Standardizing Smart Contracts

Abstract

In the evolving context of distributed ledger technologies, the standardization of smart contracts is necessary. Smart contracts are tamper-proof computer programs. Due to their security and flexibility, it is possible to exploit smart contracts in a wide variety of use cases. In particular, it could be possible to automate legally recognized contracts by leveraging smart contracts. To this extent, some standards regarding the proper management of smart contracts are surging. However, there are still many technological misconceptions regarding smart contracts. This study describes smart contracts from multiple perspectives and identifies and clarifies some of the most common misconceptions regarding smart contracts. This study also provides some guidelines and insights on the proper management of smart contracts. This study can be a valuable resource for future standards on smart contracts.