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Smart Contracts Security Application and Challenges: A Review

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Review

Smart Contracts Security Application and Challenges: A Review

Fadele Ayotunde Alaba1* , Hakeem Adewale Sulaimon1 , Madu Ifeyinwa Marisa2 , Owamoyo
Najeem1
1
Department of Computer Science, Federal College of Education, Zaria, Kaduna State, Nigeria
2
Industrial and computational Mathematics, Morgan State University, Baltimore Maryland, the United States
Email: [email protected]

Received: 25 June 2023; Revised: 11 August 2023; Accepted: 23 August 2023

Abstract: There has been a rise in the demand for blockchain-based smart contract development platforms and language
implementations. On the other hand, smart contracts and blockchain applications are generated using non-standard
software life cycles, which means that, for example, distributed applications are rarely updated, or bugs are fully
addressed by releasing a newer version, leading to security flaws and challenges for users to adopt the technology. Smart
contracts have gained significant attention due to their potential to automate and secure various transactions in diverse
domains. However, the increasing adoption of smart contracts has also raised concerns about security vulnerabilities
and potential risks. In this paper, an overview of smart contracts was discussed in detail. It further distinguished and
compared smart contracts security with conventional security regarding security, privacy, communication channel, etc.
Different platforms for smart contracts, such as Bitcoin, Ethereum, Counterparty, Stellar, Monax, and Lisk, are also
discussed in this paper. Some proposed techniques are used in different areas for handling security threats in smart
contracts. In addition, a taxonomy of the smart contracts security application was proposed, which attempts to solve
some of the flaws and inadequacies in smart contracts. The study also provides a comprehensive smart contracts security
scenario with different techniques. Lastly, the possible attacks posed by threats and vulnerabilities of the smart contracts
are provided. The security threats and vulnerabilities addressed in this study are unique to smart contracts.

Keywords: blockchain, smart contract, security, bitcoin, ethereum, counterparty, stellar, monax, lisk

1. Introduction
The blockchain has been recognized as a decentralized system for over ten years, wherein a distributed
database documents all transactions within a peer-to-peer network. The approach referred to is a form of distributed
computing that effectively resolves the trust issue in a centralized party, as noted by [1]. The collaborative efforts of
numerous nodes within a blockchain network enable the safeguarding and upkeep of communal transaction records
in a decentralized manner without reliance on any authoritative entity [2]. According to [3], blockchain is a novel
technology that can potentially be a highly transformative innovation, following the footsteps of the Internet and the
TCP/IP protocol. Distributed Ledger Technology (DLT) is a commonly used term that can execute secure transactions
due to its foundation on the distributed digital application of transaction ledgers, as noted by [4]. Blockchain technology
is distinguished from contemporary information and transaction systems by four primary attributes: decentralization,

Copyright ©2023 Fadele Ayotunde Alaba, et al.

DOI: https://doi.org/10.37256/ccds.5120243271
This is an open-access article distributed under a CC BY license
(Creative Commons Attribution 4.0 International License)
https://creativecommons.org/licenses/by/4.0/

Volume 5 Issue 1|2024| 15 Cloud Computing and Data Science

stability, audibility, and smart execution [5]. These characteristics enable the Blockchain to function as a properly
distributed system, resist any changes, allow for adequate scrutiny of financial transactions, and facilitate intelligent
execution. According to [5], a blockchain is a decentralized database that assembles encrypted data blocks and
subsequently links them to establish a unified and authoritative source of information.
Digital assets are distributed instead of duplicated or transmitted, providing an accurate asset count. The
decentralized nature of the support allows for real-time public access and transparency. According to [6], utilizing a
transparent change ledger ensures preserving the document’s integrity, instilling confidence in the asset. Blockchain
technology’s incorporation of security measures and government ledger renders it a highly effective solution for
businesses of varying scales. The Blockchain has exhibited a notable surge in interest since late 2015, primarily due
to its robustness and security features. According to [7], implementing blockchain technology offers a decentralized
and reliable platform that eliminates the need for a single centralized authority to regulate business applications. As
per [8], it is possible to utilize blockchain technologies as an application framework to establish the fundamental trust
infrastructure of a decentralized system. According to [5], the global accessibility of public blockchain systems renders
them attractive to businesses and communities, thereby prompting a rapid recognition of the potential of blockchain
technology. Furthermore, [9] has identified several instances of blockchains, including but not limited to Bitcoin,
Ethereum, Counterparty, Stellar, Monax, and Lisk.
Implementing blockchain technology has proven advantageous for the financial sector as it offers transparent
digital payment mechanisms and has introduced a transformative approach by eliminating intermediaries such as
banks or government institutions [10]. Although initially perceived as a significant advancement in the financial sector,
blockchain technology can generate vast economic, social, and environmental implications [11]. [12] argue that a
notable outcome of this phenomenon is the mitigation of financial deficiencies. According to [13], implementing
blockchain technologies can simplify and enhance the safety of processes by removing obstacles in hierarchical systems,
such as intermediary or third-party entities. Furthermore, this technology is poised to avoid complexity by promoting
effective communication and interaction among pertinent stakeholders.
Moreover, blockchain technology is expected to enhance the supply chain network’s transparency, as [14] noted.
The innovation mentioned above presents novel prospects for improved traceability and regulation of commodities, as it
enables comprehensive tracking of a product’s complete history with greater precision [15]. The notion of sustainability
is also introduced in this context. As a result, incorporating sustainability into the supply chain concept can be more
pragmatic, given the importance of transparency in environmental sustainability, as highlighted by [16]. According to
[10], this technology offers various opportunities for quality control of individuals, commodities, and transportation,
facilitating a more feasible and lucid implementation of a sustainable supply chain. According to [15], implementing
traceability measures can increase awareness among individuals and communities regarding supply chain processes,
thereby exposing any participant to questionable practices within the supply chain.
The rapid proliferation of blockchain solutions presents a challenge for software-producing corporations in
selecting an appropriate blockchain application due to the lack of a comprehensive evaluation methodology for existing
options. Consequently, the acquisition, arrangement, preservation, and convenient retrieval of data about blockchain
systems is imperative.
Many blockchain applications have been developed in contemporary times, encompassing public, consortium, and
proprietary blockchains, which can be effectively employed in diverse contexts [17]. Implementing a secure supply
chain system can enhance security and minimize the risk of data breaches by limiting the participation of intermediaries,
whose operations are frequently susceptible to malfunctions, exploitation, and cyber attacks [18]. The technology has
garnered significant attention and research in the domains of currency and finance. However, its potential applications
extend beyond economics and markets, encompassing areas such as government, health, and literature, as posited by [19].
Recently, many blockchain technology systems have surfaced and have found applications in diverse business platforms
[20]. Blockchain technology networks are present in various media, such as Hyperledger and Ethereum, as noted by [8].
The fundamental differentiation between Hyperledger and Ethereum pertains to their respective objectives. Hyperledger
is a project that offers diverse blockchain solutions for facilitating collaboration among distributors in the production
of blockchains. In contrast, Ethereum is a blockchain network that is open to the public and enables the execution and
deployment of decentralized programs through smart contracts [21].
Scholars have devised various methodologies to address security concerns in blockchain technology on smart

Cloud Computing and Data Science 16 | Fadele Ayotunde Alaba, et al.

contracts, employing diverse multi-criteria analyses. One of the works in this area is the proposal by [8] for a multi-
criterion analysis framework that centers on reluctant fuzzy blockchain technology sets. The framework under
consideration has been implemented in the medicine/drug and jewelry domains. Using a framework can benefit
researchers and managers who aspire to operate within this domain. [22] conducted a multidimensional analysis of
adversaries concerning Rivest-Shamir-Adleman (RSA) and Elliptic Curve Cryptography (ECC). The study aims to
facilitate the advancement of blockchain research and expansion. This may also enable individuals in enhancing their
comprehension of privacy entitlements within this realm. In their recent study, [17] proposed a novel approach involving
introducing a credit value system. This system utilizes the Multiple-Attribute Decision Making (MADM) to convert
user credit data into credit values, which are then stored alongside transaction information using blockchain technology.
Additionally, the authors propose a credit value reward mechanism that addresses the issue of anonymous zone [22]
construction through a double-part game between two parties.
The remainder of this paper is organized as follows. Section 2 presents an overview of smart contracts and the
difference between smart contracts’ security and conventional security. Section 3 provides smart contract platforms.
Section 4 discusses the smart contract techniques for handling security threats. Section 5 describes the taxonomy of the
smart contracts security application. Section 6 provides smart contracts security scenario. Section 7 discusses possible
attacks posed by threats and vulnerabilities of smart contracts. Section 8 provides suggestions for future directions.
Finally, Section 9 concludes the paper.

