Abstract

A Smart Contract (SC) is a digital negotiation process between two or more anonymized participants without trusted middlemen. It is an autonomous SC manifested as software code. SC operates on the blockchain (BC). The program and the SC are immutable and preserved on a decentralized public registry. Many potential applications for SC exist within the digital economy, encompassing financial services, administration, medical care, and the Internet of Things (IoT). Ethereum and Hyperledger constitute the most prevalent open-source advanced cross-industry BC systems for cross-border collaboration. Significant technological concerns, including security, privacy, accuracy, and verifiability, remain unresolved and require further maturation in BC. This study thoroughly examines SC. The research provides a case study on a university test system characterized by a heterogeneous data structure. This implementation provides an in-depth comprehension of the SC architecture and has been utilized to identify and evaluate the deficiencies in the current state of SC technology.