Blockchain Enabled Smart Contract Implementation for Improving Crowdfunding Management

Dissertation

Topic: Blockchain Enabled Smart Contract Implementation for Improving Crowdfunding Management

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Abstract

The emergence of an innovative digital financial technologies is named the crowdfunding and blockchain which denotes the new approaches for reaching the economically vulnerable group of people. The paper is contributing to emerging the literature under the financial technologies while presenting the crowdfunding under the financial inclusions. The rational cause behind the inquiry is to demonstrate the relevance of the financial inclusions and to know the role of blockchain technology in the crowdfunding development. The report is presenting the purpose of the report, the objective and aim of the report, the research method, and the recommendations of the project. It is the study that is investigating the role of blockchain technology in the crowdfunding platforms. Also defining the applications of the blockchain technology under the possible solutions of the crowdfunding for the current obstacles and to facilitating the SCPs. The report is addressing the blockchain technology that is used to facilitate the social values for the creation of the crowdfunding and to facilitate it to adopt the alternative infrastructure. Blockchain also presents an empirical working of the SCM that is the supply chain management, its applications of the blockchain for constructing the finances. The report is also developing the prototypes for a model that is developed while making use of Ethereum. An implementation of the blockchain for making the workflows effective.

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Chapter 1

Introduction to the Topic

The term blockchain technology presents the new era of the software that is used to develop business processing. In the modern age, the blockchain technique has generated the new platform for creating an effective business relationship also that combines the an ease of the low cost, high security, and ease of use. Under the business transactions, it makes the new base for the transactions that help in contributing to the considerable acceleration and the simplification of an economy. The blockchain helps in solving the trust issues and security also providing the consistent managing and the transmitting of the protocols under the various application domains. The crowdfunding means the phase to raise the funds generally a small amount from the wide number of people for funding them under the specific platform. While to make use of the blockchain technology in the paying system for the crowdfunding that has the estimate under the involvement to transfer the system. The crowdfunding is appearing to be the organization that can help in raising the funds for the project under which the huge amount of population can contribute to a small amount of the money through the web. In the modern area, one is required for money to bring an idea to the life. The crowdfunding platform makes it easy for the large crowd to make it supportive of the project. For making the blockchain work effective it has to adopt the crowdfunding system that has the number of benefits to resolve the problem which is relating to the system like for charging the transparency into the system and the maintenance.

1.1 Purpose of the report

The purpose of this report is to:

Monitor the applications of the blockchain the cryptocurrency transactions that support into the crowdfunding platforms for reducing an intermediate cost and risk also to permit the transferring of the funds on the peer-to-peer basis like through the financial intermediaries. The smart contract is organized under the top of the blockchain technology that is used to automate and make difficult transactions. Also, the smart contract code is used to execute and enforce the agreement or contract terms. The key purpose of the blockchain under the smart contract is to-

The main purpose of the Smart Contract is to fulfil the agreement after the terms of a contract have been fulfilled. The determinate smart contracts are the contract which does not implement when information from external sources is not needed (Dai, et, al, 2019). The key purpose of the blockchain technology is to overcome the rising problem and to build the integrity, the blockchains are like the digital ledgers which are resistant to damaging the applied under the distribution mode. It is like the distributed database for performing the normal ledger of the transactions also that have to carry out it with the majority of the consensus under the system. the blockchain holds the records that have to verify and to be checked with every single transaction that has to carry out. it is the overall database of the transaction records which is validated, manage and distribute by the computer networks all over the globe.

The report is working on an idea of the blockchain to implement it in the smart contract for performing the crowdfunding management, the blockchain is the incorruptible digital ledger that records every transaction. It is appearing to be the distributing system that has to maintain all records and which are stored in every node that has the decentralized network. An Ethereum permits to run an application into the blockchain known as the smart contracts. It is to check that every smart contract is used to execute on an Ethereum virtual machine. Thus, crowdfunding is helping under the easy mode of searching for the finances to make the purpose of the idea innovative. The key issue is with the recent crowdfunding that has to charge the fees also it can happen the scam. While implementing the crowdfunding strategy under the blockchain one has to support in avoiding the variety of the problems. It can be done while incorporating the peer-to-peer smart contracts that are to remove the traditional-based crowdfunding and to make the platform associate with some other crowdfunding platform.

1.2 Aim and objectives of the report

The aim and objective of the report is to-

• Enabling the smart contract for implementing the improved crowdfunding management.

• To measure the blockchain technology benefits under the crowdfunding platform.

