Smart contract: Revolutionizing transactions in the digital age
DOI:
https://doi.org/10.56764/hpu2.jos.2024.3.1.30-38- Keywords:
- mathematics
- economic
- blockchain
- smart contracts
- transaction
Abstract
Blockchain technology is a revolutionary concept that has transformed various industries, offering decentralized and secure solutions for data management. At its core, a blockchain is a distributed and immutable ledger that records transactions across a network of computers. One of the key features of blockchain is its transparency, as each participant in the network has access to the same information. The application of blockchain technology extends across diverse sectors, with finance being the most promising and well-known application domain. Cryptocurrencies, like Bitcoin and Ethereum, rely on blockchain to facilitate secure and transparent transactions. The decentralized nature of blockchain eliminates the need for intermediaries, reducing transaction costs and increasing efficiency. Beyond finance, blockchain is making significant strides in supply chain management. The emergence of blockchain technology has paved the way for a transformative innovation in the realm of digital transactions: smart contracts. These self-executing contracts encoded in blockchain have garnered significant attention for their potential to revolutionize the way agreements are made, executed, and enforced. This paper explores the concept of smart contracts, delving into the underlying technology, finding applications across various industries, legal implications, and future prospects.
References
[1] S. T. Alvi, M. N. Uddin, L. Islam, and S. Ahamed, “A blockchain based cost effective digital voting system using side chain and smart contracts,” in 2020 11th International conference on electrical and computer engineering (ICECE), Dhaka, Bangladesh, 2020, pp. 467-470, doi: 10.1109/ICECE51571.2020.9393081.
[2] R. Kesavamoorthy, A. Guptha, A. Gupta, A. Gahlot, and A. Pandey, “A state of art review on blockchain technology,” in International conference on intelligent emerging methods of artificial intelligence & cloud computing. IEMAICLOUD 2021. Smart Innovation, Systems and Technologies, vol. 273, Springer, Cham, 2022, pp. 451–457 doi: 10.1007/978-3-030-92905-3_55.
[3] D. Marginson, M. King, and L. Mcaulay, “Executives’ use of information technology: comparison of electronic mail and an accounting information system,” J. Inf. Technol., vol. 15, no. 2, pp. 149–164, Jun. 2000, doi:10.1080/026839600344339.
[4] K. Saini, A. Roy, P. R. Chelliah, and T. Patel, “Blockchain 2.O: A smart contract,” in 2021 International conference on computational performance evaluation (ComPE), Shillong, India, 2021, pp. 524-528, doi: 10.1109/ComPE53109.2021.9752021.
[5] A. T. Pãnescu, and V. Manta, “Smart contracts for research data rights management over the ethereum blockchain network,” Sci. Technol. Libr., vol. 37, no. 3, pp. 235–245, Jul. 2018, doi: 10.1080/0194262x.2018.1474838.
[6] M. di Angelo and G. Salzer, “A survey of tools for analyzing ethereum smart contracts,” in 2019 IEEE international conference on decentralized applications and infrastructures (DAPPCON), Newark, CA, USA, 2019, pp. 69-78, doi: 10.1109/DAPPCON.2019.00018.
[7] S. T. Alvi, M. N. Uddin, L. Islam and S. Ahamed, "Classification of blockchain based voting: challenges and solutions," in 2020 IEEE Asia-Pacific conference on computer science and data engineering (CSDE), Gold Coast, Australia, 2020, pp. 1-6, doi: 10.1109/CSDE50874.2020.9411598.
[8] Angela Walch, “Blockchain applications to international affairs: reasons for skepticism,” Georg. J. Int. Aff., vol. 19, no.1, pp. 27–35, Jan. 2018, doi: 10.1353/gia.2018.0004.
[9] I. Makarov and A. Schoar, “Cryptocurrencies and decentralized finance (DeFi),” Brookings Pap. Econ. Act., vol. 2022, no. 1, pp. 141–215, Mar. 2022, doi: 10.1353/eca.2022.0014.
[10] M. A. Khan, and K. Salah, “IoT security: Review blockchain solutions and open challenges,” Futur. Gener. Comput. Syst., vol. 82, pp. 395–411, May 2018, doi: 10.1016/j.future.2017.11.022.
[11] R. R. Konapure, and S. D. Nawale, “Smart contract system architecture for pharma supply chain,” in International conference on IoT and blockchain technology (ICIBT), Ranchi, India, 2022, pp. 1-5, doi: 10.1109/ICIBT52874.2022.9807744.
[12] Z. Liu et al., “Make web3.0 connected,” IEEE Trans. Dependable Secur. Comput.(TDSC), vol. 19, no. 5, pp. 2965–2981, Sep. 2022, doi: 10.1109/TDSC.2021.3079315.
[13] S. Amani, M. Bégel, M. Bortin, and M. Staples, “Towards verifying ethereum smart contract bytecode in Isabelle/HOL,” in Proceedings of the 7th ACM SIGPLAN international conference on certified programs and Proofs, Jan. 2018, doi: 10.1145/3167084.
[14] Y. Yuan, and F. Y. Wang, “Blockchain and cryptocurrencies: Model, techniques, and applications,” in IEEE transactions on systems, man, and cybernetics: Systems(TSMC), vol. 48, no. 9, pp. 1421-1428, Sep. 2018,, doi: 10.1109/TSMC.2018.2854904.
[15] S. A. Rehman Khan, and Z. Yu, Strategic supply chain management. Springer International Publishing, 2019. doi: 10.1007/978-3-030-15058-7.
[16] S. Panja, S. Bag, F. Hao, and B. Roy, “A smart contract system for decentralized borda count voting,” in IEEE transactions on engineering management(TEM), vol. 67, no. 4, pp. 1323-1339, Nov. 2020, doi: 10.1109/tem.2020.2986371.
[17] Z. Wu, S. Pan, F. Chen, G. Long, C. Zhang, and P. S. Yu, “A comprehensive survey on graph neural networks,” in IEEE transactions on neural networks and learning systems (TNNLS), vol. 32, no. 1, pp. 4–24, Jan. 2020, doi: 10.1109/TNNLS.2020.2978386.
[18] D. Macrinici, C. Cartofeanu, and S. Gao, “Smart contract applications within blockchain technology: A systematic mapping study,” Telemat. Informatics., vol. 35, no. 8, pp. 2337–2354, Dec. 2018, doi: 10.1016/j.tele.2018.10.004.
[19] S. Wang, L. Ouyang, Y. Yuan, X. Ni, X. Han, and F.-Y. Wang, “Blockchain-enabled smart contracts: architecture applications and future trends,” in IEEE transactions on systems, man, and cybernetics: Systems(TSMC), vol. 49, no. 11, pp. 2266-2277, Nov. 2019, doi: 10.1109/TSMC.2019.2895123.
[20] R. Ioanna, D. Chaido, and S. Emmanouil, “The bitcoin's network effects paradox-a time series analysis ioanna roussou chaido dritsaki,” Theor. Econ. Lett., vol. 9, no. 6, August 2019, doi:10.4236/tel.2019.96126.
Downloads
Published
How to Cite
Volume and Issue
Section
Copyright and License
Copyright (c) 2024 Thi-Nhung Nguyen
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
