Detailed Investigation on Blockchain Smart Contracts Application and its Usefulness

Abstract

The blockchain and digital industry has emerged in the last decade as a result of the swift advancement of blockchain technology and virtual currencies, which has had an impact on the banking sector. However, owing to the advent of smart contracts, which seem to be the computer systems created to naturally enable, monitor, & execute the negotiations and agreements between several unreliable individuals, successful decentralised apps without engaging a reliable third party have arisen. Despite the good aspects of smart contracts, proliferation is still hindered by a number of obstacles, including risks, weaknesses, and statutory provisions. This article provides a thorough intellectual and applied examination of block chain-enabled smart contracts. Moreover, the study gives a classification of current blockchain -enabled smart contract solutions, and discusses the emergence of smart contract-based research by reviewing the existing research works. Based on the study's findings, a variety of challenges & open issues that must be investigated are highlighted. Notably, security and privacy challenges along with rising costs, scalability and lack of adoption are identified as the key challenges of blockchain smart contract application. Ultimately, the potential patterns are emphasized.