Smart Contract Security Vulnerabilities

Abstract

A smart contract is a concept of computer protocols that helps to facilitate blockchain technology. This blockchain-based smart contract is a public ledger of all participating transactions. It is considered a self-executable application and contains predetermined rules. It also operates by decentralizing networks that are shared between all parties, and this execution of contracts between parties could be securely done without a middleman or a third party. With blockchain technology, developers could provide an efficient framework and ensure security issues. While the new blockchain has successfully been developed to prevent the problems of fraud and hacking, there is still a considerable risk concerning security and confidentiality. Therefore, we should not underestimate this matter. This study aims to review the potential risks that may take place on blockchain-based smart contracts. In addition, the options that may assist application developers in order to provide viable guidance, and to avoiding these security vulnerabilities.