Blockchain Smart Contracts: Applications, Challenges, and Solutions

Abstract

Blockchain technology has shown its importance in the fields of crypto-currency, medical record preservation, logistics supply chain industry, IoT (Internet of Things) and many more. In recent years, the growing development of blockchain technology and crypto-currencies has revolutionized the financial industry by creating a new crypto economy. The art of maintaining information in a decentralized, transparent and immutable manner makes blockchain one of the foremost means of handling information in various application areas. Even though there are various benefits to smart contracts, several issues continue to undermine their adoption, such as security threats, vulnerabilities, and legal issues. Various types have been discussed in this study. We have tried to showcase blockchain- enabled smart contracts from both technical and usage points of view within this research work. Therefore, we present a detailed bifurcation of existing blockchain-enabled smart contract solutions, categorize the included research papers, and discuss the existing smart contractbased use cases. And finally, we identify future trends.