Smart Contracts in Blockchain Technology: A Critical Review
Abstract
:1. Introduction
- Research question 1 (RQ1): What is the present condition of the field of study?
- Research question 2 (RQ2): How significant are smart contracts in blockchain technology?
- Research question 3 (RQ3): What challenges do smart contracts in the blockchain often encounter?
- Research question 4 (RQ4): In what ways will smart contracts in the blockchain develop in the near future?
2. Background of the Study
2.1. Blockchain
2.2. Smart Contracts
3. Research Methodology
3.1. Planning the Review
- Examining the present condition of the field.
- Recognizing the significance of the review.
- Determining the challenges and future directions of the field.
- An overview of the investigation’s findings.
3.2. Research Strategy
3.3. Search Criteria
- Inclusion Criteria (IC).
- Research may be released anytime between 2012 and 2022.
- The scope of research is limited to the journal.
- “Blockchain”, “block-chain”, “smart contracts”, and “smart contracts” are the keywords.
- Exclusion Criteria (EC).
- Articles not written in English
- The exclusion of reviews, conferences, book chapters, theses, monographs, and interview-based works.
- Articles in the press are eliminated.
4. Results and Discussion
4.1. Selection Results
4.2. Smart Contracts’ Platforms
4.3. The Advantages of Smart Contracts
- Savings
- Security
- Confidence and openness
- Accuracy, efficiency, and rapidity
4.4. Applications
4.5. Challenges
- I.
- Processing
- II.
- Acceptance
- III.
- Immutability
- IV.
- Integrity
- V.
- Usability
- VI.
- Security
- VII.
- Legal issues
- VIII.
- Privacy
4.6. Potential Developments
- Data science smart contracts
- Artificial intelligence
- Game theory
5. Conclusions
Funding
Data Availability Statement
Conflicts of Interest
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Platform | Advantages | Disadvantages |
---|---|---|
Ethereum | Access to various resources Clear rules for developers Solidity’s own smart contract programming language Ethereum token standard Free setup | Many smart contracts are hackable due to poor-quality coding Costlier than other platforms Security problems with Ethereum code. Overloaded network |
Hyperledger Fabric | Enabling plug-in components Dependable performance Allowing multi-language contract coding. Membership with permission Free and open-source | No token system |
NEM | Outstanding performance Scalability Platform-independent programming language Simple to use | NEM employs non-blockchain coding, making it less decentralized. Less accessible tools Fewer developers than other platforms |
STELLAR | Excellent performance Simple platform Highly respected in the business Cheaper than Ethereum | Unsuitable for sophisticated smart contract development |
Waves | Suitable for crowd sales Token creation requires minimal basic knowledge | Non-versatile platform Still has a rather small user base |
Corda | Long-term privacy protection Support for regulatory and supervisory nodes A wide range of industrial compatibilities Possibility of realistic contractual enforcement Support for various consensus mechanisms | Only verified by trustworthy notaries There is no native cryptocurrency |
Goal | Approach | Results | Year | Cited by | Reference |
---|---|---|---|---|---|
Smart contract-based healthcare blockchain system for automated remote monitoring of patients | Using an Ethereum-based private blockchain to connect sensors to a smart device that calls smart contracts and records all occurrences on the blockchain. | Real-time patient care and secure record management | 2018 | 404 | [36] |
Smart contracts enabled by blockchain: architecture, applications, and future trends | Introducing blockchain-enabled smart contracts’ operation mechanism and popular platforms and proposing a smart contract research framework. | Many conventional sectors, such as IoT, management, finance, etc., are anticipated to be transformed by smart contracts. | 2019 | 375 | [37] |
Is the technology mature for blockchain and smart contracts in insurance? | Supporting players participating in the decision-making process about whether or not to use blockchain. | Insurance businesses can investigate it by gaining the necessary skills and establishing prototype solutions. | 2018 | 237 | [38] |
Reengineering the supply chain with blockchain technology: a case of a smart contract-based tracking system | A possible use case of business process disintermediation through a hypothetical, shared information ledger via the illustrated architecture of an integrated process. | The suggested blockchain-based approach to monitor and automate supply chain processes may be an excellent starting point for future studies on supply chain performance. | 2019 | 215 | [39] |
Blockchain-based dynamic modeling of the design and execution of smart contracts in the supply chain | Develo** and evaluating a novel model for smart contract design in the supply chain with different logistical service providers. | The modeling complex can build and regulate supply chain smart contracts. | 2020 | 213 | [40] |
Enhancing clinical trial data transparency via blockchain smart contracts | Smart contracts—code and data stored at a blockchain address and cryptographically authenticated by the network. | Blockchain smart contracts function as trustworthy administrators and give an immutable trial history, solving the data tampering issue. | 2016 | 152 | [35] |
Using smart contracts and blockchain to confront deepfake videos | Blockchain-based solution for digital video authenticity that provides safe and verified traceability to the original creator or source. | The solution is based on the idea that material may be genuine and authentic if it can be reliably linked to a reliable or trustworthy source. | 2019 | 131 | [41] |
Design and administration of a distributed hybrid energy system using smart contracts and blockchain technology | A peer-to-peer energy information exchange in the real-time market as a hierarchical framework for managing energy demand side + a case study based on Singapore. | With successful participant interactions, the power consumption of the overall energy system closely matches renewable resource production. | 2019 | 129 | [42] |
EdgeChain: a framework and prototype for edge-IoT based on smart contracts and blockchain | “EdgeChain”, an edge-IoT architecture built on the blockchain and smart contracts. | The findings indicate that incorporating blockchain and smart contracts into EdgeChain is affordable and secure. | 2019 | 128 | [34] |
A system for healthcare administration based on blockchain-based smart contracts | Blockchain technology is being used in multiple workflows in the healthcare industry to improve data management. | This effort would help healthcare stakeholders optimize costs and improve quality. | 2020 | 125 | [33] |
Articles | Healthcare | Potential Study | Supply Chain | Transparency, Authenticity, Privacy, and Security | Energy | Rights and Data Sharing | Construction Payment | Cited by |
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[81] | ✓ | 23 |
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Taherdoost, H. Smart Contracts in Blockchain Technology: A Critical Review. Information 2023, 14, 117. https://doi.org/10.3390/info14020117
Taherdoost H. Smart Contracts in Blockchain Technology: A Critical Review. Information. 2023; 14(2):117. https://doi.org/10.3390/info14020117
Chicago/Turabian StyleTaherdoost, Hamed. 2023. "Smart Contracts in Blockchain Technology: A Critical Review" Information 14, no. 2: 117. https://doi.org/10.3390/info14020117