• To verify the blockchain technology that is appearing to be the method for developing the customer experience from initiatives.

• An improvement requires in the blockchain to maintain the financial transactions and to make the workflow simple, fast and transparent (Baber, 2022).

To monitor that the crowdfunding and the blockchain are aligned properly for modifying the fundraiser to the creator.

Under this topic to enable the smart contract with the implementation of the crowdfunding the blockchain technology is used thus to which the data can be entered with the trust and can keep it maintained there.

Blockchain has the transactional history that has to be carried out among the relevant parties while storing it securely and not changing it with the direct funding. Thus, it has additional entities which are used to validate the data and to re-verifying the workings of the report.

Reduce the dependency on the third party:

The key objective is to implement the blockchain while reducing the intermediaries or the third party under the process of the fundraising. The third-party can be the organization, the legal consultants. Under this, while implementing the blockchain technology into the smart contracts one has to monitor the fundraiser that is the blockchain service facilitator. Then to keep the funds secure and verified into the process.

Next case to make use of the legal services. It is probably used for the funders to enter the data as per the requirement of the fact and to implement the blockchain plan for declining the verified data and to keep it preserved.

The smart code is like the written into the code on the blockchain. It is like the network of the computes that is used to implement the predetermine situation that needs to be met and verified. Certain actions need to be involved to release the funds to some suitable parties and to send the ideas. Next is to update the blockchain when the process of the transaction ends up. It means the transactions are not permitted to change and the parties have to grant the permission which can see certain outcomes. From the smart contract, it has the number of stipulations that require to be satisfied with the participants for finishing the task to its satisfactory records. It has been present that the blockchain is the regulation that governs the transactions and expands the probable exception that is used to frame the resolving problems. Next, the smart contract is although to rise an organization can make use of the blockchain for providing it an online tool that is used to simplify the structure of the smart contracts.

Chapter 2

Literature review

2.1 Blockchain and Smart Contract Data Management

According to the author, blockchain is a growing list of records that are known as blocks, these are linked like a chain together using the cryptography method. Blockchains are used to collect information about the blocks that are used before. The main blockchain was implemented by a bitcoin method which is widely trusted in many countries (Verma, 2021). Blockchain is an example of distributed ledger technology (DLT) and smart contracts to the transformation of digital construction. It is used to find some applications like supply chain management, regulations, construction management, dispute resolution, construction management, and many more.

Blockchain is also concerned with E-commerce is growing nowadays widely at a huge rate across the globe. It is making lifestyles more advance and helps in shopping in an expanded way. More development of e-commerce is contributing more towards the growth of the economy mostly in countries with large populations like china. The data of Chinese e-commerce is expanding more widely as depicted by the research center of China, it has amounted to approximately 13.13 trillion RMB. E-commerce has become one of the most important channels based on retailing. Block-chain is integrated with agent technology to construct a blockchain-enabled multi-agent system, which provides more technology to the environment. Blockchains are mainly used for business purposes. E-commerce is used to speed up the project by managing retail operations. It speeds up the circulation of the commodity. It is seen that there is an increase in the percentage that is 27.1% over years. As there are advantages as well as disadvantages in every aspect so there are disadvantages of E-commerce that are faced by the community like distributors are facing dilemmas. But this problem can be solved by incorporating blockchains where data or transactions can be stored on the blockchain. Blockchain maintains records of many transactions. All the operations are controlled by a smart contract which makes the application more transparent and secure. But many times, blockchain technology uses the voting application to build platforms for the transaction and safe data exchange. It secures end to end encryption privacy system and can detect any kind of mischiefs like cheating of ideas of any project and provides with safe security of data.

2.2 Crowdfunding by Blockchain

Crowdfunding is also the main practice that is used to raise funds for a project implementation that helps many people and companies to contribute a small amount of money which is beneficial for a certain project. It is necessary to spend money on any project before implementing it, so in that case, also crowdfunding is necessary and is beneficial in many ways. When crowdfunding was not introduced it was difficult to invest money in projects as it takes a lot of money in funding. It has proven beneficial for people to take their ideas on the platform which helps them in implementing ideas and money contributions by people. There are some advantages and disadvantages of crowdfunding that may create problems for investors. There is a problem with crowdfunding nowadays that it is charging a big amount of money as a fee, and there are many cases of scams. It is very beneficial for the investment in the project in a small amount of money so that there is no load on only one person and contribution can lead to management of funds and data systems with the help of this technique where our data is safe as well.

