Blockchain based Smart Contracts: Vulnerability and Future Trends

A smart contract is an agreement between two people in the form of computer code. They run on the blockchain, so they are stored on a public database and cannot be changed. The transactions that happen in a smart contract are processed by the blockchain, which means they can be sent automatically without a third party. In conventional method, which is centrally managed, the third party i.e. banks, insurance company, government agencies, controls business dealing between customers and providers. Unfortunately, many security issues in smart contracts have been reported in the media, often leading to substantial financial losses such as the Contract code. Attacks such as the Decentralized Autonomous Organization (DAO) attack and the Parity Wallet hack have cost millions of dollars simply as a consequence of naïve bugs in the smart contract code. Purpose of this research is to give review over security problems and future implementation trends with the help of some articles and research papers.