An Overview of Smart Contract: Architecture, Applications, and Future Trends

Abstract

With the rapid development of cryptocurrency and its underlying blockchain technologies, platforms such as Ethereum and Hyperledger began to support various types of smart contracts. Smart contracts are computer protocols intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts have broad range of applications, such as financial services, prediction markets and Internet of Things (IoT), etc. However, there are still many challenges such as security issues and privacy disclosure that await future research. In this paper, we present a comprehensive overview on blockchain powered smart contracts. First, we give a systematic introduction for smart contracts, including the basic framework, operating mechanisms, platforms and programming languages. Second, application scenarios and existing challenges are discussed. Finally, we describe the recent advances of smart contract and present its future development trends, e.g., parallel blockchain. This paper is aimed at providing helpful guidance and reference for future research efforts.