Application of blockchain:

1. Sharing medical data securely: data has to be transferred in a secured way to avoid any copies or leakage of data that is harmful to the company.

2. Mechanism of voting: it brings a process of voting protocol that provides a general e-voting mechanism.

3. Creating original content: the content which is made by a company has to be original and does not get trapped in any wrongdoings.

4. Security for personal identity: in blockchain mechanism, it is major to secure the identity and it is proven to be a safe place for raising funds with more security.

Advantages:

1. Developing trust: blockchain created trust between different companies, people, or entities as a result companies want to engage in deals with other companies.

2. Security and privacy are improved: this is also the major advantage by which blockchain is beneficial for the companies that deal with other companies as it creates a record of transactions with more security.

3. Helps in reducing cost: blockchain helps in reducing the cost for organizations as it creates efficiency and security in transactions.

4. Helps in improving speed: blockchain is efficient in maintaining speed as it helps in handling transactions faster than any other method.

5. Helps in innovating more ideas: people across many companies explore information that is beneficial for innovating ideas for the companies.

Disadvantages:

1. Investment on a large scale: to start any blockchain application, needs investment on a large scale.

2. Needs support from other companies: blockchain needs support from other companies to start a new project. It needs to verify data as it should be accurate.

3. Reviews: blockchain is mainly used for business purposes. Many companies approximately 45 percent stated that it is beneficial for exchanging data securely. The main use of blockchain was taken by Bitcoin and Ethereum which is purposely used for tracking and, management of data. It is proven beneficial for many companies for data exchange and security.

Data Evaluations

1. Consensus protocol: it is used in the blockchain management system to maintain the same ledger that is distributed.

2. Storage of data type: it saves data in a network, which is used to cover space in hard disks across the world by users.

3. Testing of tools and framework: it checks various components like blocks, transactions, wallets, and many more.

4. Geographic distribution: cryptocurrency is the best example of a geographic distribution that is used worldwide by users and helps in earning money.

Databases of blockchain

1. Big chain DB

2.Modex BCDB

3. Postchian

4.ProvenDB

5. Covenant SQL

2.3 Blockchain Technology as Funding Database Distribution

According to the author, Blockchain is established as a technology to record the distribution of the database that took place in all the transactions that have happened in the nearest network. In a blockchain network records of several databases are maintained without involving any party which cannot be trusted. Bitcoin is introduced as a form of blockchain management process which is used to transfer money to a trustworthy party. Blockchain cannot be changed or reversed, so it cannot bring any change in the industry, commerce, or in the era of global levels. It is an expanded network that allows companies to make transactions by a man who is trustworthy and loyal to the company. During transactions, the owner has the right to take a coin. Blockchain is not a complicated process it is safe and secured. It is a very secure process and helps in the transaction of the data by keeping the information private and personal (Nguyen, et, al, 2021).

Cryptography and bitcoin are the processes used in the blockchain which are also safe and secured and help people in transactions. So, with the help and use of blockchain technology accounts of the users are kept safe and secured without any danger of data loss or data encryption. Thus, blockchain has many uses that are very essential for account handling, dealing with security conditions, and many more things. It can be helpful for further use also and has gained the confidence of the customers which is must for development of any company and a new business. This is the safest way of maintaining, developing, processing and helping users with the amount. It has gained a lot of popularity over the years and still gaining public interest. It can be more elongated if people show more interest and demand is increased so it can be used further (Li, 2021). Whether it is related to the health or stalk market it has gained importance and benefits can be seen of it. Technology is growing day by day as in the world of digitalization and online platforms blockchain methods of bitcoin cryptocurrency and Ethereum cryptocurrency have made their place in the mind of people and the business world. This is the widest first and the most used application and process. It is used in many apps gaming platforms and can earn money by using this platform. Many people have made their hand in this business world of currency and nowadays there is a rapid increase in this work. Till the time no other opponent or competitor is seen in this field there two currencies have adopted a major place in business minds and business platforms.

It is an innovative idea that was introduced by people. It tells about the trading data and money more effectively. It was started on a small platform but is giving the best results in many ways and helping people in dealing with the problems related to data, accounts, digital systems, and many other income platforms. When it was introduced, it was very new but now it has become an earning platform for the companies. It has both benefits and non-benefits like for some people it has become the wide platform of earning money making and investing their money in the bitcoin process and somewhere it has the other effect of crime also as no government or any financial system is not involved in it. So, it is a major concern for many peoples to use it or not, whether to trust it or not. It is also coming to be known as an electronic cash system. It does not maintain any records of any work it deals with the data accounts of the people and is widely used by many people. It has become the media source and a platform for business-minded people and many articles were mentioned about it so that people can know it more deeply.

