correlation .520** .308*
Sig. (2-tailed) .000 .022
N 55 55
In general companies supports the
use of the smart contract
technology
Pearson Correlation .376** .325*
Sig. (2-tailed) .005 .016
N 55 55
Your seniors have assist in using
the technology
Pearson Correlation 1 .295*
Sig. (2-tailed) .029
N 55 55
I find the system useful for the
transaction
Pearson Correlation .295* 1
Sig. (2-tailed) .029
N 55 55
The above table describes about different functionalities of the survey questionnaires related to the research topic.
The p value of benefits of blockchain is .520. The dependent and independent variable has been maintained by a
professional outlook of the analysis. A positive correlation has been shown in the table. The benefits of blockchain
technology has been mentioned in the correlation table. The awareness among the people in the society needs to be
increased. 27.3 % participants have answered for both security and automation facility of the smart contract and

blockchain technology. The security reasons of the technology have enhanced from initial stages that have attracted
various ground to the technology in the market.
Data Privacy will get decreased
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 11 20.0 20.0 20.0
Disagree 4 7.3 7.3 27.3
Neutral 17 30.9 30.9 58.2
Agree 14 25.5 25.5 83.6
Strongly Agree 9 16.4 16.4 100.0
Total 55 100.0 100.0
What are the risks involved in the Smart Contract technology?
Frequency Percent Valid Percent
Cumulative
Percent
Valid Suspicious Behaviour 10 18.2 18.2 18.2
Frequent Changes 8 14.5 14.5 32.7
Data privacy 16 29.1 29.1 61.8
Human Factor 11 20.0 20.0 81.8
Economy and Speed 10 18.2 18.2 100.0
Total 55 100.0 100.0
Suspicious Behavior will get increased
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 9 16.4 16.4 16.4

Disagree 16 29.1 29.1 45.5
Neutral 12 21.8 21.8 67.3
Agree 14 25.5 25.5 92.7
Strongly Agree 4 7.3 7.3 100.0
Total 55 100.0 100.0
How risk management can be applied to mitigate risks?
Frequency Percent Valid Percent
Cumulative
Percent
Valid Encrypted Data 9 16.4 16.4 16.4
Use of Firewall 8 14.5 14.5 30.9
Strong Password 15 27.3 27.3 58.2
Centralised Database 16 29.1 29.1 87.3
Awareness 7 12.7 12.7 100.0
Total 55 100.0 100.0
Frequent changes in the delivery plan will be enhanced
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 9 16.4 16.4 16.4
Disagree 5 9.1 9.1 25.5
Neutral 8 14.5 14.5 40.0
Agree 18 32.7 32.7 72.7
Strongly Agree 15 27.3 27.3 100.0
Total 55 100.0 100.0

Encrypted data policy might help in minimizing risks in smart contract
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 8 14.5 14.5 14.5
Disagree 5 9.1 9.1 23.6
Neutral 13 23.6 23.6 47.3
Agree 22 40.0 40.0 87.3
Strongly Agree 7 12.7 12.7 100.0
Total 55 100.0 100.0
Use of firewall might be useful
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 9 16.4 16.4 16.4
Disagree 7 12.7 12.7 29.1
Neutral 19 34.5 34.5 63.6
Agree 13 23.6 23.6 87.3
Strongly Agree 7 12.7 12.7 100.0
Total 55 100.0 100.0
Centralized database system if the smart contract might help in maintaining risks in
the technology
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 10 18.2 18.2 18.2
Disagree 10 18.2 18.2 36.4
Neutral 16 29.1 29.1 65.5
Agree 12 21.8 21.8 87.3

