Comprehensive Survey on Security and Reliability of Smart Contracts: Vulnerabilities, Verification Techniques, and Future Directions

Abstract

The paper highlights the critical need to ensure the reliability of smart contracts and also security of smart contracts, which are agreements execute on their own and have terms that are directly encoded in the code. Smart contracts have transformed a number of industries by offering automated and secure transaction solutions. However, this innovation brings its own set of challenges, including security vulnerabilities and execution errors leading to serious economic and functional consequences. This survey aims to comprehensively address these issues by examining recent research on smart contract security and correctness verification. To lower the risks associated with smart contracts, the framework incorporates efficient techniques and technologies.The survey categorizes and analyzes key vulnerabilities, evaluates existing verification techniques, and proposes best practices for secure smart contract development. Additionally, it identifies research gaps and future directions to enhance the security of smart contracts. By guiding researchers and practitioners toward building more secure and reliable smart contract systems, this effort not only fortifies the backbone of blockchain technology but also encourages the scalability and resilience of decentralized systems in the fast-paced digital age of today with its wide range of use cases