2.4 Data Security

In the view of the author, it has many advantages and disadvantages it is used to secure data this is the major purpose of the blockchain process. It is open-source, every transaction is made publicly. There are no chances of fraud in this process of blockchain. It is processed by minors and transactions are safe and secured in blockchain management systems. No third party is involved in the blockchain process like the government or any other financial institution. It performs instant transactions like it performs transactions in very less time few minutes. It takes two days almost for the completion of transactions.

It has some limitations like it has the difficulty in updating and eliminating errors, it has the difficulty in the development process, as no authority is involved in between so it can conduct a criminal process, the blockchain error cannot be edited and modified so it has to be fully accurate.

Cryptography is used for the security of the transactions between the users (Malsa, et, al, 2021). This user has private and public keys. In public key, no personal data is shared or given to anyone.

There is a growing interest in blockchain technology in supply operations. The voices of many stakeholders are involved in research. For many years bitcoin and cryptocurrency have been launched in India and all over the world. It is used by many companies, people, and users. Cryptocurrency can be proven beneficial for many people all over the world. It is used widely and helps users regarding the security of the data, managing accounts, transferring data, making good and affordable use of money. These have benefits and helped many people across the county and are used to save the data and accounts. The results have shown that there is a major use by citizens and it has provided people with the benefits. There is a rapid increase in the growth of blockchain supply chains. So it is rapidly increasing its growth among people. This is a virtual way of talking, exchanging, making correct use of money, and buying goods and services with the help of blockchain and making money (Dwivedi, et, al, 2021).

The use of smart contract applications has helped blockchain techniques to fulfil the needs of the people in a way that is safe and secured. It provides an experience to people of virtual money accessing. As nowadays there is a lot of problem of trust, crime, fraud, clearness in work, and many more issues which comes in between the stakeholders and can cause harm to the working process which is not good for any company or individual and users as well. So to fulfil these problems blockchain process of management is introduced so that there are more opportunities and fewer problems to the users. There are many ways to carry smart contracts but it should be known how the idea is being implemented, carried, made, though, and most importantly on how the idea is executed. If s company is well known about the smart contract process, then it can be helpful to the company as smart contracts help the company in making decisions with ease and clarity in the work. The smart contract is beneficial in many ways and helps in implementing new ideas on the platforms which are meant to be helpful for the companies. Blockchain can be used to improve efficiency in the world of business for many organizations. Blockchain technologies are also used in government activities. There is a lot of increase in market value and work because of this blockchain technique. So it can be said that blockchain has proven good for users.

2.5 Cryptocurrency and Blockchain Technology

It provides a collection of records basically and cryptocurrency which is a form of blockchain is used widely to keep the records of accounts in a safe and secured way. There is a method of cryptography that is called a hash tree which is used to make sure that all the records are stored in a particular place and the account handling is done properly. Whenever there is a need to see the account's detail only the thing which is to be seen can be read without going in deep into the whole account. There is a representation that is used to represent the blockchain method is called nodes. That is connected to the visible method of blockchain. The smart contract is supported by blockchain technology. Blockchain is a very important process for the management of accounts and handling of accounts. Blockchain generally focuses on the criteria of accounts. Records are made for the accounts handling and processes. For the verification of any transaction, blockchain is also important. With the help of blockchain process records and accounts can be managed, handled, and verified. So blockchain is also used for the verification of accounts. To run nodes use of virtual machines is done. The up-gradation of every node is added to a new block after a new book is accepted. Nodes are also used to send the transactions. Ethereum is also concerned with nodes that are participating in the networks.

There is a method named as consensus method which is used for the addition of new records to the blockchain management process. This method is also divided into further two methods that is voting and the proof-based consensus method. One example of the proof-based method is work proof which can be written as POW. This is the method that is also followed by Bitcoin and also Ethereum blockchain (Bennett, et, al, 2021). The proof-based method also helps in solving many problems that are related to mathematics that is solving mathematical problems. If an attacker gets the working proof of a particular book, then the work has to be redone so that there is no chance and risk of any damage this is how the work proof method is implemented. There is also another example of the proof-based consensus method which is known as stake proof and can be written as POS. In this method, coins are staked by the owners which provide them the idea to add them in blockchain and to transact new blocks. There is no such certificate as proof of stake. Even it is possible that bitcoin is used to change the proof of stake. Sometimes investing in cryptocurrencies can be very risky and harmful and can cause risks to the accounts of the users. Digi byte is also a platform of blockchain process where transactions are done very fast. The average time taken by cryptocurrency for the transactions is called the block time. The platform where the data are recorded is called a block of bitcoin. Another platform found for blockchain is called an avalanche.

