The Role of Blockchain and Smart Contracts in Securing Digital Transactions

This article explains how blockchain and smart contracts strengthen security in online transactions by providing decentralization, transparency, and automated enforcement, reducing reliance on intermediaries and fraud risk. It also acknowledges security challenges, citing a literature review that identified 101 Ethereum smart contract vulnerability types and noting nearly $45M in losses across 16 incidents in Q1 2024, while highlighting growing real-world adoption by major enterprises and recommending careful implementation, auditing, and consideration of regulatory/technical hurdles.