Revolutionizing Industry and Business Processes With Smart Contracts in Blockchain

Abstract

The evolution of blockchain technology, notably exemplified by Bitcoin, heralded a new era where smart contracts have taken center stage. Smart contracts are ingenious self-executing contracts that empower automatic enforcement of contractual terms, eliminating the need for intermediaries or trusted third parties. Consequently, smart contracts offer multifaceted benefits, including streamlined administrative procedures, cost savings, enhanced operational efficiency, and risk reduction. This chapter aims to provide the pivotal technical aspects of smart contracts and their significance within the blockchain technology landscape. The authors begin by elucidating fundamental concepts, structural intricacies, and the working principles of smart contracts. Subsequently, they delve into the technological platforms that support smart contracts. They then provide an overview of the application landscape, with a focus on Ethereum and hyperledger fabric platforms. Finally, they address the challenges associated with smart contract technology and offer insights into potential opportunities.