2. Overview of smart contracts

The application of smart contracts for transactional purposes in Bitcoin has established it as the most prevalent
illustration of blockchain technology. In contrast, smart contracts facilitate reliable transactions and agreements among
disparate, decentralized entities without requiring a central governing body, legal framework, or external regulatory
mechanism [11]. According to [23], a smart contract is a type of contract capable of self-execution, wherein the
conditions of the agreement between the buyer and seller are explicitly encoded into computer code. The blockchain
network is responsible for distributing and decentralizing the code and arrangements. According to [24], the code
assumes responsibility for the execution process, and transfers are traceable and irreversible.
According to [23], a smart contract is a computer protocol that employs blockchain technology as a virtual machine
(VM) for execution. Although the smart contract has the potential to be utilized across diverse industries, including
finance and engineering, its implementation poses a significant challenge [25]. The selection of the virtual machine
utilized, such as Ethereum and Corda, is contingent upon the specific implementation domain for the smart contract,
as noted by [26]. The execution of the smart contract is executed to insert an access policy into the Blockchain, as
posited by [27]. According to [28], individual virtual machines require distinct programming languages and blockchain
networks to function, offering unique benefits for each virtual machine. The utilization of an appropriate virtual machine
can significantly enhance the efficiency of smart contract execution, resulting in a reduction in transaction time. Hence,
it is imperative to establish the smart contract’s fundamental standards to ensure its security. However, the salient
criteria that are emphasized may differ across various application domains.
A smart contract is a contractual agreement that involves multiple parties. [29] states that the system employs
predetermined protocols for data storage, input processing, and outcome dissemination. An instance of a smart contract
may incorporate a datatype method that enables the formation of smart contracts. The act of initiating the generation
and implementation of a smart contract can be achieved by employing a transaction whereby the sender assumes the
role of the smart contract proprietor. This process facilitates the deployment of a fresh, smart contract on the blockchain.
Implementing a self-destruct mechanism is an example of a function that can be specified within a smart contract.
Typically, the ability to execute the function that destroys the contract is limited to the operator of the smart contract.
Furthermore, it should be noted that the fundamental standards for various applications, including but not limited
to recordkeeping, client screening, data management, security, privacy, transaction, and trade processing, exhibit
distinct variations. Furthermore, technological advancements According to [30], blockchain technology can supersede
conventional contracts by incorporating commitments made among various parties. Additionally, it surpasses traditional
contracts by automating the implementation of agreements in a decentralized setting, where conditions are met through
smart contracts. According to [31], hosting a smart contract on the blockchain involves initiating a transaction to the

Volume 5 Issue 1|2024| 17 Cloud Computing and Data Science

blockchain network to call the constructor function. Subsequently, the constructor function is executed, and the final
code of the smart contract is deployed on the network. The developer is provided with the returned parameters, such
as the contract address, after successful implementation of the smart contract. Subsequently, users can execute any
accessible function of the smart contract by submitting a message. Figure 1 illustrates the smart contracts landscape.

Blockchain and Connected Devices Arena

IoT
Encrypted Data
Application Interface

Business Logic and

Process

Blockchain with Smart Contract Process

Smart Contract Smart Contract Smart Contract

Figure 1. Landscape of Smart Contracts

Each smart contract can incorporate declarations of the following types of data.
• Variables of status: entries that are held in a contract consistently.
• Functions: executable code units within a contract.
• Function modifiers: These are used to expand functionality and functions straightforwardly and clearly.
• Events: functionality for communication with Ethereum Virtual Machine (EVM) logging tools for smart contract
code debugging or alarms.
• Structures: These are customizable data types that may combine several variables.
• Enumerations: Enumerations can be used to build custom data types that reflect a limited number of status
options.
In summary, an Illustration of the smart contract is shown in Algorithm 1.

Algorithm 1: Smart Contracts Illustration Sample

1: program contract;
2: contract SimpleStorage {
3: unit storedData;
4: function set(unit x) public {
5: storedData = x;
6: }
7: function get() public view returns (uint) {
8: return storedData;
9: }
10: }

Cloud Computing and Data Science 18 | Fadele Ayotunde Alaba, et al.

2.1 Smart contracts security versus conventional security
In terms of security and privacy, the Internet of Things (IoT) and traditional wireless networks differ in several
important ways. The smart contracts are built on Low Power and Lossy Networks (LLNs), while others feature highly
dynamic topologies dependent on the application [32]. Resilience, storage, and computational power are all constraints
for LLNs [33]. These characteristics are not taken into account when using the conventional Internet. Due to node
impersonation, LLNs suffer significant data losses. As a result, the security characteristics and needs of smart contracts
and traditional network security are distinct [34-35]. Smart security contract deployments are unusual compared to
conventional security deployments; for example, a “smart contract” is a part of computer code connected to a database
and executes on every node in a blockchain network. Similarly, a blockchain and a centralized database may be used to
compare a smart contract with a code on the server [36]. There is no difference between a blockchain and a centralized
database in terms of the sorts of data that may be maintained. The primary differentiating feature of blockchain
technology is what is known as “decentralization”. They do not require a central administrator. Decentralization is an
appealing concept in and of itself. That is, smart contracts are spread across several nodes on a blockchain and cannot
be altered indiscriminately. Every data is run individually by each node, and the results are automatically cross-checked.
As a result, no one can defraud [37]. The fact that every node has a complete view of the data means that secrecy is
compromised. Smart contracts execute on all nodes, therefore they operate slower than code operating on a server.
Smart contracts may also be used to automate the online execution of certain clauses in a legal contract, such as
“if A happens, do B.” A smart contract can only communicate with the information on a blockchain, therefore there’s a
catch. It is thus impossible for a smart contract to withdraw money in digital currencies unless central banks issue their
monetary policies on a distributed ledger (blockchain). A legal contract can also include a smart contract via reference
[38]. Parties to a legal contract in human language may include a provision that links to a smart contract that says “we
agree to abide by the outcomes of the code” [39]. In addition, sensor nodes at the Smart Contracts perception layer
have limited processing capability, making wavelength-hopped communication and public-key encryption to protect
Smart Contracts devices unfeasibly. Smart Contracts employ lightweight encryption technology, which comprises a
lightweight cryptographic method. The network layer of the Smart Contracts network contains security problems such
as man-in-the-middle and counterfeit attacks. Both attacks can steal information from and deliver it to network nodes
that are interacting with one another [38]. To eliminate illegal nodes, identity authentication and data secrecy methods
are employed. Data sharing is the key functionality at the application layer. Data encryption and exposure of data are
among the security issues that arise as a result of data sharing [8]. Authorization, strong authentication, and preservation
of user privacy over diverse networks are among the security needs for the application layer.

Data + Code
Data + Code
AWS Seburity
Laptop Hub
AWS Seburity Data + Code
Hub
AWS Seburity
Hub
AWS
Seburity Data + Code Cloud
Data + Code

Data + Code
AWS Seburity
Hub
AWS Seburity
Data + Code AWS Seburity Hub
Hub

Conventional Security Smart Contracts Security

Figure 2. Conventional Network Security vs. Smart Contracts Security

Volume 5 Issue 1|2024| 19 Cloud Computing and Data Science

 Moreover, the communication channels in the two networks are different from one another. Every layer in the
network has its protocol for communicating with the other layers. IPv6 is utilized via low-power wireless personal area
networks in the Smart Contracts perception/physical layer, whilst wireless fidelity is employed in the physical layer of
traditional networks. This is because the Smart Contracts network layer employs Datagram Transport Layer Security
(DTLS) instead of Transmission Control Protocol (TCP). For communication, Smart Contracts employ Constrained
Application protocols (CoAP), while traditional networks use Hypertext Transport protocols (HTTP) [19]. In addition, a
smart contract can reduce controversies in certain aspects by evading ambiguity in human languages. It can also prevent
performance defaults because a computer always operates as intended. A centralized server’s code also operates as
designed and clearly defines its programming language. However, the administrator cannot control it since no one can
modify a smart contract or its execution outcomes [40].
To summarize, the conventional security architecture is developed with users in mind and is inappropriate for
machine-to-machine communication. Although the security challenges in both networks are similar, various approaches
and techniques are utilized to deal with every network security issue [41]. Figure 2 illustrates the difference between
smart contracts and conventional security.

