Smart Contracts in Blockchain Technology: A Critical Review

Abstract

By utilizing smart contracts, which are essentially scripts that are anchored in a decentralized manner on blockchains or other similar infrastructures, it is possible to make the execution of predetermined procedures visible to the outside world. The programmability of previously unrealized assets, such as money, and the automation of previously manual business logic are both made possible by smart contracts. This revelation inspired us to analyze smart contracts in blockchain technologies written in English between 2012 and 2022. The scope of research is limited to the journal. Reviews, conferences, book chapters, theses, monographs, and interview-based works, and also articles in the press, are eliminated. This review comprises 252 articles over the last ten years with “Blockchain”, “block-chain”, “smart contracts”, and “smart contracts” as keywords. This paper discusses smart contracts’ present status and significance in blockchain technology. The gaps and challenges in the relevant literature have also been discussed, particularly emphasizing the limitations. Based on these findings, several research problems and prospective research routes for future study that will likely be valuable to academics and professionals are identified.