Smart Contract Security and Privacy Taxonomy, Tools, and Challenges

Abstract

Blockchain smart contract technology implementations are growing rapidly. The resilient and accurate design of smart contracts for these intelligent applications however is a huge challenge because of the complexities involved. Smart Contract modernizes traditional processes of production, technology, and industry. It is self-verifiable, self-executable, and enclosed in Blockchain that removes the demand of trustworthy mediator. The major issue that needs to be addressed to make smart contract successful is security and privacy issues. In the paper, a survey was conducted on available taxonomy for security and privacy concerns and a new taxonomy proposed that could accommodate all potential threats. A detailed review of available security and privacy audit tools has also been done for common smart contract platforms. At last, identified the challenges required to be addressed to make the smart contract more efficient.