Smart Contract: A new buzz word for reliable decentralized network

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This is an unedited manuscript accepted for publication and provided as an Article in Press for early access at the author’s request. The article will undergo copyediting, typesetting, and galley proof review before final publication. Please be aware that errors may be identified during production that could affect the content. All legal disclaimers of the journal apply.

Year : 2026 | Volume : 13 | 01 | Page :
    By

    Shyamsunder Manaktala,

  • Rakesh Saxena,

  • Deepak Sankhla,

  • Aashish Kumar Sharma,

  • Rakesh Kumar Kardam,

  1. Professor, Department of ECE, JECRC (Jaipur Engineering College and Research Centre), University, Jaipur, Rajasthan, India
  2. Professor, Faculty of Computer Engineering, Poornima University, Jaipur, Rajasthan, India
  3. Assistant Professor, Department of ECE, JECRC (Jaipur Engineering College and Research Centre), University, Jaipur, Rajasthan, India
  4. Assistant Professor, Department of ECE, JECRC (Jaipur Engineering College and Research Centre), University, Jaipur, Rajasthan, India
  5. Assistant Professor, Department of ECE, JECRC (Jaipur Engineering College and Research Centre), University, Jaipur, Rajasthan, India

Abstract

Blockchain technology has emerged as a foundational distributed-ledger architecture enabling decentralized, transparent, and tamper-resistant data management across diverse digital ecosystems. This paper presents an integrated review of blockchain fundamentals, consensus mechanisms, smart contract design, and real-world applications beyond cryptocurrencies. It discusses the evolution of smart contracts as automated, self-executing programs that remove intermediaries and ensure deterministic execution, while highlighting critical security vulnerabilities such as reentrancy, arithmetic overflows, and improper access control. This paper judges the need for organized audits, verifies prominent open-source analysis tools—including Slither, Mythril, Securify, and Oyente—and outlines a structured auditing workflow combining static, dynamic, and formal verification techniques. Also evaluates Broader industry challenges such as scalability constraints, interoperability gaps, regulatory uncertainty, and the emerging quantum- computing threat are analyzed to assess the long-term viability of blockchain systems. The study concludes with future research directions emphasising post-quantum cryptography, cross-chain frameworks, advanced consensus models, and integration of blockchain with AI and IoT to build resilient next- generation decentralised infrastructures.

Keywords: Blockchain, Smart Contracts, Security Audits, Vulnerability Analysis, Distributed Ledger, Consensus Mechanisms, Decentralized Finance (DeFi), Post-Quantum Cryptography, Interoperability, Ethereum, Static Analysis Tools, Slither, Mythril, Scalability, Quantum Computing Threat.

How to cite this article:
Shyamsunder Manaktala, Rakesh Saxena, Deepak Sankhla, Aashish Kumar Sharma, Rakesh Kumar Kardam. Smart Contract: A new buzz word for reliable decentralized network. Journal of Open Source Developments. 2026; 13(01):-.
How to cite this URL:
Shyamsunder Manaktala, Rakesh Saxena, Deepak Sankhla, Aashish Kumar Sharma, Rakesh Kumar Kardam. Smart Contract: A new buzz word for reliable decentralized network. Journal of Open Source Developments. 2026; 13(01):-. Available from: https://journals.stmjournals.com/joosd/article=2026/view=242370


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Ahead of Print Subscription Review Article
Volume 13
01
Received 03/02/2026
Accepted 18/04/2026
Published 30/04/2026
Publication Time 86 Days
70

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