Strongly Agree 7 12.7 12.7 100.0
Total 55 100.0 100.0
Strong passwords in the server might reduce risks involved
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 5 9.1 9.1 9.1
Disagree 8 14.5 14.5 23.6
Neutral 11 20.0 20.0 43.6
Agree 17 30.9 30.9 74.5
Strongly Agree 14 25.5 25.5 100.0
Total 55 100.0 100.0
Awareness among people in the market and society is required
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 9 16.4 16.4 16.4
Disagree 2 3.6 3.6 20.0
Neutral 12 21.8 21.8 41.8
Agree 19 34.5 34.5 76.4
Strongly Agree 13 23.6 23.6 100.0
Total 55 100.0 100.0
The above table reflects about risks and risk management policies in the blockchain technology. 25.5 % participants
have agreed that the data privacy will be decreased by this technology. However, 20 % participants have strongly
disagreed on this point related to the data privacy. 29.1 % people have voted for data privacy as major risks to the
block chain technology. 18.2 % people have voted for economy and speed of the transaction to be risks in the block
chain technology. However, 29.2% people have disagreed that the suspicious behavior in the system will get
increased. The risk management process has been implemented on the smart contract for mitigating risks in it. The

security of personal data and digital assets have been major risks of the smart contract. 23.6 % people have agreed
that the use of firewalls in the item might decrease the privacy risks in the technology. The use firewall might help
in maintaining the security of the data and information if the parties in the smart contract. These firewalls help in
providing a wall between both the parties that restricts the access of the other parties to access important documents
of parties in the smart contract.
Correlation
Correlations
Data Privacy will
get decreased
What are the
risks involved in
the Smart
Contract
technology?
Suspicious
Behavior will get
increased
Data Privacy will get
decreased
Pearson Correlation 1 .629** .311*
Sig. (2-tailed) .000 .021
N 55 55 55
What are the risks involved
in the Smart Contract
technology?
Pearson Correlation .629** 1 .617**
Sig. (2-tailed) .000 .000
N 55 55 55
Suspicious Behavior will get
increased
Pearson Correlation .311* .617** 1
Sig. (2-tailed) .021 .000
N 55 55 55
How risk management can
be applied to mitigate risks?
Pearson Correlation .309* .470** .454**
Sig. (2-tailed) .022 .000 .001
N 55 55 55
Frequent changes in the
delivery plan will be
Pearson Correlation .247 .287* .535**
Sig. (2-tailed) .069 .033 .000
N 55 55 55
Correlations

How risk
management can be
applied to mitigate
risks?
Frequent changes in
the delivery plan will
be enhanced
Data Privacy will get decreased Pearson Correlation .309* .247
Sig. (2-tailed) .022 .069
N 55 55
What are the risks involved in the
Smart Contract technology?
Pearson Correlation .470** .287*
Sig. (2-tailed) .000 .033
N 55 55
Suspicious Behavior will get
increased
Pearson Correlation .454** .535**
Sig. (2-tailed) .001 .000
N 55 55
How risk management can be
applied to mitigate risks?
Pearson Correlation 1 .362**
Sig. (2-tailed) .007
N 55 55
Frequent changes in the delivery
plan will be enhanced
Pearson Correlation .362** 1
Sig. (2-tailed) .007
N 55 55
The correlation among the risk factors ion the block chain have been provided. The p value of the risks in the block
chain is .629 with respect to the decrease in the data privacy in the system. The industry have helped in testing the
functionality of service systems can be available during distribution of information. The collaboration of both
parties have helped in maintaining the transparency in smart contract terms and condition. The decentralized
database storage have helped in accessing all the information of the parties included in the smart contract.
Reliability
Reliability Statistics
Cronbach's
Alpha N of Items
.782 5

Item Statistics
Mean Std. Deviation N
Data Privacy will get
decreased 3.1091 1.34264 55
What are the risks involved
in the Smart Contract
technology?
3.0545 1.35289 55
Suspicious Behavior will get
increased 2.7818 1.21245 55
How risk management can
be applied to mitigate risks? 3.0727 1.27446 55
Frequent changes in the
delivery plan will be
enhanced
3.4545 1.41183 55
The alpha value in this state is .782 for 5 items in the table. The risks management policies have been developed in
the survey questionnaires and reliability factors. The frequent changes in the delivery plan has been the most
reliable factor with 3.4545 number. The use of encryption of data helps in maintaining the secure of the data. The
key used to encrypt data and information helps in provided security, the key is only known to both parties in smart
contract. Therefore, hackers cannot access the data package that are transferred through network.

