Smart contract
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Smart Contracts: Challenges, Advances, and Applications
Introduction to Smart Contracts and Blockchain Technology
Smart contracts are self-executing contracts with the terms of the agreement directly written into code. These contracts are embedded in blockchain technology, which ensures that the contractual terms are enforced automatically without the need for a trusted third party. This automation can significantly reduce administrative costs, improve business process efficiency, and minimize risks1.
Development Challenges in Smart Contracts
Despite their potential, developing smart contracts presents several challenges. Developers face difficulties in ensuring the security of smart contract code, as existing tools are still basic and the programming languages and virtual machines have limitations. Performance issues are also prevalent due to resource constraints, and there is a lack of comprehensive online resources and community support2. Additionally, the immutable nature of blockchain means that once a smart contract is deployed, it cannot be modified, making it crucial to implement strong security measures beforehand9.
Security Vulnerabilities and Formalization Techniques
Smart contracts are susceptible to various security threats and vulnerabilities. Formal methods such as theorem proving, symbolic execution, and model checking have been advocated to mitigate these vulnerabilities. These techniques are used to verify the functional correctness and security properties of smart contracts. However, there is still a need for further research in formal testing, automated verification, and the development of domain-specific languages for platforms like Ethereum4.
Analysis Tools for Ethereum Smart Contracts
To address security vulnerabilities, numerous analysis tools have been developed for Ethereum smart contracts. These tools are categorized into static and dynamic analysis tools and employ techniques such as taint analysis, symbolic execution, and fuzzing. Despite the availability of these tools, challenges remain in ensuring the complete security of smart contracts before deployment5.
Legal and Practical Enforceability
The legal enforceability of smart contracts is another significant concern. While smart contracts offer increased commercial efficiency and lower transaction costs, they may face difficulties adapting to existing legal frameworks across different jurisdictions. This poses challenges for their practical implementation in both civil and common law systems6.
Applications and Future Directions
Smart contracts have found applications in various fields, including financial services, healthcare, energy resources, and voting. However, their infancy means that they still pose challenges for users, developers, and organizations. Research trends indicate a focus on security, privacy, scalability, and programmability issues. Future research should aim to address these challenges and explore new applications and improvements in smart contract technology3.
Conclusion
Smart contracts represent a transformative technology with the potential to revolutionize various industries by automating and securing transactions. However, significant challenges remain in their development, security, and legal enforceability. Continued research and development are essential to overcome these obstacles and fully realize the benefits of smart contracts in the digital economy.
Sources and full results
Most relevant research papers on this topic
An Overview on Smart Contracts: Challenges, Advances and Platforms
Smart contracts can reduce costs, improve efficiency, and reduce risks in business processes, but face challenges and require further technical advances.
Highly CitedSmart Contract Development: Challenges and Opportunities
Smart contract development faces challenges such as security, limited tools, programming languages, and performance issues, highlighting the need for improved resources and support.
Highly CitedSmart contract applications within blockchain technology: A systematic mapping study
Blockchain-based smart contracts face challenges in security, privacy, scalability, and programmability, with a growing focus on addressing these issues in research.
Systematic ReviewHighly CitedBlockchain smart contracts formalization: Approaches and challenges to address vulnerabilities
Theorem proving is the most common formalization technique for blockchain smart contracts, with 12 languages and 15 automated tools used to mitigate vulnerabilities.
Systematic ReviewHighly CitedEthereum Smart Contract Analysis Tools: A Systematic Review
This paper reviews 86 Ethereum smart contract analysis tools, categorizes them into static and dynamic categories, and highlights challenges and future recommendations in the field.
Systematic ReviewIs a 'smart contract' really a smart idea? Insights from a legal perspective
Smart contracts offer potential benefits, but may face challenges in adapting to existing legal frameworks and ensuring their enforceability across jurisdictions.
Highly CitedSmart Contract Repair
Our SCRepair tool is an open-source, gas-aware, search-based approach for detecting and repairing bugs in smart contracts, ensuring secure transactions without relying on third parties.
Smart Contracts on the Blockchain – A Bibliometric Analysis and Review
This paper identifies six main strands of research on smart contracts, providing a structured overview for future smart contract research and identifying potentials and challenges for future work.
Literature ReviewHighly CitedSmart Contract: Attacks and Protections
Smart contracts are vulnerable to attacks and vulnerabilities, despite widespread use of detection tools, highlighting the need for improved security measures.
Highly CitedStandardizing Smart Contracts
This study clarifies common misconceptions and provides guidelines for proper management of smart contracts, aiding future standards on smart contracts.
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