Smart Contracts: Violations, Applications and Comparisons

Abstract

Blockchain is a rising technology and can revolutionize businesses, governments, organizations, and individuals. It helps to facilitate the transfer of money, products, and sensitive information throughout the world by providing a simple, safe means to create a trust for nearly any type of transaction. In this paper, we first introduce blockchain, its benefits, current developments and trends. Then we move on to Smart Contracts, discuss its working and lifecycle. Smart contract enforces behavior between parties that can be violated. This paper also describes ways of dealing and recovering from these errors. Finally, we provide an overview of different applications of smart contracts and a comparison between smart contract development platforms.