3. Smart contracts platforms

This section examines several platforms for smart contracts. The previous few years have seen an explosion
of alternative platforms to Bitcoin and Ethereum, many of which integrate cryptocurrencies or smart contracts. As
illustrated in Figure 3, Bitcoin, Ethereum, Counterparty, Stellar, Monax, and Lisk [42], are six examples of smart
contracts platforms that will be discussed in this section.

Smart
SmartContracts
Contract

Bitcoin
Bitcoin Ethereum
Ethereum Counterparty
Counterparty Stellar
Stellar Monax
Monax and Lisk
and Lisk

Figure 3. Smart Contracts Platforms

Bitcoin (BTC): The inception of Bitcoin, the initial decentralized digital currency, was attributed to an enigmatic
entity or collective known as Satoshi Nakamoto [43]. According to [42], the BTC serves as a means of transmitting
digital currency. The initial creation of blockchain technology was attributed to this particular system, which presently
boasts the greatest cumulative worth. The technological system relies on a blockchain-based platform to document the
complete series of financial transactions. Bitcoin nodes utilize a smart contract that relies on a moderately challenging
“proof-of-work” puzzle to ascertain how to incorporate a fresh block of transactions into the blockchain. The nodes
engage in a competitive process to generate the subsequent block within the blockchain. According to [44], a reward
in BTC is granted to the initial node that successfully resolves the issue. Maintaining data integrity is a crucial
characteristic of Bitcoin, enabling its utilization beyond the scope of mere monetary transactions [45].
The advent of smart contracts can be attributed to the transparency of its underlying blockchain technology and the
formulation of corresponding protocols for their execution. The BTC network provides access to a non-Turing complete
scripting language that enables users to define the conditions under which transactions can be withdrawn. The scripting
language is notably limited, featuring fundamental arithmetic, logical, and cryptographic operations, such as hashing
and digital signature verification. However, BTC’s expressiveness has been constrained because only a small fraction of
its nodes are equipped to process transactions that require more than just signature verification [46].

Cloud Computing and Data Science 20 | Fadele Ayotunde Alaba, et al.

 Ethereum (ETH): Ethereum is an open-source platform based on blockchain technology that enables the creation
of applications by utilizing smart contracts. The decentralized architecture of the Blockchain network guarantees the
safety and integrity of data storage, impervious to external interference. Ethereum ranks second to Bitcoin in market
capitalization. Similar to Bitcoin, this particular cryptocurrency depends on a publicly accessible blockchain and
employs an identical consensus mechanism. According to [42], the currency utilized by Ethereum is referred to as ETH.
Smart contracts are scripted in a bytecode language that operates on a stack-based architecture instead of the Turing-
complete language employed by Bitcoin.
Furthermore, several high-level programming languages exist, with Solidity being the most notable, that compile
into bytecode. By transmitting transactions to the blockchain, individuals can generate contracts and execute their
corresponding functions, with the network serving to authenticate their outcomes. According to [34], both clients and
contracts can store funds and facilitate the transfer of Ethereum to other contracts or users. The Blockchain network
provides security due to its consensus method and all nodes maintaining the data, as [47] noted. According to the
transcription, to modify or eliminate information stored within a network, it is necessary to alter a majority of the nodes
in the network, specifically 51%.
Moreover, the Ethereum network was specifically created to thwart potential attackers from overwhelming the
system with excessive traffic. Under this system, every transaction is liable to incur a transaction fee. Fuel prices should
be at a low level during the time of the transaction for consumers. The Solidity programming language, created by
Ethereum specifically for implementation on the Ethereum network, is utilized for composing smart contracts related to
cryptocurrency [14]. These instructions are interpreted by the Ethereum virtual machine and translated into byte code
for use on the Ethereum network. The smart contracts ecosystem of Ethereum has been constructed accordingly [48].
Counterparty: Unlike alternative platforms, Counterparty incorporates its data into Bitcoin transactions. While
the nodes of the Bitcoin network do not scrutinize the information contained in these transactions, the nodes of the
Counterparty can translate and understand it [49]. Ethereum’s programming language may be used to write smart
contracts. Counterparty is an open-source protocol that has been tested extensively and is available for download. As
well as enabling the creation of digital tokens and the trading of those tokens, Counterparty enables anybody to design
and execute smart contracts on the BTC network [34]. As a new technology, smart contracts offer limitless potential.
Real-world events may be turned into code and performed automatically, without an intermediary, utilizing Bitcoin’s
decentralized ledger network and Counterparty’s built-in script language [50].
Moreover, ETH’s smart contract capability is supported by Counterparty as well. Any Ethereum Solidity or Serpent
smart contract should operate on Counterparty with little or no modification (e.g., hardcoded addresses needing to
be changed) [34, 51]. Unlike Ethereum, however, no resolution process is utilized to verify computing results [51].
Counterparty features its cryptocurrency that can be exchanged across users and expended on contractual terms. In
Ethereum, miners do not get payments for executing contracts; instead, the payments made by users are eliminated, and
miners benefit indirectly from the currency’s inflation [34].
Stellar: Instead of a smart contract language or virtual machine, Stellar is designed for transferring, storing,
and trading value [52]. In contrast, Stellar smart contracts (also known as SSCs) combine transactions with different
limitations to accomplish the desired result. The following are some examples of restrictions that may be coupled
to construct SSCs, according to the Stellar.org SSCs guide: Multisignature (Multiple persons are required to sign
transactions on an account. You may additionally set signatory strengths and limitations), Batching/Atomicity (Batching
is the concept of including multiple operations in a single transaction), Sequence (On Stellar, sequence numbers are
used to represent sequences.) A transaction’s sequence number can be manipulated to ensure that it does not succeed
if an alternative is submitted (Time bounds are limitations on the period that a transaction is valid and can be used to
represent time in a Stellar smart contract).
Using a consensus mechanism inspired by the federated Byzantine agreement, Stellar has a public blockchain and
coin. The basic idea is that a node will agree to a transaction if the nodes in its immediate vicinity (which are regarded
to be more trustworthy than the rest) agree with it as well, Unable to roll back a transaction once it has been accepted
by a sufficient number of nodes in the network means that the transaction has been confirmed [53]. This technique uses
far less processing resources than proof-of-work since it does not need to solve cryptographic problems. Assume, for
example, that Participant A wishes to pay B only if B commits to reimburse C after receiving the money from A. This
may be implemented by keeping both transactions in almost the same sequence. While this particular scenario may also

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be accomplished on Bitcoin, Stellar also enables batch activities other than payments, such as creating new accounts
[54-55].
Monax and Lisk: Despite not having their cryptocurrency, Monax allows the implementation of Ethereum
contracts. As a result of Monax, clients can establish smart contracts and specify access permission restrictions for
such blockchains [56]. There are rounds in its consensus protocol when one member proposes and the others vote on
a new transaction block. When a block refuses to be authorized, the protocol goes through to the next round, because
another member will be in control of proposing new blocks. half of the entire voting power must support a block for it
to become official [56].
On the contrary, Lisk has its cryptocurrency as well as a public blockchain that uses a decentralized proof-of-stake
consensus method [57]. In particular, 101 active delegations, individually selected by stakeholders, can produce blocks.
Stakeholders can participate in the election process by voting for delegates or running for office personally. Lisk can
execute Turing-complete smart contracts implemented in either JavaScript or Node.js. Unlike Ethereum, the language
does not guarantee determinism of executions; rather, developers must take care of it, for example, by avoiding utilizing
procedures like Math.random [47].
In summary, Table 1 provides each platform’s blockchain type and contract languages [42].

Table 1. Blockchain Type and Contract Languages for Each Platform

Platform Blockchain Type Contract Language

Bitcoin Public Bitcoin Scripts and Signatures

Ethereum Public EVM Bytecode

Counterparty Public EVM Bytecode

Stellar Public Transaction Chains + Signatures

Monax Private EVM Bytecode + Agreement

Lisk Private JavaScript

4. Smart contracts techniques for handling security threats

However, despite recent advances, smart contracts still face some difficulties. Decentralized Autonomous
Organization (DAO) smart contract re-entrance vulnerability was exploited in 2016 to steal about 2 million Ether (50
million USD). The privacy, legal, and performance concerns that smart contracts confront are in addition to security
issue [58]. Moreover, some techniques have been proposed and used in different areas. Detail of these techniques is
provided in subsequent sections.

