Review

THE EVOLUTION OF SMART CONTRACT PLATFORMS: A LOOK AT CURRENT TRENDS AND FUTURE DIRECTIONS

Volume: 9 Number: 2 December 31, 2023
EN TR

THE EVOLUTION OF SMART CONTRACT PLATFORMS: A LOOK AT CURRENT TRENDS AND FUTURE DIRECTIONS

Abstract

Blockchain-based smart contracts are self-running computer programs that can automate a variety of commercial activities. Currently, the majority of these decentralized applications are developed using smart contract platforms like Polkadot, Cardano, and Ethereum. In addition to analyzing current technology developments and prospective future applications, this article provides a historical review of smart contract platforms. The study emphasizes the significance of smart contract platforms for supporting blockchain-based applications and enabling decentralized finance (DeFi). It also looks at the emergence of layer-2 scaling solutions, the introduction of non-fungible tokens (NFTs), and the growing need of interoperability among different smart contract platforms. The article also looks at the potential for multi-chain smart contracts, the effects of quantum computing, the integration of AI and ML technologies with smart contract platforms, and the potential for smart contract platforms to support decentralized autonomous organizations (DAOs). The difficulties of expanding smart contract platforms, the requirement for uniformity in the creation of smart contracts, and the potential for smart contract platforms to revolutionize sectors like healthcare, real estate, and supply chain management are also covered. The paper emphasizes the significance of ongoing innovation and development in smart contract platforms for the expansion of the blockchain ecosystem as it draws to a close.

Keywords

References

  1. Szabo, N., Smart contracts: Building blocks for digital markets. Extropy, 1996.
  2. Nakamoto, S., Bitcoin: A peer-to-peer electronic cash system, 2008.
  3. Swan, M., Blockchain: Blueprint for a New Economy. O'Reilly Media, Inc, 2015.
  4. Jensen, J. R., von Wachter, V., and Ross, O., “An introduction to decentralized finance (defi)”, Complex Systems Informatics and Modeling Quarterly, (26), 46-54, 2021.
  5. Hill, B., Chopra, S., Valencourt, P., and Prusty, N., Blockchain Developer's Guide: Develop smart applications with Blockchain technologies-Ethereum, JavaScript, Hyperledger Fabric, and Corda. Packt Publishing Ltd, 2018.
  6. Zheng, Z., Xie, S., Dai, H. N., Chen, W., Chen, X., Weng, J., and Imran, M., “An overview on smart contracts: Challenges, advances and platforms”, Future Generation Computer Systems, 105, 475-491, 2020.
  7. Lee, S. M., Park, S., and Park, Y. B., “Formal specification technique in smart contract verification”, In 2019 International Conference on Platform Technology and Service (PlatCon), pp. 1-4. IEEE, 2019.
  8. Staifi, N., and Belguidoum, M., “Adapted smart home services based on smart contracts and service level agreements”, Concurrency and Computation: Practice and Experience, 33(23), e6208, 2021.

Details

Primary Language

English

Subjects

Engineering

Journal Section

Review

Early Pub Date

December 21, 2023

Publication Date

December 31, 2023

Submission Date

April 11, 2023

Acceptance Date

August 14, 2023

Published in Issue

Year 2023 Volume: 9 Number: 2

APA
Timuçin, T., & Biroğul, S. (2023). THE EVOLUTION OF SMART CONTRACT PLATFORMS: A LOOK AT CURRENT TRENDS AND FUTURE DIRECTIONS. Mugla Journal of Science and Technology, 9(2), 46-55. https://doi.org/10.22531/muglajsci.1280985
AMA
1.Timuçin T, Biroğul S. THE EVOLUTION OF SMART CONTRACT PLATFORMS: A LOOK AT CURRENT TRENDS AND FUTURE DIRECTIONS. Mugla Journal of Science and Technology. 2023;9(2):46-55. doi:10.22531/muglajsci.1280985
Chicago
Timuçin, Tunahan, and Serdar Biroğul. 2023. “THE EVOLUTION OF SMART CONTRACT PLATFORMS: A LOOK AT CURRENT TRENDS AND FUTURE DIRECTIONS”. Mugla Journal of Science and Technology 9 (2): 46-55. https://doi.org/10.22531/muglajsci.1280985.
EndNote
Timuçin T, Biroğul S (December 1, 2023) THE EVOLUTION OF SMART CONTRACT PLATFORMS: A LOOK AT CURRENT TRENDS AND FUTURE DIRECTIONS. Mugla Journal of Science and Technology 9 2 46–55.
IEEE
[1]T. Timuçin and S. Biroğul, “THE EVOLUTION OF SMART CONTRACT PLATFORMS: A LOOK AT CURRENT TRENDS AND FUTURE DIRECTIONS”, Mugla Journal of Science and Technology, vol. 9, no. 2, pp. 46–55, Dec. 2023, doi: 10.22531/muglajsci.1280985.
ISNAD
Timuçin, Tunahan - Biroğul, Serdar. “THE EVOLUTION OF SMART CONTRACT PLATFORMS: A LOOK AT CURRENT TRENDS AND FUTURE DIRECTIONS”. Mugla Journal of Science and Technology 9/2 (December 1, 2023): 46-55. https://doi.org/10.22531/muglajsci.1280985.
JAMA
1.Timuçin T, Biroğul S. THE EVOLUTION OF SMART CONTRACT PLATFORMS: A LOOK AT CURRENT TRENDS AND FUTURE DIRECTIONS. Mugla Journal of Science and Technology. 2023;9:46–55.
MLA
Timuçin, Tunahan, and Serdar Biroğul. “THE EVOLUTION OF SMART CONTRACT PLATFORMS: A LOOK AT CURRENT TRENDS AND FUTURE DIRECTIONS”. Mugla Journal of Science and Technology, vol. 9, no. 2, Dec. 2023, pp. 46-55, doi:10.22531/muglajsci.1280985.
Vancouver
1.Tunahan Timuçin, Serdar Biroğul. THE EVOLUTION OF SMART CONTRACT PLATFORMS: A LOOK AT CURRENT TRENDS AND FUTURE DIRECTIONS. Mugla Journal of Science and Technology. 2023 Dec. 1;9(2):46-55. doi:10.22531/muglajsci.1280985

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