The recent times has shown that the rapid development of Blockchain technology in the field of cryptocurrency has determined the financial sector by creating cryptocurrency. The digital form of the agreement between multiple parties known as Smart Contract is emerging, which uses Blockchain as the core of it. Smart contract is a digital protocol designed to smoothen, corroborate and implement the agreement among multiple parties. Smart contracts works on decentralized applications(dApps) aspect. The support to smart contracts by Blockchain technology ensures the trustworthy, recordable and irreversible protocol without the need of third party. In this paper, we introduce the history of blockchain and smart contracts. Then, the various applications and challenges of smart contracts are described. Thereafter, the advancements and future developments of smart contract are represented. Lastly the platforms like Hyperledger and Ethereum are introduced, that is used to develop the smart contracts.

Keywords: Smart Contract, dApps, Blockchain, agreement, Ethereum, Hyperledger