4.1 System services

The employment of automobiles has experienced an upsurge due to the latest developments in automotive
technologies. Safeguarding knowledge and financial transactions between production and consumption is of utmost
importance in light of the growing prevalence of electric vehicles. Using petroleum-based oils results in the emission
of greenhouse gases, which give rise to global concerns. Europe is undergoing a comprehensive energy transition,
which involves the substitution of low-carbon and renewable energy sources, such as wind and solar, for fossil fuels and
nuclear power. [20] have developed an energy ecosystem on the Ethereum Blockchain that records all processes from
electricity generation to end-users. The prevalence of autonomous vehicles is on the rise, with a growing number of
consumer vehicles already equipped with related functionalities. The increasing prevalence of artificial intelligence (AI)

Cloud Computing and Data Science 22 | Fadele Ayotunde Alaba, et al.

in real-world missions is accompanied by its inevitable integration as a simulation component. According to [59], AI has
the potential to not only facilitate simulations but also contribute to the development of AI itself. [13] have presented
a framework that suggests evaluating novel technologies through a multi-criteria hierarchy. This study’s primary focus
pertains to comprehending emerging technologies’ dynamic mechanisms.

4.2 Prevent inaccuracies

The regulation of data entry, collection, and sharing can be achieved by establishing mutually agreed-upon
computer-processable data-sharing agreements. Both regulatory bodies responsible for overseeing this data must draft
an electronic data submission agreement (e-DSA). The study conducted by [60] encompasses a range of considerations,
from legal limitations to consumer preferences, to establish a set of guidelines. The implementation of Blockchain
technology has resulted in a significant reduction of errors in smart objects and devices during their operational
processes. Numerous methodologies aimed at minimizing errors in intelligent machines have been suggested. [61]
proposed a knowledge-based framework (KBS) that utilizes smart devices and a data fusion paradigm to facilitate
decision-making in industrial management within a clothing manufacturing enterprise. The Knowledge-Based System
(KBS) proposed can address a diverse range of decision-making challenges, such as factory tracking, manufacturing
preparation and monitoring, efficiency management, real-time monitoring, and data acquisition and processing. Chen
and colleagues (2018) present a novel autonomous integrity model that utilizes graphs to facilitate service provisioning
in fog computing. The proposed framework comprises a fog node authentication model and a consensus mechanism for
composite transactions within the Function-as-a-Service (FaaS) paradigm.
Moreover, the healthcare system proposed by [62] endeavors to attain enhanced diagnostic precision despite
indeterminate particulars. Empirical evidence in the form of numerical case studies supports the proposed theoretical
framework. The empirical results indicate that the proposed methodology presents a feasible strategy that can function
across diverse domains. [63] developed an initial iteration of an intelligent assessment system that allows individuals
residing in rural communities to self-evaluate their current status according to the smartness criteria established by
a global community of experts. The system utilizes the Electre Tri multi-criteria analysis to enable a comprehensive
evaluation of six distinct dimensions, namely mobility, governance, economics, environment, livelihoods, and people,
through the application of criteria assessment.
Furthermore, the integration process poses various challenges for each sector, including technological,
socioeconomic, operational, and environmental issues, as [64] discussed. The present study employed the fuzzy
Analytic Hierarchy Process (AHP) and fuzzy Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS)
methodologies, which are suitable for handling uncertain scenarios and can assess multiple criteria simultaneously.
The decision model for the blockchain platform selection problem was introduced by [5]. The efficacy of the decision
model has been assessed in three software companies through the analysis of three real-world case studies. According
to the case study participants, this approach yields a more comprehensive understanding of the selection process for
blockchain platforms, generates a more hierarchical catalog of alternatives as opposed to self-conducted research, and
diminishes the duration and expenses associated with decision-making.
Furthermore, the utilization of digitalization in business processes was deliberated by [65]. The authors have
proposed a methodology that facilitates organizations in identifying the most appropriate digital technology for a
specific business process. This is achieved by integrating Adversary’s Resources (ADR) as an analytical model with
small and medium-sized enterprises (SMEs) as research methods. The authors [116] employed the best-worst method to
ascertain the determinants of model supremacy in business-to-government data exchange. The authors have identified
the principal determinants that underlie the prevalence of these commercial reporting standards within the Netherlands.
To attain this objective, the researchers examine conventional dominance factors documented in the literature and
ascertain those pertinent to this particular conflict. [62] introduced a new decision-making network model specifically
designed to diagnose neutrosophic sets. The results indicate that the proposed methodology offers a feasible strategy
to implement across diverse domains. The paper by [66] outlines the utilization of various ranking methodologies to
augment risk assessments in the field of cybersecurity. Assigning weight to a parameter is a complex task requiring
considering the other parameters involved. The implementation of ranking-weight techniques significantly streamlines
the process. [67] proposed a mechanism to address the energy efficiency issue in shipping. Within this framework,
shipowners and energy managers are confronted with obstacles. This enables us to concentrate and overcome significant

Volume 5 Issue 1|2024| 23 Cloud Computing and Data Science

barriers to achieve a continuous enhancement of energy standards. Furthermore, the system remains applicable to
researchers and decision-makers as it effectively highlights energy conservation concerns.

4.3 Unpredictability
The advent of blockchain technology has enhanced users’ trust and assuaged skepticism owing to its resilient
security features. Furthermore, several scholars have recognized that blockchain technology has generally enhanced user
confidence in this field. [68] proposed a model for government Blockchain resource sharing and exchange, consisting
of three main components: the network, infrastructure, and business implementation. There are currently five service
networks that receive funding to facilitate the exchange of knowledge services among governmental entities effectively.
The proposed approach provides novel resolutions to address issues about confidence intervals and consistency in
anticipated outcomes. [69] proposed a methodical examination of Fuzzy Logic decisions in the context of maritime
operations. The authors expound upon the analytical significance of Fuzzy Logic in the context of maritime activities,
with a focus on its political, logistical, and organizational implications. Moreover, a comprehensive categorization
of decision-making issues in marine logistics. Furthermore, a novel Pythagorean fuzzy linguistic multi-attribute
decision-making model was formulated by [70] to attain a uniform ranking of alternatives. In addition, [71] presents
an alternative approach known as the Fuzzy ANN traceability chain algorithm, which utilizes the Takagi-Sugeno (T-S)
method. The proposed algorithm is subjected to computational analysis, and optimal decision-making is examined in
the context of blockchain mining. The proposed methodology effectively achieves mitigation efforts for processing the
traceability chain.
The authors, [72], put forth an initial proposition to illustrate the notion and progression of LSDM occurrences to
define the developing set of policy frameworks-the recently introduced LSDM Decision Making (LSDM) framework.
Secondly, the literature on LSDM is categorized. Effectively resolving a Large-Scale Distributed Management
(LSDM) problem is a complex and dynamic process that requires achieving a high level of agreement and considering
the interdependencies among the involved parties. In the context of assessing warehouse resource requirements, [4]
introduces the Learn To Rate (LTR) model, which incorporates both machine learning and multi-criteria decision
analysis (MCDA) techniques for application prioritization. The mechanism in question pertains to the renegotiation of
the distribution rating of capital for smart contracts associated with various blockchain assets. [73] have employed a
hybrid methodology that integrates simulation and mechanical education to investigate its effectiveness in facilitating
data-driven decision-making for identifying resilient suppliers. The distribution of goods within a suitable timeframe is
employed as a metric to assess the supplier’s reliability. Additionally, strategies to establish robust supply output profiles
are investigated to meet the necessary standards. Theoretical considerations have been made regarding the notion of risk
profile and the efficacy of a resilient supply chain. The authors exhibit the efficacy of their methodology in discerning
the correlations between deviations from the resilient supply chain value profile and vulnerability performance profiles.
[74] introduce a novel context-aware selection mechanism for Context-aware Radio Access Technology (CRAT) that
considers both device context and network considerations. The NS3 modeling tool was utilized to implement and
validate the proposed CRAT. The process entails a mechanism for selecting the optimal Radio Access Technology (RAT)
to operate within an Ultra-Dense Network (UDN) setting.

4.4 Supply chain management

Recent advancements in the field have yielded valuable insights; however, Ivanov et al. have identified forthcoming
research avenues and ripple effect taxonomies (2019). The contemporary supply chain network comprises multiple
phases or stages, wherein various stakeholders vie for a portion of the market. Regarding the form of business, each
echelon can be classified as a monopoly, duopoly, or oligopoly. The domain of blockchain technology encompasses
multiple entities competing for market share and can be classified as an oligopolistic industry [75]. The study conducted
by [76] investigates the feasibility of integrating financial and vendor ratings to formulate a credit rating model for the
supply chain. The authors conduct a further analysis of the advantages and difficulties that a paradigm presents to all
stakeholders involved. According to [43], the study demonstrated a thorough assessment of the ability of the supply
chain and logistics industry to adapt to increasingly competitive economic conditions while also identifying novel
growth strategies to tackle potential macroeconomic challenges. The achievement of this objective is facilitated through

Cloud Computing and Data Science 24 | Fadele Ayotunde Alaba, et al.

a comprehensive assessment of the supply and demand mechanisms, which incorporates the fundamental concerns of
all stakeholders involved. The introduction of novel perspectives for risk management, such as the cascade impact and
resilience of supply chains in Business 4.0, has been proposed by [77]. These perspectives emphasize risk analysis for
the supply chain.

