Smart Contract: Tools and Challenges

Abstract

Blockchain is one of the biggest breakthroughs of the 21st century; it has the power to revolutionize how the financial world works by shifting the power from the hands of a central authority to the commoners. Not only financial sectors blockchain has the power to impact the supply chain, voting, medical treatments, education, and other industries as well. It is a currently developing technology in the world of information technology. Blockchain is a distributed database system run by several nodes that are decentralized, traceable, tamper proof, and trustworthy. In this paper, we review different types of vulnerabilities and potential threats to smart contracts and discuss the tools and methods to avoid the same.