Blockchain-Based Smart Contracts

Abstract

Blockchains are decentralized, distributed, and immutable ledgers that can execute contracts on the blockchain, called smart contracts. Blockchain-based smart contracts have different challenges, opportunities, and applications in various fields like cryptocurrency systems, real estate, agriculture, logistics, and fire industry. The codes that can be executed and which operate on top of a blockchain to facilitate, implement, and enforce agreements between numerous parties in the absence of a trusted third party are called smart contracts. This chapter uses a taxonomy to classify different processes, such as comparing and contrasting the strengths and weaknesses of various methods and identifying research gaps and unanswered questions. The chapter also outlines some promising research guidelines for blockchain-based smart contracts and discusses the benefits and challenges. Researchers and practitioners in the field of blockchain-based smart contracts may find this chapter useful because it offers an overview of current and emerging developments in the field.