Chapter 5: Discussion
Smart Contracts have been playing an important role in the business transaction. The use of the mart contract
has been initiated by different business organization. Data and information-collected form the inline survey have
helped in analyzing concept of smart contract and block chain. Five close-ended questions have been asked to 55
customers of the smart contract and bock chain. There answers have been recorded and taken as data for the
analysis. The data collection method shows that most of the customers are male. However, female customers are
also interested in investing in the smart contract and block chain.
The use of smart contract has been becoming famous in the modern world. This has helped in increasing the
number of the customers over the years. The next question describes about the consistency of customers using block
chain and smart contract in the market. In this case, it shows that most of the customer have joined recently. Lack of
awareness among individuals is one of the major reason for creating risk related to the smart contract. The use of the
smart contract has been indulging among various business organization that helps in enhancing the market of the
company in the world. The use of the block chain management have helped in maintaining digital transaction
among the parties under smart contract. The tables and graphs pictures the data and findings related to the smart
contract. There are benefits of the smart contract as they are useful in transaction of digital assets of a company, the
speed and time has been enhanced with the use of the smart contract and blockchain.
This might have created many imitations in the market. As the database is decentralized, personal data and
information of parties are not safe in the database. The data loss has been a major risk in the smart contract.
Therefore, the security of the data an information has been minimum in the smart contract.

Chapter 6: Conclusion and Recommendation
6.0 Conclusion
It can be concluded that the smart contract and block chain technology have provided an edge to the transfer
of digital assets all over the world. Smart Contract have helped in maintaining the digital transaction between
parties. The use of the block chain technology has helped in providing a platform for assessing the smart contract.
This technology have faced risks including the data transparency and decentralized database. The trust of the people
in thus technology has not been enhanced due to which the market of the technology has been down. However, this
research have helped in identifying the risks and strategies for mitigating these risks in the implementation of the
smart contract in the market the risk management process have helped in providing proper solution to improve
security of the data and information included in the database of the smart contract. The literature review of the study
have provided existing theory reacted to the smart contract and risks management Existing knowledge have helped
in developing the methodology of the research. The research have used primary data collection method. Survey
questionnaire have been created that have helped in collecting data and information related to the research topic.
Quantitative analysis have helped in analyzing data collected from survey. The results shows that risks management
might help in mitigating risks and challenges in the smart contract.
6.1 Recommendations
Following are the recommendations for the improvement of the smart contracts in the market:
Increasing Research and development on trustworthy block chains
Researches have been done to analyze the trustworthiness of individual in the block chain network.
However, the results have not been in favor of the technology. Therefore, it is recommended to work in the research
and development of the trust on the people related to the block chain. The proof of concept might help in gaining
trust for using block chains in the market. The functional and non-functional properties of the block chains needs to
be refined properly for enhancing the trust of the people using this technology.
Scrutinize technology-specific risk for new systems
Regulators needs to be aware of different technical tasks that help in mitigating the risk in the smart contract
and block chain. The block chain needs to be modified that helps in maintaining the risk management process in the

system. The requirements of the system needs to be properly understood and strategies needs to be prepared for
implementing a successful transaction.
Private database
The database of the smart contract needs to be make private so that other parties cannot access important and
personal document. Parties involved in the smart contract used to share important documents and financial files. The
use of the smart contract depend of various factors that might help in maintaining different aspects of contract.
6.2 Future Work
This research has focused on the concept of the smart contract and risk involved in this technology. The risk
management process has been described in the study for mitigating the risks in the smart contract. However, future
researcher might include some theories and models related to the smart contract ad block chain digital technology.
The future work might focus on the implementation of the smart contract and block chain technology. The
mitigation strategy for these risks can be researching and developing knowledge regarding the blockchain
technology. However, scrutinizing better technological impact in the development of blockchain technology. The
use of centralized and private databases might help in maintaining important and private documents of parties
included in smart contract. This will increase the security of important documents in the database.