Table 2. Comparative Analysis

Criteria System Services Preventing Inaccuracies Unpredictability Supply Chain Management

Technique 1 Intrusion Detection Data Validation Randomization Blockchain Technology

Technique 2 Intrusion Prevention Error Correction Encryption RFID Tracking

Technique 3 Access Control Audit Trails Redundancy Vendor Assessment

Technique 4 Authentication Regular Backups Diversity Supplier Collaboration

Technique 5 Vulnerability Scanning Consistency Checks Chaos Engineering Risk Assessment

Table 3. Existing Work Summary

Publication Year Studies/References Types of Study

2016 [23, 45, 81-83] Survey

2017 [46, 48, 84-85] Survey

2018 [48, 86-88] Review

2019 [6, 34, 47, 55, 89] Survey

2020 [14, 27, 54, 90-92] Review

2021 [93-96] Survey

2022 [97-101] Survey

The study by [78] aims to identify the barriers hindering the adoption of IoT technology in the retail supply chain of
India. Additionally, the research investigates the interconnectedness of these barriers by applying integrated Interpretive
Structural Modeling (ISM) and Decision-Making Trial and Evaluation Laboratory (DEMATEL) methodologies. [79]
conducted an analysis on the utilization of blockchain (BC) technologies as a means to enhance sustainable supply chain
management (SSCM) efficacy, as opposed to ineffective supply chain management (SCM). Following discussions with
academic and business professionals, significant variables associated with BC have been identified from the existing
literature. The variables mentioned above undergo additional assessment and construction by utilizing the Primary
Component Analysis (PCA) laboratory for Fuzzy Decision (DEMATEL). [80] developed a model of outcomes for the
integrated industrial strategy of 14.0 solutions for SMEs. Within this particular context, the authors consolidate the
sixteen primary areas of operation and establish suitable output metrics for evaluation. This approach aims to facilitate
the creation of a comprehensive and structured inventory of relevant characteristics for assessing the 14.0 solutions. [8]
introduced a multi-criteria optimization framework that utilizes reluctant fuzzy sets to address blockchain technologies

Volume 5 Issue 1|2024| 25 Cloud Computing and Data Science

in supply chain management. The framework was developed by applying the Delphi tool, hesitant fuzzy Analytic
Hierarchy Process (HF-AHP), and Hesitant Fuzzy Technique for Order Performance by Similarity to Ideal Solution
(HF-TOPSIS).
Thus, a comparative analysis table for security threat handling techniques related to System Services, Preventing
Inaccuracies, Unpredictability, and Supply Chain Management is provided in Table 2.
The research is motivated by the observation that a significant void exists in the scholarly discourse regarding
a thorough review of security challenges associated with smart contracts during application planning, development,
maintenance, and testing within blockchain technology. As a result, our research aims to bridge the existing knowledge
deficiency. All of the reviews and surveys, together with their types, are shown in Table 3.

5. Taxonomy of the smart contracts security application

A taxonomy of smart contracts has been presented, classified into six [6] distinct categories based on their
respective application domains. The present study introduces the Smart Contract Security Taxonomy to address certain
deficiencies and limitations observed in prior endeavors. The current taxonomy establishes a correlation between
contemporary security threats and security services. In this regard, we have incorporated the roster of security services
proposed by [56] as a fundamental axis of our taxonomy. The taxonomy presented herein facilitates the development
of a comprehensive security framework for smart contracts across diverse contexts. The utilization of the Smart
Contract Security Taxonomy is expected to facilitate the assessment of security measures on Smart Contracts, a matter
of considerable importance and complexity. The taxonomy that has been developed will function as a framework for
conducting a thorough investigation of specific vulnerabilities and threats previously identified in smart contracts. The
proposed taxonomy is expected to facilitate the development of security models for constrained devices by security
developers while also serving as a valuable knowledge repository for cybersecurity professionals.

Intelligence
Intelligence
Transport
Transport System
(ITS)
System (ITS)

Operational
Operational System
System
Medical/
Medical/Healthcare
Healthcare Smart Contracts
Smart Contracts
Security
Security Application
Application
Taxonomy
Taxonomy

Supply Chain
Supply Chain
Management
Management
Internet of
Internet of Things
Things
(IoT) Mobility/
(IoT) Mobility/Computing
Computing

Figure 4. Smart Contracts Security Application Taxonomy

The initial phase of our taxonomy development involves the establishment of a novel categorization scheme for
the application domain, architectural domain, communication channel, and data domain of Smart contracts. A novel
matrix taxonomy is proposed for Smart Contract security, which establishes a linkage between each classification and its

Cloud Computing and Data Science 26 | Fadele Ayotunde Alaba, et al.

corresponding components. Finally, as indicated in Figure 4, we examine and analyze each security component, evaluate
its impact, and relate it to one or more potential security countermeasures.

5.1 Medical/healthcare
Medical administration and provision are undergoing radical changes due to the advent of new technologies. Access
to data in real-time and using ever-evolving digital tools are facilitating the quest for service flexibility, shortening
hospital stays, and aiding multi-professional activities. Many hospitals have adopted digital technology to improve the
quality of treatment they provide patients while enhancing their efficiency and productivity [12]. Health concerns are
higher for those living in developed nations. As a result, progress in the medical industry has been one of the most active
areas of study. Heart disease is by far the most common among all diseases and deaths. There are numerous factors to
consider while diagnosing heart disease, making the practitioner’s job difficult. In addition, the clinician’s facts and
information for diagnosis are often insufficient and buried. The IoT has recently allowed several new features and online
services in the healthcare industry [32]. Because of these applications, millions of individuals can access timely health
information that may help them make informed decisions about their health and well-being. With the recent emergence
of Blockchain technology for eHealth, a secure, decentralized, and patient-driven record management system is possible
[102]. Since the use case for storing IoT data collected in remote patient management (RPM) situations necessitates a
rapid consensus process, careful keys management, and improved privacy safeguards, Blockchain technology cannot
handle such storage. However, mobile and wireless networks may introduce additional risks to the m-health systems.
These dangers may harm the patient, such as when an insulin pump injects the incorrect amount or when heart implant
procedures are halted. Therefore, if the severity of the risks is to be anticipated well before the occurrence, safety risk
management is required and should be implemented. Therefore, risk assessment is fundamental to any m-health security
management system [103].

5.2 Mobility/computing
These days, individuals are more connected than ever because of mobile devices and internet tools like social
networking, mobile phones, and texting. Expanding beyond human connections, the IoT may now interconnect devices
and machinery via IoT applications [74]. Fifth Generation mobile networks, also known as 5G, are an upcoming
revolutionary digital wave that aims to facilitate efficient connectivity between smart devices and applications across
a variety of cutting-edge service categories and deployment contexts. It’s vital to remember that computing is the
foundational function that enables the use of MCDM inside BC. In this context, [104] offered a reputation model
for FaaS service providers. To guarantee the availability of third-party fog nodes, it expands FogSEA by providing a
decentralized graphic trust mechanism. A portion of the Service Level Agreements (SLAs) may be negotiated without
the presence or knowledge of all the service providers, and this also offers a tool for creating reference pricing for that
purpose. FaaS users might benefit from this solution since it helps them get high-quality service at affordable rates.
Using computational methods, a novel decision-making model based on Pythagorean Fuzzy linguistic information
measures and its application to the issue of a sustainable Blockchain product assessment was developed by [70]. [50]
employed computational methods to construct RSA and ECC in Blockchain for multi-dimensional adversary analysis.
The general evaluation of transaction sizes and efficiency has been used to compare the proposed approach to the RSA
and ECC algorithms most often used in blockchain. [105] look at possibly employing a BC big data platform to create
a new smart city with low carbon emissions and a green environment via computing services. To that end, a novel trust
model that accommodates multiple certification authorities (CAs) and public key infrastructures (PKIs) is developed
using blockchain technology.

