Blockchain and Smart Contracts for Secure and Sustainable Development

Introduction

In the 21^st century, we can see that technology is taking place in every aspect of our life. We know that every technology comes with some special characteristics and with a specific purpose, but privacy is a big threat in the technology world. So, we need such type of technology that can provide tamper-proof and highly secure transmission of data at a very low cost. In 1991, a conceptual framework was first put forwarded by a group of researchers which was initially intended for time-stamping digital documents such that backdating them will not be possible after creation. However, it was mostly unused until it was again stated by Satoshi Nakamoto the name behind the first blockchain, which is Bitcoin. Bitcoin is the first blockchain famous product which came into existence in 2009 (Nakamoto, 2008). As we have seen that in last decade, bitcoin has gain popularity, and the underlying technology became even more popular. Also in last few years, we have seen that cryptocurrency has gained the big attention in not only in the industry but also in the government of developed and developing countries. Nowadays, everyone wants to know that how this digital currency is growing so fast. Even some countries are not allowing as a legal currency because of some technical issues, but they are ready to accept the blockchain, which is known as the backbone of cryptocurrency. Blockchain is the backbone technology of all types of cryptocurrencies, maintained by a decentralized computer network. But it’s not limited to that finance only, there are many opportunities in all domains of our life where we want to bring trust and transparency.

In this digital era, where every digital transaction is happening with the help of intermediaries, for every transaction a customer must not only have to trust on the third-party but also must pay some amount in some cases. So, we are bounded with the terms and conditions of our mediator for the authentication procedure and delay. The Blockchain technology has bring a transparency and security in the field of transaction of each type. In the Blockchain using the Smart contracts can be considered as an agreement which is basically simply computer logic stored and run when predetermined conditions are met and we use smart contracts to automate the execution of an agreement.