Research on Blockchain and Smart Contracts
Context and Background
In both professional and personal aspects of human life, contracts are essential and considered vital for the smooth functioning of modern society. The nascent Blockchain technology field has introduced the concept of smart contracts to the world. These smart contracts have helped improve contracts role, functioning, and general organization in a revolutionary way hitherto unseen. Smart contracts are executable code foundations on the blockchain, which can facilitate and enforce agreements between two or more parties without using a trusted party [1]. This contrasts with traditional contracts where a trusted third party, usually a lawyer or judge, performs the facilitation and enforcement.
Although significant progress has been made on smart contracts, challenges and concerns inevitably arise. These have included privacy, legal, performance, and even security challenges [2]. While these are tied to the broader array of issues blockchain technology faces, it is crucial to understand them in the narrowed view of smart contracts, given the importance that contracts play in human interactions [6]. Consequently, a study of the blockchain, its link to smart contracts, and their accompanying challenges and overall concerns must be understood, as this research intends to achieve.
Problem Statement and Potential Benefits
Contracts have been known to raise...
It then follows that smart contracts should not be an exception. While smart contracts can perform the same role as a regular contract, software code, up to now, is not considered formal law in virtually all jurisdictions as the latter is [3]. This ambiguity of where smart contracts fall in a legal context is one of the main concerns hindering widespread adoption of its use. This research will attempt to find a clear distinction between smart contracts in a legal context.
Another challenge faced by...
…reduced. Secondly, due to the inherent nature of the two, extensive testing of hypotheses may be challenging due to non-existent precedent. Lastly, verification of existing smart contract security procedures may prove difficult. Such information is closely guarded for fear of malicious actors taking advantage.
Some of the possible approaches to these hurdles include:
Extensive use of verifiable and highly credible sources to cater to the scarcity of reference material. Consulting experts on procedures and their experience may eliminate the challenge of a few existing links between smart contracts, blockchain technology, and security issues.
Desirable Outcomes and Deliverables
The research will be considered to have met the objectives if the following outcomes and deliverables are achieved:
Clear legal boundaries, definitions, and understanding are established, dealing with smart contracts in the context of existing law and establishing a framework for developing and executing smart contracts.
All security concerns involving smart contracts laid down and potential solutions…