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Appendix 1
Milestones in the Research 1st
Week
2nd
Week
3rd
Week
4thWeek 5thWeek 6thWeek 7thWeek
ection of the Topic 
lection of Data from secondary sources  
paring the layout 
iew of Literature   
veloping plan for the research  
ecting appropriate techniques for
arch
 
lection of Primary data  
a Analysis & Interpretation  
dings and Discussion 
nclusion to the study 
paring Rough Draft  
mpletion of Final Work  
Figure 1: Gantt Chart

Appendix 2
I have the resources necessary to use the system
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 14 25.5 25.5 25.5
Disagree 11 20.0 20.0 45.5
Neutral 14 25.5 25.5 70.9
Agree 12 21.8 21.8 92.7
Strongly Agree 4 7.3 7.3 100.0
Total 55 100.0 100.0
I have the knowledge necessary to use the system
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 14 25.5 25.5 25.5
Disagree 12 21.8 21.8 47.3
Neutral 15 27.3 27.3 74.5
Agree 10 18.2 18.2 92.7
Strongly Agree 4 7.3 7.3 100.0
Total 55 100.0 100.0
Block-chain is not compatible with other system
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 13 23.6 23.6 23.6
Disagree 10 18.2 18.2 41.8
Neutral 14 25.5 25.5 67.3

Agree 12 21.8 21.8 89.1
Strongly Agree 6 10.9 10.9 100.0
Total 55 100.0 100.0
People with technical know how are available for assistance with the system
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 13 23.6 23.6 23.6
Disagree 13 23.6 23.6 47.3
Neutral 7 12.7 12.7 60.0
Agree 12 21.8 21.8 81.8
Strongly Agree 10 18.2 18.2 100.0
Total 55 100.0 100.0
Given the resources, opportunities and knowledge it takes to use the system, it would
be easy for me to use the system
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 10 18.2 18.2 18.2
Disagree 10 18.2 18.2 36.4
Neutral 6 10.9 10.9 47.3
Agree 16 29.1 29.1 76.4
Strongly Agree 13 23.6 23.6 100.0
Total 55 100.0 100.0
People who know the technology should use the technology

Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 11 20.0 20.0 20.0
Disagree 9 16.4 16.4 36.4
Neutral 7 12.7 12.7 49.1
Agree 20 36.4 36.4 85.5
Strongly Agree 8 14.5 14.5 100.0
Total 55 100.0 100.0
People who do not know the technology should not use the technology
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 12 21.8 21.8 21.8
Disagree 12 21.8 21.8 43.6
Neutral 10 18.2 18.2 61.8
Agree 17 30.9 30.9 92.7
Strongly Agree 4 7.3 7.3 100.0
Total 55 100.0 100.0
What are the benefits of using these technologies?
Frequency Percent Valid Percent
Cumulative
Percent
Valid Agent Neutrality 7 12.7 12.7 12.7
Automation 15 27.3 27.3 40.0
Security 15 27.3 27.3 67.3
Precision 12 21.8 21.8 89.1
Decentralised database 6 10.9 10.9 100.0

Total 55 100.0 100.0
In general companies supports the use of the smart contract technology
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 14 25.5 25.5 25.5
Disagree 10 18.2 18.2 43.6
Neutral 19 34.5 34.5 78.2
Agree 9 16.4 16.4 94.5
Strongly Agree 3 5.5 5.5 100.0
Total 55 100.0 100.0
Your seniors have assist in using the technology
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 11 20.0 20.0 20.0
Disagree 8 14.5 14.5 34.5
Neutral 11 20.0 20.0 54.5
Agree 17 30.9 30.9 85.5
Strongly Agree 8 14.5 14.5 100.0
Total 55 100.0 100.0
I find the system useful for the transaction
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 16 29.1 29.1 29.1

Disagree 9 16.4 16.4 45.5
Neutral 10 18.2 18.2 63.6
Agree 10 18.2 18.2 81.8
Strongly Agree 10 18.2 18.2 100.0
Total 55 100.0 100.0
Using the technology enables me in completing the transaction easily
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 6 10.9 10.9 10.9
Disagree 8 14.5 14.5 25.5
Neutral 14 25.5 25.5 50.9
Agree 16 29.1 29.1 80.0
Strongly Agree 11 20.0 20.0 100.0
Total 55 100.0 100.0
Using the technology effectively improves my efficiency
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 9 16.4 16.4 16.4
Disagree 14 25.5 25.5 41.8
Neutral 10 18.2 18.2 60.0
Agree 13 23.6 23.6 83.6
Strongly Agree 9 16.4 16.4 100.0
Total 55 100.0 100.0

