Future Contracts: Smart Contracts

Abstract

Contract management has always been a classic task for companies; the management of vendors to the remittance handling goes in a cycle, requiring constant monitoring and risk assessment. The vendor-related frauds account for a huge amount of money. It is expected that the fraud detection and prevention market is expected to reach 63.5 billion USD worldwide by 2023, with a CAGR of 26.6%. Hence, companies are looking for a unified solution that can track the phases in a traditional contract lifecycle so the escrow charges can be reduced and centralized monitoring is possible. This paper has presented how a traditional contract life cycle happens, a comparison between traditional contract and smart contract, how a smart contract functions, and its underlying technology. High-level documents like architecture diagrams should be designed in this phase. An architecture diagram depicts business logic in a pictorial format; it also helps developers to follow the correct path during the development. We have also presented the current business challenges in implementing smart contracts and the future scope and further applications.

Imprint

Sistla Kashyap, Pankaj Pathak. Future Contracts: Smart Contracts. Cardiometry; Issue 24; November 2022; p.729-736; DOI: 10.18137/cardiometry.2022.24.729736; Available from: https://www.cardiometry.net/issues/no24-november-2022/future-contracts-smart