Smart Contracts: The Self-Executing Contracts

Abstract

The emergence of “smart contracts” has been aided by rapid advancements in the expanding field of blockchain technology. A smart contract works similarly to a regular agreement but without the need for a third party to be involved. To rectify or upgrade the smart contract is not an easy task for security updates once it has been put on the blockchain, so developers should include robust security techniques before distribution to mitigate any later manipulation. Smart contracts that incorporate blockchain methodology can work in real-time at fewer expenses and with a higher level of security. The first section of the chapter presents the basic introduction and operating principles of smart contracts. The following section elaborates on the various security issues. The third section provides smart contract use cases; finally, the study discusses the challenges of smart contracts in a real-life scenario.