2.6 Types of Currency and their Mining

Avalanche is popularly known for its speed. There is a bitcoin mining work which is also done. There is a process called cryptocurrency burning. There are many more cryptocurrencies that are used widely other than bitcoins in many parts of the country. For example, Litecoin is also a cryptocurrency method like bitcoin. There is a process called a difficulty bomb which is used to increase the time required for mining Ethereum, this method can sometimes be found impossible. There are many more types of cryptocurrencies that are used in a wide range to earn money safely, to manage account systems securely, and the main part is trust which is gained by bitcoin in times of many untrustworthy sites. Another name of cryptocurrency is Algor and which is used for immediate transactions. Stable coin and crypto tokens are also the methods of cryptocurrency. Bitcoin miners are users that get bitcoin through the verification of transactions. This pop is used to solve the problems which are related to mathematics and techniques so it is used cryptocurrency is a very stable method to earn money and is beneficial for users who use it effectively and manage to earn money virtually.

Figure 1: Blockchain enabling smart contract

(Syed, et, al, 2019).

Solidity is a type of programming language that is used to run a code in the computer on nodes of blockchain methods. Blockchain nodes are used to store smart contracts. It is used to ensure that the data which is stored in nodes is safe or not. The outputs are also stored in the nodes of the blockchain (Syed, et, al, 2019). This is how the blockchain nodes are used for storage purposes. This is a programming language that is used by many networks of blockchain. It supports the system of smart contracts in a different and very useful way. Blockchain is a shared process, a type of process which records transactions and makes assets. An asset can be any house, money, cash, land, plot, building, or anything that costs a good amount. In short, anything which has traded on the blockchain can be used virtually, and as such blockchain is also s method of virtual transactions. Many applications in mobile phones also give many chances to earn money in a way better than any other offline methods and provide a good platform for the users as the time is moving fast in the same way needs of the people are also increasing day by day rapidly which cannot be satisfied by a small amount of money and thus there is a need of money on such platforms which can be trusted.

2.7 Cryptocurrency Market and Growth

As fast as the world is growing there is more need for the faster business-minded people who can make money using brain and in less time. The more information is their the more fatly business works and runs confidently. This is how the business is made faster and growth of the business is important for the company and users to save it from any mischief. So there are many platforms for the working purpose to gain money in a well efficient way. Bitcoin, and many other platforms are the methods of accounts handling, money-making, marketing. Blockchain is also used to deliver information as it gives important and stored information. A blockchain network is also used to track orders, paying, accounting, and many more. There are some key points of blockchain-like it maintains records, if there is an error in the transactions then it can be solved using techniques, as many are used to solve even mathematical problems.

Blockchain also resulted in a huge growth of records that are called blocks. It consists of transaction data. Blockchains are not for the data that is to be recovered as once the data is made, it cannot be recovered. Blockchain is the method that was invented a few years back with the perception of making work easy and fast. The need for money is increased in the same way people are increasing their minds in the business world. The idea of bitcoin has grown in the world and has made an effect on many minds and users that is why it is used to a large extent all over the world. It can be worth using these ideas and implementing them on the platform which will take users to a different level of business.

Cryptography is used for the security of the transactions between the users. In this user have private and public keys. In public key, no personal data is shared or given to anyone (Wang, et, al, 2019)

Blockchain technology is increasing day by day in supply operations. The voices of many stakeholders are involved in research. For many years bitcoin and cryptocurrency have been launched in India and all over the world. It is used by many companies, people, and users. Cryptocurrency can be proven beneficial for many people all over the world. It is used widely and helps users regarding the security of the data, managing accounts, transferring data, making good and affordable use of money. These have benefits and helped many people across the county and are used to save the data and accounts. The results have shown that there is a major use by citizens and it has provided people with the benefits. There is a rapid increase in the growth of blockchain supply chains. So, it is rapidly increasing its growth among people. This is a virtual way of talking, exchanging, making correct use of money, and buying goods and services with the help of blockchain and making money.

