The Role of Integrating Blockchain, Digital Signature, and Cloud Computing for Robust Smart Contract Structuring

Abstract

Technology development has been metamorphosis due to blockchain technology being introduced in nearly the last ten years. Public acceptance remained a huge challenge due to security threats, by integrating a more secure decentralized form of ledger these issues can be addressed efficiently. Smart contracts are pre-programmed contract layouts that are self-executed and self-enforceable when the pre-set conditions are triggered without the intervention of any third party. This is non-empirical research conducted by reviewing various research work and gaps in their research to understand the role and challenges faced by smart contracts to become a working model and further, analyzed integration of various technologies namely blockchain, digital signature, and cloud-computing to build smart contracts to simplify the execution of traditional contracts which will entirely reform the present legal system. Issues such as rigidity from any alteration, uncontrollability, and difficulty to understand the coded language by ordinary prudent men of any smart contract are considered in this study. Finally, this research paper has elaborated on the process of execution of smart contracts and technology intervention at each stage, with a detailed explanation of the process of formation of smart contracts. It also aims to make some recommendations for further improvement of smart contracts. In future, the author aims to take this research ahead by examine the practical working model of smart contracts and their fallbacks.