Blockchain-Based Smart Contracts:Concepts & Challenges and Adoption in Potential Banking Sectors

A Blockchain-based smart contract is a stored code to represent a contract between different parties and it executes automatically when predetermined terms and conditions met. In spite of the idea of Smart contract raised more than twenty years ago. The idea did not see the light until the emergence of Blockchain technology in 2008. With the advance in Blockchain technology, smart contracts are being use to serve a wide range of different applications. This paper explains the concept of smart contracts, its benefits and its applications focusing on banking sector. The paper also discusses the technical explanation about its execution and deployment through the Ethereum platform. Finally, the paper discusses the different challenges & future problems of smart contracts and proposed solutions.