5.3 Internet of things

The IoT is an innovative technology that will likely have far-reaching consequences for the future of IT
optimization and integration. The effects of this technology are far-reaching, touching on almost every major business
sector. Thankfully, it seems that both the creation and the widespread use of IoT are only getting started [78]. The
emergence of mobile communication technology as a service z has had a major impact on creating the fundamental

Volume 5 Issue 1|2024| 27 Cloud Computing and Data Science

framework of smart cities. A “smart city” aims to optimize and connect urban operations and services with people via
Big Data and the Internet of Things. Blockchain technology has emerged as a promising new approach to improving
smart city infrastructure. Data sent and recorded using blockchain technology is legitimate and trustworthy because it
is immutable, centrally controlled, and protected from assault. The rising popularity of IoT in recent years has opened
up fascinating possibilities for developing multiple home automation systems and a wide range of enterprises. These
benefits are used to automate the kind of businesses that give birth to the IIoT. Since IoT is vulnerable to several cyber
attacks, stringent measures are necessary to provide adequate security. Blockchain offers a secure and decentralized
Internet of Things that may help solve the abovementioned problems. According to the research of [106], a blockchain
is “essentially a chain of blocks connected by cryptographs” that acts as a distributed leader whose data is shared over a
peer network.
Because of blockchain’s superior value transfer properties, data from mobile devices may be economically
valuable at a low cost. Since cloud computing is deployed on demand, it saves resources and provides significant
flexibility. Using an acyclic graph to depict the workflow for each edge node and measuring the success rate of tasks
influenced by uncertainties, [31] presented Blockchain-enabled Resourcing Processing (BPRP) for workflow planning
under uncertainty. Their work uses approved private blockchain technology to document the current operational state of
all system edge nodes and the planned execution of all system procedures. Blockchain is a decentralized public ledger
managed by the network’s periphery nodes.

5.4 System for Intelligent Transportation (ITS)

The MCDM is applied to many different services inside the ITS via the usage of BC. For instance, [34] have
constructed an energy ecosystem that utilizes the Ethereum Blockchain network to keep track of all the steps involved
in bringing power from its generation to the final customer. Participants in this study range from electric vehicle
owners and drivers to energy suppliers, distributors, and dealers. Users can do business with one another with the use
of smart contracts. All transactions related to the developed decentralized application are recorded on the Blockchain
ledger, and smart contracts do away with the necessity for intermediaries. Blockchain and smart contracts ensure that
all logged transactions adhere to the privacy, security, and transparency triad. In addition, [107] provided a method
for implementing this system based on network entities exchanging and sharing data. Provided is a Blockchain-based
scenario that facilitates virtual payments for Vehicular Cloud Computing (VCC) participants and consumption of
network resources and gateway functionality in V2V routing mode.

5.5 Methods of operation

[108] provide a framework to direct Blockchain-based Life cycle assessment (LCA) implementation; this is
only one example of many firms using MCDM as part of BC to carry out specific services. It provides a framework
for systems that integrates Blockchain with IoT visualization and application-research with massive amounts of data.
Blockchain application developers have validated the proposed framework and system architecture. The study also
looks at the potential managerial and policy repercussions and the cost of deploying the system. [4] suggests using
MCDA with the machine learning framework Learn to Rank (LTR) for a ranking application using warehouse resources.
In addition, they investigate a framework for asset rankings on blockchains to be renegotiated using smart contracts. The
strategic, tactical, and operational significance of Fuzzy Logic in maritime activities is discussed by [32]. In addition,
we present a comprehensive classification of maritime logistics decision problems. The framework permits a thorough
evaluation of six distinct elements, including Mobility, Governance, Economy, Environment, Living, and People, with
weightings of the criterion using the Electre Tri multi-criteria analysis. This allows village representatives to self-assess
their current state concerning smartness criteria defined by an international panel of experts.

5.6 Logistics planning and control

The MCDM is utilized as a part of the application of BC for different services in the supply chain management
(SCM) industry, which is concerned with economics. For instance, [39] used blockchain technology to try to build a
future monitoring and planning framework for many industries in India. A decision-making framework for handling

Cloud Computing and Data Science 28 | Fadele Ayotunde Alaba, et al.

fake goods and fighting the counterfeiting issue is developed using the SWARA-WASPAS method. [109] discussed how
the Internet of Things has helped the food business. The IoT can revolutionize the food business by assisting shoppers
and retailers to find things more quickly, providing more accurate information about the food’s nutritional worth and
cost, and highlighting current discounts or deals. The Internet of Things helps monitor the logistics chain and shorten
delivery times when dealing with perishable goods. In addition, it is expected that the Internet of Things will help
retailers control the quality of food products, the waste management of items that have outlived their shelf life, the
shop’s temperature, and other equipment that helps decrease energy usage. In their study of a hybrid strategy that blends
simulation and machine teaching in digital manufacturing, data-driven assistance for selecting resilient suppliers is
explored by [73]. We analyze the need for constructing dependable supply performance profiles since they consider on-
time delivery a hallmark of a trustworthy provider. They propose the idea of a supplier’s performance risk profile and
the value of a resilient supply chain.
Additionally, [45] used value-focused thinking (VFT), a multi-objective decision analytics approach, to the issue
of cybersecurity to demonstrate how corporations may evaluate the worth of blockchain technology to maximize value-
add inside financial institutions. Because investigating blockchain use for monetary transactions in the context of cyber
security is crucial for understanding how firms in the financial industry might respond to these worries. In addition,
[43] proposed a strategic evaluation process that has critically assessed numerous obstacles to the DLT implementation
in both industry and service sectors based on the DEMATEL framework and management inputs of senior managers
working in rail, e-commerce, banking, media technology, IT, insurance, and financial services. The proposed model can
provide a comprehensive set of problems afflicting sectors and services, then elaborate on the probable links between
these problems.

6. Smart contract security scenario

With security in mind, [67] suggested constructing an automated engine charging platform on the Ethereum
blockchain using a network of multi-criteria decision support systems utilizing the PROMETHEE method. This study
aims to safeguard the transfer of information and capital across the energy sector, from generation to consumption.
This research covers the whole energy industry, from producers to consumers, traders to retailers, and charging stations
to drivers of electric vehicles. In addition, smart contracts are utilized to simplify the business process with other
customers. In addition to preventing the need for intermediaries, Bitcoin ensures that all transactions involving the
distributed software created are recorded and publicly available. [21] presented a method for evaluating the efficacy of
a blockchain for managing power that uses fuzzy DEMATEL technology. The authors of this study took into account a
distributed generation setting in which individual households produce electricity on their own or buy it from utilities or
other users. The blockchain also facilitates the management of smart contracts and peer-to-peer transactions. A novel
modeling strategy for smart data-finding applications in Blockchain was also presented [90]. “A guidance approach” is
another name for the suggested paradigm. This paper draws from three scientific frameworks-the basic idea of complex
information systems, systems theory, and the ISO 25,001 software quality standard-to propose a methodology for
assessing novel technologies.
Today’s businesses have a better idea of how to make items that sell because of the availability of analytics, data
analysis, and statistical modeling tools. However, [110] show how big data plays a crucial role in the tourism and
hospitality industry by differentiating and explaining the analytical mechanisms to support an integrated B2C interface
based on numerous internal datasets and external data sources, thereby striking a balance between operational goals
and tourist needs. The full potential of big data in tourism and hospitality is shown, along with the responsibilities
of stakeholders and the necessary resources. In addition, [12] spoke about how the digital revolution is changing the
health industry. The purpose of this study is twofold: first, to determine whether or not existing digital technologies can
improve healthcare quality and safety, and second, to analyze the development of digital medicine. Likewise, [103]
presents a fresh approach to risk analysis in M-Health systems. Estimation, appraisal, archiving, and trading of risk
parameters are the four pillars of the authors’ methodology. We could confirm and verify their correctness by comparing
their findings to the Weighted Average method results. The authors modified their approach to testing its efficiency
against a targeted Onion Attack. [34] propose an eHealth system that uses multiple instances of a three-tier software
patient agent (sensing, NEAR processing, and FAR processing). It improves the reliability and robustness of the eHealth

