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In the last decade blockchain technology become mainstream research topic because of its decentralized, peer to peer transaction, distributed consensus, and anonymity properties. The blockchain technology overshadows regulatory problem and technical challenges. A smart contract is a set of programs which are self-verifying, self-executing and tamper resistant. Smart contract with the integration of blockchain technology capable of doing a task in real time with low cost and provide a greater degree of security. This paper firstly, explains the various components and working principle of smart contract. Secondly, identify and analyse the various use cases of smart contract along with the advantage of using smart contract in blockchain application. Lastly, the paper concludes with challenges lie in implementing smart contract the future real-life scenario.
Mohanta et al. (2018) studied this question.