Recent Advances in Smart Contracts: A Technical Overview and State of the Art

Abstract

Smart contracts, as an added functionality to blockchain, have received increased attention recently. They are executable programs whose instance and state are stored in blockchain. Hence, smart contracts and blockchain enable a trustable, trackable, and irreversible protocol without the need for trusted third parties which generally constitute a single point of failure. If a user creates and distributes a smart contract, others will be able to interact with it while the underlying blockchain ensures a trustable execution. In this paper, we aim to introduce state-of-the-art technologies of the smart contract protocol. We firstly introduce the history of blockchain and smart contracts followed by their step-by-step operations. Then, we introduce the survey results which are classified into four categories based on their purposes: cryptography, access management, social application, and smart contract structure. By presenting the most recent knowledge, this paper will contribute to the advances and proliferation of smart contracts.

Keywords

• Bitcoin
• blockchain
• smart contract
• smart contract applications
• smart contract operations
• recent advances in smart contract