Blockchain and Smart Contracts: A Revolution

Blockchain is currently one of the hot topics in academia and industry, mainly due to the implications that the implementation of this modern technology could have. This paper examines the peer-to-peer network that forms the blockchain, from its origin to the most recent developments and applications in various industries and sectors (mostly in supply chain management, energy, education, and medicine) as well as the different forms it can adopt, primarily through smart contracts. Some of the main issues of this technology are also addressed, mainly through the analysis of scale, security, and misbehavior. These are the major concerns regarding blockchain and smart contracts after its expansion in recent years. While the application of blockchain technology still faces many issues that must be addressed, it is through further investigation and investments that blockchain becomes a revolutionary technology. Although today it is far from being the solution to most of the challenges in many industries (logistics, education, and energy), its features set hopes for a bigger significance in the years to come.