Smart contract: a survey towards extortionate vulnerability detection and security enhancement

Smart contracts become significant as blockchain technology is blooming around the technological globe. In this juncture, smart contract is an automatic programming framework executed based upon pre-conditions in blockchain even among untrusted parties by eliminating third party. The usage of blockchain in various fields keeps on increasing enormously from crypto-currency to 6G wireless communication. While developing smart contracts for novel purposes, vulnerability and various challenges are discovered. Smart contracts are still in the emerging development stage with few bugs and errors, which are often exploited by hackers leading to huge losses. There are loopholes and misinterpretations in the development of smart contracts, thus it is necessary to design smart contracts. The anonymity and self-execution of the smart contract are taken as an advantage for illegal business. Hence, various modern tools are developed to identify the vulnerabilities in the smart contract but still, there is a research gap in this area. In this paper, various smart contracts and their challenges are studied to analyze the current state and a survey is carried out mainly focusing on its security aspects. Hence, providing a way to develop highly secure smart contracts and providing directions for contributing to future research.