A Review on Recent Progress of Smart Contract in Blockchain

Abstract

A smart contract, in form, is represented as a piece of computer program code involving related commercial transactions and algorithms. Essentially, this is the computerization of the pre-agreed contract between the participants. This special contract agreement is automatically verified and executed once preset conditions are triggered. Smart contracts are not only used in the field of financial transactions, but also include many aspects of social life. Although smart contract technology has unique advantages, it is still in the early stages of development, and many problems remain to be solved. First, this article briefly summarizes the development process of blockchain, and then focuses on the research progress of blockchain 2.0-smart contracts. Second, the related concepts of smart contracts are presented, and the working mechanism of smart contracts and the difficulties faced by smart contracts are elaborated. Finally, in response to these problems and dilemmas, the corresponding solutions and ideas are summarized, and the future challenges and development trends of smart contracts are analyzed and judged.

Keywords

• Blockchain
• smart contract
• transaction automation
• non tamperability