Using the technology effectively improves my efficiency
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 8 14.5 14.5 14.5
Disagree 16 29.1 29.1 43.6
Neutral 12 21.8 21.8 65.5
Agree 12 21.8 21.8 87.3
Strongly Agree 7 12.7 12.7 100.0
Total 55 100.0 100.0
My interaction with the technology would be clear and understandable
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 10 18.2 18.2 18.2
Disagree 12 21.8 21.8 40.0
Neutral 13 23.6 23.6 63.6
Agree 9 16.4 16.4 80.0
Strongly Agree 11 20.0 20.0 100.0
Total 55 100.0 100.0
I find the technology easy to use
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 10 18.2 18.2 18.2
Disagree 7 12.7 12.7 30.9
Neutral 16 29.1 29.1 60.0
Agree 16 29.1 29.1 89.1

Strongly Agree 6 10.9 10.9 100.0
Total 55 100.0 100.0
Learning to operate the technology was easy
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 7 12.7 12.7 12.7
Disagree 11 20.0 20.0 32.7
Neutral 17 30.9 30.9 63.6
Agree 13 23.6 23.6 87.3
Strongly Agree 7 12.7 12.7 100.0
Total 55 100.0 100.0
The price of the technology is high
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 9 16.4 16.4 16.4
Disagree 8 14.5 14.5 30.9
Neutral 10 18.2 18.2 49.1
Agree 17 30.9 30.9 80.0
Strongly Agree 11 20.0 20.0 100.0
Total 55 100.0 100.0
The price of the technology is low
Frequency Percent Valid Percent
Cumulative
Percent

Valid Strongly Disagree 11 20.0 20.0 20.0
Disagree 5 9.1 9.1 29.1
Neutral 18 32.7 32.7 61.8
Agree 16 29.1 29.1 90.9
Strongly Agree 5 9.1 9.1 100.0
Total 55 100.0 100.0
The technology enhances efficiency of transaction
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 8 14.5 14.5 14.5
Disagree 13 23.6 23.6 38.2
Neutral 9 16.4 16.4 54.5
Agree 16 29.1 29.1 83.6
Strongly Agree 9 16.4 16.4 100.0
Total 55 100.0 100.0
The technology enhances credebility of transaction
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 9 16.4 16.4 16.4
Disagree 5 9.1 9.1 25.5
Neutral 14 25.5 25.5 50.9
Agree 19 34.5 34.5 85.5
Strongly Agree 8 14.5 14.5 100.0
Total 55 100.0 100.0

The technology enhances security of transaction
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 11 20.0 20.0 20.0
Disagree 9 16.4 16.4 36.4
Neutral 10 18.2 18.2 54.5
Agree 13 23.6 23.6 78.2
Strongly Agree 12 21.8 21.8 100.0
Total 55 100.0 100.0
People will accept the technology in the market
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 8 14.5 14.5 14.5
Disagree 7 12.7 12.7 27.3
Neutral 13 23.6 23.6 50.9
Agree 18 32.7 32.7 83.6
Strongly Agree 9 16.4 16.4 100.0
Total 55 100.0 100.0
Transnational habit will change in the market
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 11 20.0 20.0 20.0
Disagree 12 21.8 21.8 41.8
Neutral 16 29.1 29.1 70.9

Agree 9 16.4 16.4 87.3
Strongly Agree 7 12.7 12.7 100.0
Total 55 100.0 100.0
Habitual Perspective for the block chain technology will get enhanced
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 12 21.8 21.8 21.8
Disagree 13 23.6 23.6 45.5
Neutral 10 18.2 18.2 63.6
Agree 15 27.3 27.3 90.9
Strongly Agree 5 9.1 9.1 100.0
Total 55 100.0 100.0
Data Privacy will get decreased
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 11 20.0 20.0 20.0
Disagree 4 7.3 7.3 27.3
Neutral 17 30.9 30.9 58.2
Agree 14 25.5 25.5 83.6
Strongly Agree 9 16.4 16.4 100.0
Total 55 100.0 100.0
What are the risks involved in the Smart Contract technology?

