Smart Contract Maturity Model

Abstract: A smart contract is a recently emerging technology which enables agreement to be automatable by computers and enforceable by legal enforcement or tamper-proof execution of code. A majority of smart contracts are run on the blockchain which enables smart contract transactions without a central authority. Smart contract implementation contains several challenges which makes implementation more difficult. The problem is that organisations struggle to implement smart contracts due to the absence of documentation, standardisation, and guidelines making it difficult to know how a smart contract should be implemented. Additionally, it is unclear what capabilities and tools are required for smart contract implementation. Therefore, it is challenging for organisations to assess their own competence of smart contract implementation. This thesis aims to develop a Smart Contract Maturity Model (SCMM). The purpose of the model is to clarify the functionalities and capabilities required to implement a smart contract while also offering organisations the ability to assess the smart contract implementation competency. This improves the adoption of smart contracts. Through the help of the design science framework, the SCMM emerged from the thesis. Applying design science included explicating the problem, defining requirements, designing and developing the artefact, demonstrating and evaluating the artefact. A literature survey was used to explicate the problem and to define requirements for the maturity model. Furthermore, a case study including interviews were used to refine the requirements and to demonstrate and evaluate the SCMM. The SCMM includes maturity levels, generic goals and practices, specific goals, key processing areas and practices, tools, glossaries and smart contract examples. Inspired by the Capability Maturity model Model Integration for Development (CMMI-DEV), the maturity levels of the SCMM consisted of initial, foundation, managed, defined, quantitatively managed and optimising. The identified key processing areas were stakeholder capabilities, resources and tools, platform, contract implementation, standards, laws and terminology and security. Although there were several limitations, the SCMM contributed to the field of smart contracts by closing the gap of previous research and improving the adoption of smart contracts.