Blockchain technology has grabbed the attention of companies across the globe. Due to its benefits, such as immutability and transparency, traditional companies outside of banking, like BMW and Bosch, have begun to experiment with smart contracts to produce more efficient supply chains and better engineering products.
A number of parties’ agreements can be formalised and carried out using smart contracts, which are simply software codes included into a particular blockchain. This eliminates the need for a third party middleman, saves time, and enables multi-party consensus-based validation. They can be applied to many other tasks, including transferring deeds, playing chess, and creating wills.
But despite the disruptive potential and highly praised abilities blockchain promises, the number of heists targeting smart contracts has increased more than 12-fold over the past two years. Why are there so many more heists now if they are so intelligent?
Let’s define the connection between smart contracts and blockchain for better comprehension. <
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