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A Technical Review of Smart Contract Architecture and Execution

Authors:

Rajesh Tanti

Computer Science and Engineering

OP Jindal University, Raigarh

Abstract : A smart contract is a self-executing program designed to automatically enforce the terms of an agreement between two parties, eliminating the need for intermediaries. Stored on blockchain or other distributed ledger technologies (DLTs), smart contracts ensure high security, immutability, and protection from vulnerabilities. These contracts facilitate various transactions, including financial exchanges, service delivery, and data manipulation, such as updating land titles. Additionally, they can be used to enforce privacy protection by selectively releasing privacy-protected data.While smart contracts are not legally binding by default, they automate business processes based on pre-defined conditions. Legal steps must be taken to make them enforceable in a legal context. This paper provides a comprehensive analysis of the anatomy of smart contracts, focusing on their key components, architectural structure, and underlying working principles., aiming to provide a comprehensive understanding of their operation and the challenges they present for adoption in various industries. Additionally, the study examines the various types of smart contracts, their real-world applications, and the significant benefits they offer, including automation, transparency, and security. The paper also addresses the challenges and limitations associated with smart contract implementation, such as scalability issues, security vulnerabilities, and legal complexities. By providing a detailed exploration of smart contracts from design to deployment, this research aims to offer valuable insights into their transformative potential in the digital economy.

Keywords: Blockchain, Smart Contract,dApps,Hyperledger, DeFi,NFT,GDPR.