A Comparative Study of Smart Contracts-Based Blockchain

Abstract

Smart contracts are altering traditional industries and business processes. Smart contracts, which are entrenched in blockchains, allow the contractual requirements of a contract to be enforced automatically without the participation of a trustworthy third party. As a significance, smart contracts can minimise administration and service costs, improve business process efficiency, and reduce risks. Although smart contracts have the potential to spark a new innovation wave in corporate operations, they face a number of complications. This chapter offers an overview of smart contracts. This chapter provides an overview of smart contracts. The authors initiate by discussing blockchains as well as smart contracts. The problems of smart contracts are then discussed, in addition to contemporary technological breakthroughs. In addition, the authors assess common smart contract platforms also to provide a classification of smart contract applications, together with some exemplary instances.