What are the limitations of smart contract auditing in blockchains?
For more than a decade, the blockchain is established as a technology where a distributed database records all the transactions that have happened in a peer-to-peer network. It is regarded as a distributed computing paradigm that successfully overcomes the issue related to the trust of a centralized party.
Thus, in a blockchain network, several nodes collaborate among them to secure and maintain a set of shared transaction records in a distributed way without relying on any trusted party.
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In 2008, Satoshi Nakamoto introduced Bitcoin that was the first proposed cryptocurrency introducing the blockchain as a distributed infrastructural technology. It allowed users to transfer securely crypto-currencies, known as bitcoins without a centralized regulator.
Besides, Ethereum, and Hyperledger Fabric were also proposed as blockchain-based systems used for the cryptocurrency. Unlike Bitcoin, they can use smart contracts. Blockchain technology overlaps traditional contracts by including the terms of agreements between two or more parties.
But surpasses them thanks to smart contracts by automating the execution of agreements in a distributed environment when conditions are met. Smart contracts are executable codes that run on top of the blockchain to facilitate, execute, and enforce an agreement between untrustworthy parties without the involvement of a trusted third-party.
gave network automation and the ability to convert paper contracts into digital contracts. Compared to traditional contracts, smart contracts enabled users to codify their agreements and trust relations by providing automated transactions without the supervision of a central authority.
