The State of the Art for Blockchain-Enabled Smart-Contract Applications in the Organization

Abstract

The application and use of smart contracts in organizations require a holistic overview. This overview helps to understand the current adoption of this technology and also deduces factors that are inhibiting its use in the modern organization. This study provides a systematic review of previous studies comprising of frameworks, methods, working prototypes and simulations that demonstrate the application of smart contracts in organizations. Understanding the current state and usage of smart-contract technology in an organization is a focal point of this paper. Much progress occurs in developing technologies that support smart contracts, while little understanding exists pertaining to their usage in organizations. In this study, we identify properties of smart-contract applications in different domains of modern organizations. We further analyze and categorize challenges and problems mitigating the adoption of smart-contract applications.