Bitcoin: it is the largest and the first cryptocurrency introduced in India and many countries. It was created in 2008. It is a virtual type of money which is an online method of cash and used by people for buying and selling goods and other purposes. Bitcoins are achieved by using real money (Khatter, et, al, 2021). It is the first blockchain introduced. Each bitcoin is a file on the computer. Blockchain is used to keep and maintain the records of the files of the transactions in a safe and secured way. People do many things like making their systems to gain bitcoins. But as every coin has a positive and negative aspect, bright and dark sides in the same way bitcoin can also have a dark side and can have a problem in transactions sometimes and make people unsatisfied by the use of it. People can get into the bitcoin transactions and face problems regarding money transactions so when using anything it should be kept in mind that there is a go back of every problem and work in a secured and documenting way so that no illegal process is followed and the results are proven to be beneficial for parties as well as the people (Kalsgonda, 2022).

Ethereum: it is the second generation of the blockchain which is used for money transactions. It is different from bitcoin and consists of account and security. The main purpose of this type of blockchain is to focus on the programming code application. It is used to store the balance of the account. It is also a secure way of keeping the data records of the accounts.

The process of encryption of transactions is used. Bitcoin can be used by a company or individual but does not work under the supervision of the government. The flow of virtual currency is bidirectional, not unidirectional.

The financial industry in recent years is getting influenced by cryptocurrencies and the technology of blockchain with the help of creating a new cryptocurrency. There emerged thanks to the appearance of smart contracts by next-generation without any involvement of the third party, which includes protocols of computer designed to verify, facilitate, and enforce automatically the agreement among many parties who are not trustworthy. There are not only positive or brighter sides of anything in the same way smart contracts have dark sides besides the bright sides, as many concerns try to weaken them by giving threats of the security, vulnerabilities, and some issues which are legal (Puri, et, al, 2021). There exists a survey of smart contracts that are enabled by blockchain from the technical point of view and also usage point of view. To function this blockchain allowed taxonomy of blockchain that is existing by providing solutions of smart contracts, it discusses research papers and many contract-based studies.

Bitcoin and Ethereum are the types of cryptocurrencies that are based on the technology of blockchains. But both bitcoin and Ethereum are different from each other. Bitcoin is the currency and Ethereum is a ledger technology that is used to develop new programs for the company.

Bitcoin has decentralized storage of value, it can perform up to 7 transactions, it stores data in a hardware wallet and cold storage wallet, it has an average block time of 10 minutes, it has a block size limit of 1 megabyte, it is more volatile than any other traditional currency, it is named as a digital currency.

Ethereum has a decentralized smart application that cannot be altered, it can perform up to 15 transactions, it has memory storage, stack storage, and has non -volatile storage. It has an average block time of 15 seconds only it is too short time; its block size limit is up to 10 to 20-kilo bytes, it is limitless.

2.8 The operational Process of Smart Contract

Smart contracts deal with the common agreement between two or more two parties. It is used for the storage of inputs of the processes and quality information. The smart contract is also used to define the function of the constructor that helps in creating a smart contract. A constructor function is used to enable a new smart contract in the blockchain, whose sender is the smart contract owner. Another example is the self-destructing function which is defined in a smart contract. The smart contract includes functions, variables of functions, events, structures, function modifiers which are used to control events and actions according to the limitations and conditions that are assured in the contract. Functions and states are included in the smart contracts.

There are mainly two types of state involved in the smart contract:

1. Constant states: which can never be changed

2. Writable states: which are used to save states in the blockchain.

Currency is required to avoid smart contracts in excessive runs. A smart contract is performed in blockchain by calling its constructor function with the help of a transaction that is executed by the constructor function and the final work is stored in blockchain.

Programming-centric solutions:

The extraction of the smart contract is the code of the computer that is executed on the computer on its own, so the programming of the smart contract is an important research direction. Some of the programming languages are converted into natural language sentences to improve the ability to read programs. There is still a requirement of implementing and designing smart contracts with the use of software engineering technologies and getting support from research domains like networking, cryptography, formal methods, and programming languages.

Formal verification centric solutions:

Formal testing is applied for the surety that software is behaving and performing according to expectations fulfilling the requirements and specifications which are based on certain conditions of the input. Truffle is an example of a development framework for Ethereum which is used to write formal test cases which are based on mathematical logic and rules for a smart contract that are languages written in either JavaScript or Solidity Script. These test cases are mostly written in JavaScript that is executed on certain test networks to check the properties related to smart networks. The main use of formal testing is to check whether the smart contract fulfilled the condition based on the things specified to it. There are formal verification tools that are used in experiments and are not used very effectively.

