AN OVERVIEW OF SMART CONTRACT

Abstract:

Criminal intelligence

A smart contract is a computerized transaction protocol that executes the terms of an agreement. The general objectives are to satisfy common contractual conditions, minimize exceptions both malicious and accidental, and minimize the need for trusted intermediaries. From literature, there is a gap in the understanding of smart contract system in how it operates, potential application area, as well as advantages and disadvantages. This research seeks to provide a general overview on Smart contract, outlining key areas for consideration when considering various application areas. To achieve the objective of this research; firstly, various components and working principle of smart contract was explained. Secondly, identify and analyze the various programming languages of smart contract along with the advantage and disadvantages, and use case of smart contract. Lastly, the paper concludes with a literature review of various implementation of smart contract and the future real-life scenario

Keywords: Smart Contract, Blockchain, Decentra-lized Network, Ethereum