Abstract
Smart contracts, a concept first introduced by Nick Szabo in 1997, have the potential tofundamentally change the way contracts are concluded and executed in the digital world.
These requirements, set out in digital form and based on blockchain technology, enable
contracts to be executed automatically as soon as predefined conditions are met, without
the need for a central party.
Since their introduction, smart contract technology has undergone rapid development,
particularly with the advent of cryptocurrencies and blockchain technology. Platforms
such as Ethereum have enabled developers to create and execute complex contracts on
their blockchain, opening the door for a variety of applications far beyond the financial
sector.
The future of smart contracts looks promising, but their widespread adoption depends on
several factors: In the first step, there are technical challenges such as scalability, speed
and the cost of transactions on blockchain networks are crucial factors that need to be
improved.
Ease of use needs to be improved for wider adoption with tools and platforms that allow
less tech-savvy people to create and manage smart contracts.
Although smart contracts have the potential to revolutionise many industries, their
development still faces several challenges. Technical improvements, legal issues and
improved usability are crucial for the future of this technology. If these challenges can be
overcome, smart contracts could become a fundamental building block of the digital
economy, making transactions more secure, efficient and transparent.
| Date of Award | 2024 |
|---|---|
| Original language | German (Austria) |
| Supervisor | Stephan Dreiseitl (Supervisor) |