10 papers analyzed
These studies suggest that while smart contracts can reduce costs, improve efficiency, and reduce risks, they face significant challenges in security, legal enforceability, and technical development.
Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They operate on blockchain technology, enabling automated, secure, and transparent transactions without the need for intermediaries. Despite their potential to revolutionize various industries, smart contracts face several challenges and limitations.
Security Concerns and Vulnerabilities
Development Challenges
Legal and Practical Issues
Standardization and Verification
Potential and Applications
Smart contracts hold significant promise for automating and securing transactions across various industries. However, they face critical challenges related to security, development, legal enforceability, and flexibility. Addressing these issues through improved security measures, standardization, and formal verification techniques is essential for realizing the full potential of smart contracts.
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