Frequency Percent Valid Percent
Cumulative
Percent
Valid Suspicious Behaviour 10 18.2 18.2 18.2
Frequent Changes 8 14.5 14.5 32.7
Data privacy 16 29.1 29.1 61.8
Human Factor 11 20.0 20.0 81.8
Economy and Speed 10 18.2 18.2 100.0
Total 55 100.0 100.0
Suspicious Behavior will get increased
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 9 16.4 16.4 16.4
Disagree 16 29.1 29.1 45.5
Neutral 12 21.8 21.8 67.3
Agree 14 25.5 25.5 92.7
Strongly Agree 4 7.3 7.3 100.0
Total 55 100.0 100.0
How risk management can be applied to mitigate risks?
Frequency Percent Valid Percent
Cumulative
Percent
Valid Encrypted Data 9 16.4 16.4 16.4
Use of Firewall 8 14.5 14.5 30.9
Strong Password 15 27.3 27.3 58.2
Centralised Database 16 29.1 29.1 87.3
Awareness 7 12.7 12.7 100.0

Total 55 100.0 100.0
Frequent changes in the delivery plan will be enhanced
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 9 16.4 16.4 16.4
Disagree 5 9.1 9.1 25.5
Neutral 8 14.5 14.5 40.0
Agree 18 32.7 32.7 72.7
Strongly Agree 15 27.3 27.3 100.0
Total 55 100.0 100.0
Encrypted data policy might help in minimizing risks in smart contract
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 8 14.5 14.5 14.5
Disagree 5 9.1 9.1 23.6
Neutral 13 23.6 23.6 47.3
Agree 22 40.0 40.0 87.3
Strongly Agree 7 12.7 12.7 100.0
Total 55 100.0 100.0
Use of firewall might be useful
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 9 16.4 16.4 16.4

Disagree 7 12.7 12.7 29.1
Neutral 19 34.5 34.5 63.6
Agree 13 23.6 23.6 87.3
Strongly Agree 7 12.7 12.7 100.0
Total 55 100.0 100.0
Centralized database system if the smart contract might help in maintaining risks in
the technology
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 10 18.2 18.2 18.2
Disagree 10 18.2 18.2 36.4
Neutral 16 29.1 29.1 65.5
Agree 12 21.8 21.8 87.3
Strongly Agree 7 12.7 12.7 100.0
Total 55 100.0 100.0
Strong passwords in the server might reduce risks involved
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 5 9.1 9.1 9.1
Disagree 8 14.5 14.5 23.6
Neutral 11 20.0 20.0 43.6
Agree 17 30.9 30.9 74.5
Strongly Agree 14 25.5 25.5 100.0
Total 55 100.0 100.0

Awareness among people in the market and society is required
Frequency Percent Valid Percent
Cumulative
Percent
Valid Strongly Disagree 9 16.4 16.4 16.4
Disagree 2 3.6 3.6 20.0
Neutral 12 21.8 21.8 41.8
Agree 19 34.5 34.5 76.4
Strongly Agree 13 23.6 23.6 100.0
Total 55 100.0 100.0

Appendix 3
H1: There is significant impact of smart contract usage in enhancing transaction performance
H2: There is a significant statistical relationship between age group, experience and the use of smart contract.
H3: There is a significant relationship between Risk management and trust in use of the smart contract

Appendix 4
Smart Contract and Risk Management
Smart Contract and Risk Management
1.
What is your Age group
Mark only one oval.
18-21
22-25
26-29
30+
2.
What is your gender?
Mark only one oval.
Male
Female

3.
What is your Experience
Mark only one oval.
1 year
2 years
3 years
more than 3 years
4.
Voluntariness of use
Mark only one oval.
Yes
No
5.
You are using smart contract and block chain for how many years?
Mark only one oval.
Less than one year

1-2 years
2-3 years
4-5 years
More than 5 years
Facilating condition
1/10

Smart Contract and Risk Management
6. I have the resources necessary to use the
system Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly Agree
7.
I have the knowledge necessary to use the system
Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree

Strongly Agree
8.
Block-chain is not compatible with other system
Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly Agree
9.
People with technical know how are available for assistance with the system
Mark only one oval.
Strongly disagree
Disagree
Neutral

