The Evolving Landscape of Smart Contracts: From Cypherpunk Dreams to Transforming Industries

Xinyan Jiang

2024

Abstract

Emerging from the fertile ground of 1990s computer science, smart contracts have evolved from visionary concepts like Nick Szabo's 1996 proposal for self-executing agreements to a transformative technology poised to reshape industries. This paper delves into the intricate framework of smart contracts, powered by blockchain technology and languages like Solidity. it explore their diverse applications, from optimizing supply chains with platforms like VeChain to democratizing art ownership through fractionalization on Async Art. However, this revolution is not without its challenges. Security vulnerabilities, legal uncertainties, scalability hurdles, and ethical considerations must be addressed collaboratively. As people move forward, research into alternative consensus mechanisms, code efficiency optimization, and layer-2 scaling solutions is crucial for ensuring sustainable growth. Beyond technical challenges, the ethical implications of smart contracts, such as data immutability and automation bias, demand careful consideration. People must acknowledge the limitations of automation and determine the appropriate balance between automated efficiency and human oversight. This paper contributes to the understanding of smart contracts by providing a comprehensive overview, highlighting existing applications, and identifying areas for future research. By openly discussing challenges alongside immense potential, people can navigate this technological revolution thoughtfully and pave the way for a future where smart contracts empower individuals and industries, guided by principles of trust, transparency, and equitable automation.

Paper Citation

in Harvard Style

Jiang X. (2024). The Evolving Landscape of Smart Contracts: From Cypherpunk Dreams to Transforming Industries. In Proceedings of the 1st International Conference on Data Science and Engineering - Volume 1: ICDSE; ISBN 978-989-758-690-3, SciTePress, pages 560-564. DOI: 10.5220/0012838500004547

in Bibtex Style

@conference{icdse24,
author={Xinyan Jiang},
title={The Evolving Landscape of Smart Contracts: From Cypherpunk Dreams to Transforming Industries},
booktitle={Proceedings of the 1st International Conference on Data Science and Engineering - Volume 1: ICDSE},
year={2024},
pages={560-564},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012838500004547},
isbn={978-989-758-690-3},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 1st International Conference on Data Science and Engineering - Volume 1: ICDSE
TI - The Evolving Landscape of Smart Contracts: From Cypherpunk Dreams to Transforming Industries
SN - 978-989-758-690-3
AU - Jiang X.
PY - 2024
SP - 560
EP - 564
DO - 10.5220/0012838500004547
PB - SciTePress