Ensuring Trust in Blockchain Enabled Business Processes using Smart Contract Audits

Abstract

In a business network, blockchain is an agreed on, unchangeable ledger that makes it easier to monitor resources and keep track of events. From the trading of digital currencies like Bitcoin and Ethereum to a variety of uses in the private as well as public sectors, Blockchain technology has advanced. In a distributed setting, it facilitates confidence between untrusted organizations without requiring regulatory intervention. Blockchain provides a number of benefits, such as a shared register of records, which enhance company values. One of the most crucial components of blockchain application that enable safe operations without the involvement of outside parties is the smart contract. Over the past few decades, the usage of smart contracts has increased dramatically. The emergence of additional technologies, such as the distributed ledger, decentralized autonomous organizations, distributed finance, Internet of Things and AI is linked to this technology. The use of sophisticated smart contracts is applicable in every aspect of our everyday lives, from the logistics sector, the arts, economics and the Internet of Things. Smart contract is enforceable and self-executing computer program designed to carry out provisions of an agreement independently without involvement of third party. Since blockchain technology has developed rapidly, smart contracts have also exposed to number of security vulnerabilities, and some attacks resulting from these defects have caused significant losses. Any mistake in development of smart contracts might result in significant financial loss. The smart contracts are also susceptible to theft from even a little code mistake. Because of this, businesses recognize the need of smart contract security audits to reduce the risk of frauds and to boost transparency and security. Smart contracts audit is essential to build trust between parties involved in blockchain enabled business processes. This article present an in depth overview of smart contract, blockchain systems, smart contract vulnerabilities and smart contract audit process