Agree
Strongly Agree
10.
Given the resources, opportunities and knowledge it takes to use the system, it would be
easy for me to use the system
Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly Agree
2/10

Smart Contract and Risk Management
11.
People who know the technology should use the technology
Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly Agree
Social Influence
12.
People who do not know the technology should not use the
technology Mark only one oval.
Strongly disagree
Disagree
Neutral

Agree
Strongly Agree
13.
What are the benefits of using these technologies?
Mark only one oval.
Agent neutrality
Automation
Security
Precision
Decentralized database
14.
In general companies supports the use of the smart contract
technology Mark only one oval.
Strongly disagree
Disagree

Neutral
Agree
Strongly Agree
3/10

Smart Contract and Risk Management
15.Your seniors have assist in using the
technology Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly Agree
16.
I find the system useful for the transaction
Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree

Strongly Agree
Performance Expectancy
17.
Using the technology enables me in completing the transaction
easily Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly Agree
18.
Using the technology effectively improves my efficiency
Mark only one oval.
Strongly disagree
Disagree

Neutral
Agree
Strongly Agree
4/10

Smart Contract and Risk Management
19.Using the technology effectively improves my
efficiency Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly Agree
Expectancy
20.
My interaction with the technology would be clear and
understandable Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree

Strongly Agree
21.
I find the technology easy to use
Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly Agree
22.
Learning to operate the technology was easy
Mark only one oval.
Strongly disagree
Disagree
Neutral

Agree
Strongly Agree
Price value
5/10

Smart Contract and Risk Management
23.The price of the technology is
high Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly Agree
24.
The price of the technology is low
Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree

Strongly Agree
25.
The technology enhances efficiency of transaction
Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly Agree
26.
The technology enhances credebility of transaction
Mark only one oval.
Strongly disagree
Disagree
Neutral

Agree
Strongly Agree
27.
The technology enhances security of transaction
Mark only one oval.
Strongly disagree
Disagree
Neutral
Agree
Strongly Agree
6/10

Smart Contract and Risk Management
Habitual perpesctive
28.
People will accept the technology in the market
Mark only one oval.
Strongly disagree
disagree
Neutral
Agree
Strongly Agree
29.
Transnational habit will change in the market
Mark only one oval.
Strongly disagree
disagree
Neutral

Agree
Strongly Agree
30.
Habitual Perspective for the block chain technology will get
enhanced Mark only one oval.
Strongly disagree
disagree
Neutral
Agree
Strongly Agree
Perceived Risk
31.
Data Privacy will get decreased
Mark only one oval.
Strongly disagree

disagree
Neutral
Agree
Strongly Agree
7/10

Smart Contract and Risk Management
32.What are the risks involved in the Smart Contract
technology? Mark only one oval.
Suspicious behavior
Frequent changes
Data Privacy
Human Factor
Economy and Speed
33.
Suspicious Behavior will get increased
Mark only one oval.
Strongly disagree
disagree
Neutral
Agree

Strongly Agree
34.
How risk management can be applied to mitigate risks?
Mark only one oval.
Encrypted data
Use of firewall
Strong passwords
Centralized database
Awareness
35.
Frequent changes in the delivery plan will be enhanced
Mark only one oval.
Strongly disagree
disagree
Neutral

Agree
Strongly Agree
Risk management
8/10

Smart Contract and Risk Management
36.Encrypted data policy might help in minimizing risks in smart
contract Mark only one oval.
Strongly disagree
disagree
Neutral
Agree
Strongly Agree
37.
Use of firewall might be useful
Mark only one oval.
Strongly disagree
disagree
Neutral
Agree

Strongly Agree
38.
Centralized database system if the smart contract might help in maintaining risks in
the technology
Mark only one oval.
Strongly disagree
disagree
Neutral
Agree
Strongly Agree
39.
Strong passwords in the server might reduce risks involved
Mark only one oval.
Strongly disagree
disagree

Neutral
Agree
Strongly Agree
40.
Awareness among people in the market and society is required
Mark only one oval.
Strongly disagree
disagree
Neutral
Agree
Strongly Agree
9/

Running head: RESEARCH METHODS