Security optimization-centric solutions:

The security function is used to protect the data or device from the attacks by users that generally exploit the security of the contract vulnerabilities to achieve profit, loss, and usage of data from trustworthy security sites (Cali, et, al, 2021).

Vulnerability detection:

It is important as by the use of this identification of unwanted data is measured. It is mostly used for the improvement of the security and credibility of contracts. But there is a risk of security that is analyzed in this detection. There are many attacks which are faced by the companies as an attack was detected which happened in Smart Billions, which presented a decentralized system of library. To solve the vulnerabilities in smart contracts various detection processes are measured.

Transactional privacy:

This issue that is a privacy issue is the major challenge for smart contracts to keep secrets of the functions, avoid disclosing data and apply cryptography on the blockchain. If there is less awareness of privacy policy it could reduce the usage of smart contracts. There is a tool named Hawk that allows developers involved in smart contracts to build privacy-preserving contracts without getting any need for the implementation of cryptography.

Trustworthy data feeding:

The execution of a smart contract needs some data from external sites about events from outside of the blockchain. So, there is a need for trustworthy data that is required to build a wall between the external world and blockchain. Some sites are needed which are commonly trusted like Town Crier and provide smart contracts with safe and secured data. Some unknown bugs are still not identified which is to be replaced.

Data management centric solutions:

Raw data is transferred to be analyzed and stored to a cloud server. This solution is causing major concerns in a few years like the necessary points to trust the security of cloud infrastructure, control loss (Erol, et, al, 2022).

Data management based on blockchain has faced many data transactions from parties that cannot be trusted.

Data sharing:

Data sharing is the process of sharing data to other parties by the owner of the data. Two basic issues are sharing of data which is good and of sharing data to secure the data from revealing to other parties that cannot be trusted. For all these issues blockchain technology is used which can improve the transparency of data handling and can verify the codes, host the codes, and ensure data sharing. Data access and data privacy are used to handle information from getting into any wrong device. Many authors gave a blockchain framework named Dagher et al. For improvement of security and privacy many techniques like cryptographic and unclear are announced for the healthcare purposes.

Profit centric solutions:

This is the technique to make contracts safe and secure. Profit centric technique is used to increase the profit by decreasing the costs of tracking and by solving problems. Some examples of profit-centric solutions are solutions that are based on tracking, solutions based on assets, and solutions that are related to crowd-sourcing (Karim, 2022).

Digital asset-based solutions:

It is based on system and software solutions that is providing an approach to manage, retrieve, organize, and distribute the digital assets of an organization. Digital asset-based solutions are used for both processing of business and the management of technology as an informative form. It also helps many organizations to create a place that is centralized where media assets can be assessed (Berdik, et, al, 2021). The main components of a digital system are the digital asset management process. It is a type of file value that is owned by an individual that comes in a digital format. There are many types of digital assets including:

1. Documents

2. Images

3. Video

4. Animations

5. Video

6. Graphic

7. Presentations

8. Files

A digital asset management solution manages the media production mainly within sales and market works. Hence creating a management system for digital assets. Many processes are involved in this software work of digital asset management:

1. By creating the asset: the format of the file prepares the files that are used for encoding. Creating assets helps to ease the search of documents and retrieval.

2. Encoding: to simplify the search metadata it enables to identify of the digital content with the help of assets like a whitepaper, version, type of media, video, photoshop, and technology (Baber, 2022).

3. Workflows: this helps in driving rule workflows, which provide automation of tasks and processes.

4. Version control: it is important for the automation of workflows by ensuring that data is utilized or not. When new workflows are introduced, it ensures that the recent version gets forward.

5. Auditing: it is conducted on an internal basis to evaluate the efficiency of data assets and identify the areas of improvement.

Benefits of data asset management system:

1. Reduction in the cost

2. Getting better source

3. Planning

4. Executing

5. Can reuse assets

Issues:

1. Legal issues: the legal issues of smart contracts deal with another project of a smart contract. Some legal issues are each country has its laws, rules, and regulations, not all the rules can be measured, the government is demanding the use of blockchain in a controlled form.

2. Immutability issue: it is an important issue of the smart contract. When the smart contract is made, the company cannot change it now. The immutability feature of a smart contract helps in preventing rectification. If a company wants to change the data after the code is passed to the company nothing can be done now to change the code so there is no change in law for this issue.it has a drawback that the blockchain of the smart contract cannot be reversed afterward.

