Role of Smart Contracts in Blockchain
Tanupriya Choudhury, Abhirup Khanna, Prasenjit Chatterjee, Jung‐Sup Um, Abhishek Bhattacharya · 2023
Smart contracts and Blockchain enhance transparency and trust among players, while reducing infrastructure, transaction and administrative expenses. This chapter covers the introduction to Blockchain technology along with its characteristics and types. Decentralization, persistence, anonymity and auditability are important properties of Blockchain technology. The chapter provides detailed information about smart contracts, their working, platforms, programming languages and application areas. Smart contracts reduce the danger of deliberate and unintentional exceptions, as well as the need for trusted intermediates. Smart contracts and Blockchain enhance transparency and trust among players, while reducing infrastructure, transaction and administrative expenses. The chapter also covers the applications of Blockchain technology in different domains. Smart contracts possess the ability to remove various inconsistencies in the current setup and may be used on a regular basis in medical insurance. The chapter concludes with the challenges in implementing smart contracts.