Volume 5 Issue 1|2024| 29 Cloud Computing and Data Science

system.
In addition, [111] provides a statistical model of mutual trust and risk. Joint Trust and Risk Model (JRTM) is
a paradigm that deals with threats in several domains, including security, privacy, and service efficiency. It lends
itself to automated care by enabling the visualization of the delivery chain and the intricate risk tracking according to
profiles established in the CC. Regarding CC expectations, JRTM risk management can distinguish between good and
bad results. A multidimensional adversary analysis of RSA and ECC for Blockchain encryption was suggested [22].
The authors looked at the RSA and ECC algorithms and compared their performance. They aim to provide a more
comprehensive rationale for their widespread use in blockchain applications. [100] have suggested using Blockchain
to power a crowdsourcing technique that safeguards user data in a mobile setting. We create a mobile crowdsourcing
framework based on the blockchain to maintain communications privacy and prevent the loss of work in progress.
Even more intriguing is the possibility that Blockchain technology may address the problem of cyber security
in monetary exchanges. Using the VFT-based goal framework, [25] examines blockchain’s potential to increase the
safety of financial transactions. Using the VFT-based goal framework proposed in this study, a business may first scale
this idea up to the tactical level. [32] offered a comprehensive overview of the threats to and security issues with IoT
and IIoT, as well as potential blockchain-based solutions. The authors discuss the most significant Blockchain-based
solutions that have emerged recently to solve traditional cloud-based apps’ issues. [112] present a new Emission Trading
Scheme (ETS) architecture for adopting Industry 4.0. The suggested framework incorporates blockchain technology and
smart devices to improve ETS regulatory laws.
The immutability and ease of use offered by blockchain technology ensures the scheme’s data consistency. This
will improve the scheme’s overall efficiency, reliability, and robustness. Another method for reducing cyber threats
is Enhanced Prioritized Gap Analysis (EPGA), developed by [66]. The effectiveness of the suggested system is
shown by comparing it to existing relevant frameworks and testing it against cyber injections in a real-world cyber-
attack. In addition, [113] investigates the central problem of product counterfeiting in the modern world. Distributed
ledger systems’ capabilities and requirements are analyzed here. The research uses the Step-wise Weight Assessment
Ratio Analysis (SWARA) and Weighted Aggregated Sum Product (WASPS) method. The parameter weights are
calculated using SWARA, and the alternatives are ranked and weighted using WASPS. Finally, [105] presented a
three-tier Blockchain government information resource sharing and exchange architecture consisting of the network,
infrastructure, and business application layers. Five infrastructure networks confirm the validity of the suggested
approach to solve the issue of sharing government-related information services. It presents new ways of thinking about
data ownership, peer management, standards compatibility, non-real-time exchange, and trust islands in information
sharing. This research also evaluates the progress made by Smart Hefei between 2012 and 2017 by developing a
rigorous evaluation methodology based on the TOPSIS framework.
Blockchain technology provides a safe way for employees from different departments to communicate with one
another during policy development. For instance, [114] addressed how blockchain may increase the security of financial
transactions. From a managerial perspective, understanding how blockchain technology impacts cyber security for
financial transactions is paramount. Create a method for investigating obstacles to blockchain adoption and efficient
implementation in different sectors [3]. The writers outline these challenges by drawing on prior research and the
opinions of specialists. The study’s findings will help management eliminate the most pressing problems. Similarly,
[10] used the hierarchical decision-making model (HDM) to create a sound procedure for evaluating electronic
authentication policies. The suggested model improves the multiparty process by demonstrating, using numerical results
from HDM models, that the decision-making components are of relative worth. Knowledge-based economies need new
approaches to fiscal, monetary, and social policy. [115] advocated using blockchain algorithms for secure control and
fog computing. It’s a method for calculating how much people pay for various government assistance. It is an election
system that consistently uses either proportional representation or direct voting.
Blockchain technology also opens new doors for privacy and anonymity in a different sphere. Examples include
implementing a virtual payment service for users of VCC via the scenario for resource usage and the gateway service
in V2V mode presented by [107]. [116] employed the best-worst technique to determine the underlying causes of the
preeminence of these firm reporting criteria in B2G data sharing. The results show that eXtensible Business Reporting
Language (XBRL) is likely to replace Ego-Dissolution Inventory (EDI) as the dominant standard for market reporting
because it best considers the contributions of key players, the timing of entrance, and the installed base. Finally, a

Cloud Computing and Data Science 30 | Fadele Ayotunde Alaba, et al.

framework was developed [43] using the fuzzy DEMATEL method. The DEMATEL is a method for evaluating the
interdependence of framework impacts using a multi-criteria decision-making approach. It concludes things based on
the combined knowledge of experts.

6.1 Lessons learned from smart contracts and security threats

Smart contracts, powered by blockchain technology, have revolutionized how agreements are executed in various
domains, including finance and supply chain. However, they also introduce unique security challenges that must be
addressed to ensure their robustness and reliability. This essay explores the lessons learned from various aspects of
smart contracts and the techniques employed to handle security threats. Smart contracts are self-executing agreements
with the terms of the contract directly written into code, eliminating the need for intermediaries, automating processes,
and enhancing transparency. The decentralized and immutable nature of blockchain ensures trustworthiness in smart
contract execution. Platforms like Ethereum provide the infrastructure for deploying and executing smart contracts,
offering a rich ecosystem for developers to create various applications. However, these platforms also make them
targets for attackers. Smart contracts security techniques include code audits, static and dynamic analysis, and formal
verification. Code audits involve reviewing code to identify vulnerabilities, while static study examines code without
executing it. Dynamic analysis tests the code during execution to identify runtime vulnerabilities. Formal verification
employs mathematical proofs to validate the correctness of the code. A taxonomy of smart contracts security application
categorizes security issues into different classes, aiding in understanding and addressing vulnerabilities. A secure smart
contract requires careful consideration of inputs, logic, and outputs, as flaws in any of these aspects can lead to security
breaches. Possible attacks on smart contracts include reentrancy attacks, integer overflow attacks, and denial-of-service
attacks. To mitigate vulnerabilities, smart contracts must undergo thorough auditing, formal verification, secure design
patterns, continuous monitoring, education and training, community collaboration, and regulatory compliance.
In summary, smart contracts offer transformative potential but are not immune to security threats. Developers can
mitigate vulnerabilities and build robust smart contracts that drive innovation while safeguarding assets and data by
implementing thorough audits, embracing formal verification, and adhering to secure design patterns.

7. Discussion on possible attacks posed by threats and vulnerabilities of the

smart contracts
7.1 Threats of the smart contracts

Threats
Threats of
of the
the Smart Contracts
Smart Contracts

Platforms
Platforms Issues
Issues Application
Application Usage
Usage

Identity
Bitcoin
Bitcoin Codifying
Codifying Identity Management Financial
Financial
Management

Ethereum
Ethereum Authorization
Authorization IoT
IoT Notary
Notary
Trust
Counterparty Privacy
Privacy Trust Establishment Wallet
Wallet
Counterparty Establishment

Performance
Performance Trading
Trading and Fair
Fair Library
Library
Stellar
Stellar Exchange
Exchange

Monax
Monax and Lisk
and Lisk

Figure 5. Threats of the Smart Contracts

Volume 5 Issue 1|2024| 31 Cloud Computing and Data Science

 The possible attacks posed by threats of the Smart Contracts [30], are illustrated in Figure 5.
The possible threats of smart contracts are categorized into four [4]: platforms, issues, application, and usage, as
shown in Figure 5. Each threat is exposed to different types of attacks, as indicated in the figure.

7.2 Vulnerabilities of the smart contracts

The risks associated with smart contracts are discussed here [91]. Examples of such vulnerabilities include;
For example, if a Solidity primitive used to call a function or send ether cannot find the position it is looking for,
it will instead call a default function declared in all contracts (whose code may be unknown to the caller). Without
using any gas: Using basic SEND to send ether might run into a gas depletion issue if the recipient is a contract with an
intricate fallback mechanism. Disruption due to exceptions may occur in many different ways in Solidity, such as when
the contract’s execution hits a gas limit, the call stack is exhausted, or when the throw command is executed. In contrast,
whether an exception occurs through a direct function call or via the primitive CALL, Solidity handles them differently.
In the first case, the processing is paused, and unintended consequences, such as ether transfers, are undone.
The Solidity compiler will not detect a type conversion error if a programmer makes a mistake and calls another
contract with an integer-waiting function or functions with a certain structure or if a contract makes a mistake and calls
another contract with a function with the same name. Secrets: Secrets in Solidity contracts are either public or private
fields. This might be useful if sensitive information has to be concealed between contract conversations. However, this
method is inefficient since it requires private changes to be broadcast to mining nodes before they can be included in the
public Blockchain. Ether is a decentralized, open-source technique that supplies the technologies used by the Bitcoin
network. Hence its condition is unpredictable. Its absence of a keyboard, among other things, makes it quite difficult to
use. The status of a contract may change after a transaction is mined and added to the chain. A chain fork may occur if
two miners continuously mine the same valid block. The outcome would be skewed because some miners would attach
their block to one string, while others would append to the other.
Thus, Table 4 breaks down the publications based on empirical validations.