3. Scalability issue: it is the main point of discussion for many networks. The scalability issue leads to an increase in commission fees for transactions and an increase in the time it requires for the transactions to be done.

4. Mechanism issue: it plays a major role in maintaining security in the blockchain networks.

Chapter 3

Research methods

Under this study the qualitative research has been performed that helps in studying the applications, methods and to bring out the new emerging finding. As per the smart contract that has to suffer from the variety of the security vulnerabilities and that results in the gigantic finance losing. Certain issues have to ignore with the support of the verification and formal analysis of the smart contract that is used to deploy the blockchain.

One is required to maintain the transaction policy while using the crowdfunds that is to maintain the legal problem for the smart contract that is to keep the performing of the crowdfunding private and to put on the cryptography also to avoid the disclosure of the data on the blockchain for the public perspective. To monitor the transactional policies that can restrict the adoption of the smart contracts. Also, to decentralize the system of the smart contract. The Hawk is the method that permits the smart contract developers to construct the privacy-preserving contracts without any kind of requirement for executing the privacy preserve contracts that require for to implement over it the cryptography. Also, to automate and to produce the effective cryptographic protocol under the contractual party that is used to interacting the blockchain to make use of the cryptographic primitives like the method of the zero skill proofs. Into every research area the blockchain has playing the vast role whether to perform the research on office, the industry and the site the blockchain has the wide impact (Chen, 2021).

Performing the data feeding

Under smart contracts, one is required to implement an external data related to the real world from the blockchain implementation. Also, to let them function for connecting among the non-blockchain-based smart contracts that provide authenticate data for the smart contracts to preserve with an encrypted parameter. Although for handling the bad data fed or the malicious code under the blockchain technology one has to latter processing and to generate some of the unpredictable results. Hence an oracle retains is an enormous the power over the smart contract that is used to execute and to provide the smart contract implementation.

The research methodology to develop the smart contract has to deal with its performance and with the security that is an emerging one. Also, to run the smart contract quite parallel for the contract execution that has to face the challenge and to make the enable of the smart contract effective. Also, to optimize the smart contract code which has an effective declination of the capable vulnerabilities and to ensure the security and effective execution of the contracts.

The crowdfunding is the method that has the request of the resources with the social media and to produce the popular pressing, although one has to make the systematic review of the phenomenon. Also, to lead the HCI experts in crowdsourcing and crowdfunding for making the transformative socio-technical innovation that is used to advance the human abilities for collaborating. Also, to discuss the latest field for the different perspective to deal into the area of the computer, communication. Also, for making the original progression related to implementing the methods.

The technique of the blockchain is interconnected to the systematic chains of the blocks that include the user's data, it also functions under a principle for decentralizing the distributed digital ledger. It is the technology that supports enables the cryptographically anonymous and secure financial transactions between the nodes of a network to approve the viable environment of the users. It is appearing to be the technology that earns and to emerges the technology with eth use of the digital cryptocurrencies.

Chapter 4

Conclusion and Recommendations

The blockchain is an idea that deals with the verifiability feature of a smart contract also enabling the encoding of the business rule and making the peer-to-peer network under the single node and having the involvement of the healthcare, energy, and the financial organization. the report is presenting the taxonomy of the blockchain enable smart contract solutions and its contract-based report. Also, it has become appropriate to make use of the smart contract without the support of the blockchain technology. The solution of the contract management helps in overcoming immutable problems and that has the irreversible nature of the blockchain to handle the contract-based life cycle. Under the idea of the state of the art, one has to adopt the approach to identify and authenticate the proper accessing of the data on a trust basis. To ensure the traceability transparency for the actions.

4.1 Recommendations

It is to assess industry requirements one has to develop the distributed network and the requirement of an industry for implementing and to solving it to assessing the blockchain technology under to bring the effectiveness.

This technology has distributed networks that function on the reliable and centralized based system.

• Provides the collaborative task forces that have the blockchain for setting up the task force and siloed an incompatibility and some standards.

• Dissimilar from the peer-to-peer lending the money deposits have to involve the crowdfunding from the platform of the fundraiser and to make it from the legal perspective.

• Also, the technology blockchain is appearing to be the disruptive technology that has the decentralized structure that lacks a centralized database, it also enables the blockchain for operating at the low cost and with the high efficiency. It is the one that is resistant to the outages of the centralized database.

• Ensuring the transparency, data integrity, and the privacy and security of a user’s data.

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