@Hamad
First It was not Introduced by the Prophet pbuh it is Quranic Law. So repealing it is not what we can do.
What we can do is to understand it properly before implementing it.
No one can use it by its own, Second party should have agreement on that.
if relative of the victim did not agree upon the blood money than no one can force them.
and if it is being done by force than it should not be termed Islamic.
Quran 2 (178. O you who believe! Al-Qisas (the Law of equality) is prescribed for you in case of murder: the free for the free, the slave for the slave, and the female for the female. But if the killer is forgiven by the brother (or the relatives) of the killed (against blood money), then it should be sought in a good manner, and paid to him respectfully. This is an alleviation and a mercy from your Lord. So after this, whoever transgresses the limits (i.e. kills the killer after taking the blood money), he shall have a painful torment.) (179. And there is (a saving of) life for you in Al-Qisas (the Law of equality in punishment), O men of understanding, that you may acquire Taqwa.)
Sahi Bukhari.
Narrated Ibn 'Abbas: For the children of Israel the punishment for crime was Al-Qisas only (i.e., the law of equality in punishment) and the payment of blood money was not permitted as an alternate. But Allah said to this nation (Muslims): 'O you who believe! Qisas is prescribed for you in case of murder, .....(up to) ...end of the Verse. (2.178) Ibn 'Abbas added: Remission (forgiveness) in this Verse, means to accept the blood-money in an intentional murder. Ibn 'Abbas added: The Verse: 'Then the relatives should demand blood-money in a reasonable manner.' (2.178) means that the demand should be reasonable and it is to be compensated with handsome gratitude. (Book #83, Hadith #20)