Table 4. Publications Based On Empirical Validations

Ref. Technology Description Dataset components Findings

Applying static OO metrics to Solidity Out of 10,206 Solidity smart Smart contracts are concise,
[117] Ethereum contracts. Solidity is a contract- contract source code files, over straightforward, and minimally
oriented software program. 45,000 contracts were found. annotated.
Using a benchmarking method, we can As a result of inconsistencies,
determine if the CPU use fees miners
[100] Ethereum There are 80 smart contracts. incentives are not properly matched,
get for developing and executing smart and the blockchain’s reliability suffers.
contracts are reasonable.

The proposed method has the potential

Test suites may be generated at to save money on gas and time while
[90] Ethereum low cost utilizing one of two multi- 8 Dapps. still allowing for the protection of
objective test creation strategies. strands.

In contrast to their counterparts in

Examine whether there are statistically 12,000 digital contracts. conventional software systems, the
[118] Ethereum significant variations between smart ranges of smart contract measurements
contract and conventional metrics. are limited.

The newly proposed protocols are

An algorithmic benchmark suite for
An effective infrastructure for running more efficient than the prior method,
[119] Ethereum Ballot, Simple Auction, and Coin
smart contracts in parallel. which relied on a sequence of
contracts. operations.

Examining the present state of Ethereum is secure and independent.

[120] Ethereum blockchain and the proposed Over a thousand Ethereum nodes. However, it is not very adaptable.
enhancements to it.

In Solidity, there are several security Information was gathered from a There are 6 coding security design
[94] Ethereum patterns. variety of places. patterns to avoid.

Cloud Computing and Data Science 32 | Fadele Ayotunde Alaba, et al.

 Table 4. (cont.)

Ref. Technology Description Dataset components Findings

“A framework for grouping similar Identification of the purpose of a

[121] Ethereum “998 smart contracts”
contracts”. contract with clustering.

“Analysis of the different tools to

[122] Ethereum “1,010 smart contracts in 200 files”. “Most smart contracts lack security”.
detect bugs in smart contracts”

The total number of external

Using graph analysis, pinpoint transactions was 28,502,131, The results shed light on Ethereum’s
[123] Ethereum the most significant use cases of whereas the total number of internal internal dynamics.
Ethereum. transactions was 19,751,821.

“Smart Contract Classification With a

[124] Ethereum 15,213 smart contracts. The proposed method is active.
Bi-LSTM Based Approach”.

Identifying Ponzi Schemes in Digital The number of smart contracts is In comparison to more conventional
[125] Ethereum Transactions. three thousand. approaches,

“Pattern to optimize gas “24 design patterns divided into five “Applying these patterns, the gas
[126] Ethereum consumption.” categories”. consumption can be mitigated.”

A comprehensive evaluation of The test suite validates the blockchain

[127] Bitcoin a theoretical blockchain protocol Extraction at random. attributes to ensure they are satisfied.
deployment.

“Bitcoin-core,
Identifying dissimilarities in the
Ethereum, The test suite validates the blockchain
statistical distribution of 10 software
[128] Monero, Top 5 Free C++ Projects attributes to ensure they are main-
components between the two types of
Dogecoin, tained.
projects.
Ripple”.

“Blockchain- “Metrics analysis could identify Metrics analysis could identify

oriented and differences in programming and reveal differences in programming and reveal
[129] 5 traditional Extraction at random
meaningful differences between the meaningful differences between the
java software two projects’ domain”. two projects’ domains.
systems”.

“Hybrid “Impact of design patterns in smart “Processing fee comparison Finding the sweet spot for a hybrid
[130] software contracts on transaction costs”. modeling three use cases. app’s features is still challenging.
architectures”.

This study offers some intriguing

“Benchmark approach to assessing the “EVM opcodes are classified into insights into the payoff for CPU
[131] Ethereum CPU usage required per EVM opcode; eleven categories”. resources invested in terms of opcodes
comparison with the set gas cost”. and computer environment.

Each table’s columns are arranged in a way that makes sense in light of the technologies at hand. It’s important
to note that in the blockchain ecosystem, many smart contracts are either almost identical to one another or represent
several iterations of the same contract [98]. Therefore, one must use care when interpreting the results in Table 3.

7. Open challenges in smart contract

This section provides some challenges confronting smart contracts, as stated by [6, 47, 93, 132, 133].
1. Testing Phase: Examination of the irreversibility of blockchain and the requirement to test smart contracts
on testnets, prior to real deployment; includes unit and integration and system testing, modification testing, test case
creation, and testing and debugging.
2. Contract Analysis: Smart contract analysis and optimization techniques identification; construct measures for
evaluating the quality of code that are applicable just to smart contracts; provide language-agnostic approaches to code
analysis that may be used to languages other than Solidity and Go.
3. Codes and Metrics: Recommendations for application developers; using agile techniques of software
development; a one-of-a-kind tool for determining a variety of metrics; locating novel language-specific measures for
the creation of smart contracts.

Volume 5 Issue 1|2024| 33 Cloud Computing and Data Science

 4. Contract Security: Effective techniques of security testing; patterns to identify particular attacks; a centralized
taxonomy of vulnerabilities in smart contracts; the exploration for security flaws.
5. Performance Measurement: Performance metrics to assess scalability, precision, and effect of various
consensus algorithms; extensive frameworks to discover benefits and potential bottlenecks in various blockchain
technologies and architectures methods for calculating the possible influence of using blockchain technology on both
functional and non-functional specifications.
6. Blockchain Application: Blockchain integration with preexisting infrastructure; methods for weighing the pros
and cons of it implementation.

9. Future directions
Smart contracts cover much more than simply the advantages of blockchain technology. However, the article
relates to a contract’s complete digital life cycle, from negotiation through control and certification of contractual terms.
Smart contracts may now be used without the usage of blockchain technology. Contract management systems might thus
solve both the trustless problem and the irrevocable aspect of blockchain by controlling the contract’s life-cycle without
removing the digital technology restrictions. To secure the basis of confidence, modern contract management solutions
require all contract parties to show evidence of identification and validate their access to data. Furthermore, all contract-
related data are saved in a revision-secure and encrypted format on a cloud-based platform created and maintained in
Europe. This enables transparency and accountability for all occurrences, control mechanisms, and the identification
of those affected. One of the latest contract management solutions, Fabasoft Contracts [134], is a cloud-based software
solution that supports users all through the full contract life cycle, from contract preparation across companies to cost-
effective review and approval procedures to revision-secure contract digitized and storing of modifications. Contract
rights and obligations can be modeled and then validated and enforced. In addition to enabling traceability when
monitoring the cold chain of food delivery or confirming the validity of replacement automotive components as opposed
to counterfeit products, revision-secure contract management offers numerous other benefits.

10. Conclusion
The attributes inherent in smart contracts facilitate the execution of their encrypted security prerequisites within
a decentralized network, wherein each node holds an equivalent status and lacks any substantial power unless a
trusted authority or central server intervenes. Smart contracts can potentially provide significant advantages to various
established industries, including but not limited to the financial and healthcare sectors. Furthermore, the scope of
investigation regarding the security of smart contracts is constrained. Despite the abundance of tools available to
developers, it is perceived that the extensive array of options can be overwhelming and pose a challenge in determining
a starting point. This article could potentially serve as a valuable resource for initiating further scholarly inquiry. This
paper provides a comprehensive analysis of smart contracts. The study compared the security of smart contracts and
conventional security measures, considering factors such as security, privacy, and communication channels. This paper
also examines various platforms that facilitate the implementation of smart contracts, including but not limited to
Bitcoin, Ethereum, Counterparty, Stellar, Monax, and Lisk. Multiple techniques have been suggested and implemented
across diverse domains to address security threats in smart contracts.
Furthermore, a taxonomy has been proposed to enhance the security of smart contracts. This taxonomy aims to
address the limitations and deficiencies within smart contracts. The research additionally presents a particular security
scenario for smart contracts, encompassing various techniques. Finally, the potential security breaches arising from the
vulnerabilities and threats associated with smart contracts are presented. This study focuses on the security threats and
vulnerabilities specific to smart contracts.

Cloud Computing and Data Science 34 | Fadele Ayotunde Alaba, et al.

Conflict of interest
This manuscript is original and has not been published elsewhere, nor is it under consideration for publication in
any other journal, and there is no Conflicts of Interest.

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