Proceedings of the 6th International Conference on Advanced Research in Management, Economics and Accounting
Year: 2024
DOI:
[PDF]
Applications & Challenges of Smart Contracts on Blockchain
Prof. Dr. Naeem Bajwa
ABSTRACT:
Transactions involving many third parties require sophisticated centralization systems, which are costly for business entities. This type of transaction necessitates the involvement of entities in the payment process, making the overall process inefficient. However, blockchain technology tackles this issue by making the payment process efficient through decentralized nodes and building trust between parties, even if they do not know each other when processing the transaction. Digital payment systems (peer-to-peer) are becoming increasingly valuable for companies that rely on online platforms due to their ability to lower transaction costs.
keywords: Blockchain, Smart contracts